It wasn’t too long ago that financial staff could take their time assembling, analyzing, and packaging financial data for executives. It took a little while to massage the numbers, and that wasn’t a problem because the competition was at times moving at the same pace. Times have changed. Decision-makers now expect information immediately. Business decisions, in large measure, should be based on accurate, timely, and comprehensive information rather than just intuition. This isn’t exactly an earth-shattering or novel observation, but faithfully practicing it is not always possible. Why? There could be several reasons:
- The information required was never captured, so there is no historical information to use as a base for making decisions.
- The information is not complete or cannot be relied upon.
- The information cannot be pulled together in a timely manner as it resides in numerous systems.
Information Management with Available Technology
Obtaining information directly accessible by management from systems is better than management asking for information from various departments. The capability to receive this information with easy to use technology is now available. Using this approach with the right reporting tools, one spends less time gathering and synthesizing information and more on what to do with the information.
Technology vendors must always be cognizant of the need for accurate, reliable, and timely information. If systems have the capability to span all operations of the property, (which sadly might not always be the case!) we will have captured all the relevant information in one database; therefore accuracy, reliability, and timeliness become non-issues. The only thing left is to display the appropriate information and you are on your way to making a decision based on facts.
Technology vendors in the hospitality industry have always been able to provide a multitude of reports to ensure that information is collected and acted upon but sometimes it can be challenging to find the right report.
Advances in Hospitality Reporting
At ResortSuite we are planning to take reporting to another level with two initiatives that we are currently working on:
- A digital dashboard with Key Performance Indicators (selected by each user) represented in visually appealing graphics. This will empower front line staff and management to make key decisions based upon real-time data. Reacting to changing circumstances as displayed crisply by a dashboard will ensure that properties drive optimal revenues and better control their costs.
- A Report Finder application wherein a user can specify the fields/information that they are looking for and the application will present all the options of reports that contain the requested information. The user can then select the report that best suits their needs.
We believe that the dashboard will help our customers and future clients in general and owners and management in particular, have access to critical information at the click of a button to make the right decisions for their business.