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Investment in Hotel Technology Pays Off with Increased Group Revenue - Charmed by Hospi... - 5 views

hospitality.cvent.com/...f-with-increased-group-revenue IT Technology Hotels Hospitality
shared by Jennifer Koren on 18 Jul 12 - No Cached
  • Hotels, conference centers and other meeting venues are increasing group business with new technology, and it isn’t just a hotel app. To invest in the property’s overall capital, hoteliers are creating cool technology tools that market venues, increase group business and enhance the guest experience. Technology is just another way hotels are winning group business and marketing a hotel or conference center. What are some of these new hot tools for leisure and business travelers?
  • Investment in Hotel Technology Pays Off with Increased Group Revenue Tuesday, July 10, 2012 by Sarah Vining Hotels, conference centers and other meeting venues are increasing group business with new technology, and it isn’t just a hotel app. To invest in the property’s overall capital, hoteliers are creating cool technology tools that market venues, increase group business and enhance the guest experience. Technology is just another way hotels are winning group business and marketing a hotel or conference center. What are some of these new hot tools for leisure and business travelers? Virtual concierge service on guest room TVs At Hyatt Hotels with in-room HD TVs by Roomlinx Inc., guests are able make service requests, check email/weather, use the Business Center, print documents, and receive customized messages from meeting planners. Service requests like housekeeping and in-room dining are instantly sent through the system, improving the venue’s departmental efficiency. All of these virtual functions are hoped to appeal to new markets and drive group business. More efficient billing In the article, “Insert IACC blog post title URL” we learn that in 2012, meeting and group planners are prioritizing finance as very important during in their planning process (which made the top 10 list for the first time). Hotels making large investments in revenue management systems are taking advantage of new features that automate and process data to improve efficiency and increase revenue for properties. Virtual business centers Socialization through technology and food and beverage outlets is increasing revenue for TRYP by Wyndham in the NYC Times Square South property. Google TVs and access to Google Chrome laptops near the Gastro Bar in the hotel’s lobby offers guests an opportunity to enjoy a dining experience with the comfort of complimentary technology use. On-staff IT team When planners were surveyed, reliability was listed as a top concern of IT services in the white paper “What Do Planners and Trainers Really Want in Their Meeting Service?” All IACC-certified conference centers are required to have an on-site IT team to ensure technology functions properly. Now, the need for a knowledgeable IT team that really understands technology and can cater to individuals and group business is spreading to other hotel markets.   These impressive technology tools improve the guest experience and lead to a quick return on investment, especially in F&B. As we move beyond the discussion of required hotel Wi-Fi services, there will be a focus on technology amenities that provide the same comforts of home or the office. To increase group business, hoteliers are comfortable with this investment knowing there’s a return on investment with generated buzz/venue marketing and satisfied guests. Want to learn about other ways hotels are using technology to build relationships? Check out Enhancing Your Social Networking Site with a Social Concierge! to maximize social media and connect with guests, attendees and planners!
  • More efficient billing
  • ...19 more annotations...
  • Service requests like housekeeping and in-room dining are instantly sent through the system,
  • ensure technology functions properly.
  • Virtual concierge service on guest room TVs
  • On-staff IT team
  • Virtual business centers
  • To invest in the property’s overall capital, hoteliers are creating cool technology tools that market venues, increase group business and enhance the guest experience.
  • Virtual concierge service on guest room TVs
  • These impressive technology tools improve the guest experience and lead to a quick return on investment, especially in F&B.
  • On-staff IT team
  • Hotels, conference centers and other meeting venues are increasing group business with new technology, and it isn’t just a hotel app. To invest in the property’s overall capital, hoteliers are creating cool technology tools that market venues, increase group business and enhance the guest experience. Technology is just another way hotels are winning group business and marketing a hotel or conference center.
  • Virtual concierge service on guest room TVs
  • More efficient billing
  • As we move beyond the discussion of required hotel Wi-Fi services, there will be a focus on technology amenities that provide the same comforts of home or the office. To increase group business, hoteliers are comfortable with this investment knowing there’s a return on investment with generated buzz/venue marketing and satisfied guests.
  • On-staff IT team
  • Virtual business centers
  • To increase group business, hoteliers are comfortable with this investment knowing there’s a return on investment with generated buzz/venue marketing and satisfied guests.
  • Technology is just another way hotels are winning group business and marketing a hotel or conference center.
  • These impressive technology tools improve the guest experience and lead to a quick return on investment, especially in F&B. As we move beyond the discussion of required hotel Wi-Fi services, there will be a focus on technology amenities that provide the same comforts of home or the office. To increase group business, hoteliers are comfortable with this investment knowing there’s a return on investment with generated buzz/venue marketing and satisfied guests.
  • Hotels making large investments in revenue management systems are taking advantage of new features that automate and process data to improve efficiency and increase revenue for properties.
  • Mengchao Li on 18 Jul 12
     
    Hotels developing High IT technology have taken a great deal of advantages from it which makes prosperous business and better customer service with high efficiency and goal-achieving process. In this article, it proclaims some prevailing high-techs used in hotels. Such as the In-room HD TV in Hyatt properties. It provide almost all the online computerized services accommodating customers with document-printing service, in-room dining service, restaurant reservation service, and even the email-checking, weather checking service. The on-staff IT team would oversee the IT application over the whole property, including upgrading, maintaining, and functioning. the impressive technology tools would be inevitable trend developing hotel industry.
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  • Irine Wallace on 17 Sep 12
     
    "Investment in Hotel Technology Pays Off with Increased Group Revenue Tuesday, July 10, 2012 by Sarah Vining Hotels, conference centers and other meeting venues are increasing group business with new technology, and it isn't just a hotel app. To invest in the property's overall capital, hoteliers are creating cool technology tools that market venues, increase group business and enhance the guest experience. Technology is just another way hotels are winning group business and marketing a hotel or conference center. What are some of these new hot tools for leisure and business travelers? Virtual concierge service on guest room TVs At Hyatt Hotels with in-room HD TVs by Roomlinx Inc., guests are able make service requests, check email/weather, use the Business Center, print documents, and receive customized messages from meeting planners. Service requests like housekeeping and in-room dining are instantly sent through the system, improving the venue's departmental efficiency. All of these virtual functions are hoped to appeal to new markets and drive group business. More efficient billing In the article, "Insert IACC blog post title URL" we learn that in 2012, meeting and group planners are prioritizing finance as very important during in their planning process (which made the top 10 list for the first time). Hotels making large investments in revenue management systems are taking advantage of new features that automate and process data to improve efficiency and increase revenue for properties. Virtual business centers Socialization through technology and food and beverage outlets is increasing revenue for TRYP by Wyndham in the NYC Times Square South property. Google TVs and access to Google Chrome laptops near the Gastro Bar in the hotel's lobby offers guests an opportunity to enjoy a dining experience with the comfort of complimentary technology use. On-staff IT team When planners were surveyed, reliability was listed as a top concern of IT serv
  • Irine Wallace on 17 Sep 12
     
    ARTICLE SUMMARY Hospitality industry is not only using technology to improve customers' experience but also to improve the bottom line as well as increase group use of the property. Hotels operators and owners are increasingly using conference centers and other meeting venues to attract business groups, seminars and conferences with new technology, and it isn't just a hotel app. Many of the branded hotels such as Hyatt Hotels with in-room HD TVs by Roomlinx Inc. are using the technology to allow guests to make service requests, check email/weather, use the Business Center, print documents, and receive customized messages from meeting planners. Hotels are investing in technology to provide these services and to compete effectively.
  • yuzhu li on 24 Oct 12
     
    Due to the market segment of the Groups, hospitality industry has focused on the IT investment on Groups. And there are some technologies for leisure and business travelers like virtual concierge service on guest room TVs, more efficient billing, virtual business centers, and on-staff IT team.  All these implements can benefit hotels and customers with a convenient, reliable, and profitable outcome. Besides that, it is super cool. 
  • Qike Chu on 25 Oct 12
     
    Nowadays, technology becomes one of the most important issue in hospitality industry. More and more hotels are going to pay more attention to their technologies such as APP application. Besides those technologies benefiting leisure travelers, investment in hotel technology also pays off with increased group revenue. Conference and convention become important parts in hotels, which means lots of meetings or events are choose to be held in hotels and lots of hotels decided to target their markets as convention directly. As in this article, it is talking about creating cool technology to increase the revenue based on group business. It stated Hyatt Hotel as an example to put virtual concierge service on guest room TVs, which is object to attract new markets as well as group business. What's more, an on - site IT team are going to be required in order to ensure hotels' technology functions properly. Having this kind of IT team, any questions can be responded fast. Therefore, investment fo those kinds of technology not only can bring more new markets or customers but also lead to quick return on hotels' investments, especially in F&B. 
  • Michael Anthony on 26 Oct 12
     
    I don't understand where this document will print if you don't have a printer with you? Will it print at the front desk somwhere? What if it's confidential information and how secure is this system? If you put more technology and have it be so accesible even when your having a meal you would have to hope that dinners continue to order otherwise you'll never be able to turn the table. Also, some dinners must not be as savy as others and won't like this idea of being able to do everything from the TV in your Hotel room. I know I wont even use the feature at the end of the day I dont feel like playing with tech. Others may want to escape tech because they have been around all through the work day, it may feel like you never stop working.
  • Ting Li on 26 Oct 12
     
    This article talks about the benefit of investing hotel technology. As it mentioned, technology is another way of gaining group business and marketing the hotel and meeting center. Here are four of these new popular tools for travelers. They are Virtual conceirge service on guest room TVs; More efficient billing; Virtual business centers; and On-staff IT team. For the Virtual conceirge service on TV, guests can do many things and request services through this system immediately. It can improve not only the departmental efficiency, but customer satisfaction as well. By using the virtual business center, cutomers can enjoy a dining experience. These impressive technology tools improve the guest experience and lead to a quick return on investment, especially in F&B. To increase group business, hoteliers are comfortable with this investment and they know that there's a return on investment with generated buzz/venue marketing and satisfied guests
  • LU DENG on 26 Oct 12
     
    This is an interesting and useful article that reminds me of the importance of new technology investment in hotels' conference centers and other meeting venues. Technology has become an efficient method in winning group business and marketing a hotel. There are several new hot tools for leisure and business travelers. For instance the virtual concierge service on guest room TVs, efficient billing, and virtual business centers. If a guest is able to make service requests, check email, use the Business Center, print documents and receive customized messages from meeting planners through an in-room HD TV by Roomlinx, the whole departmental efficiency can be improved and the guests' satisfaction can be enhanced to a higher level. This is useful to attract business travelers who care about these areas of service and it also leads to a quick return on investment too. When the discussion of hotel Wi-Fi services has been outdated, the topic of investment in technology amenities that provide the same comforts of home or the office is becoming another focus in hotel industry.
  • Yaping Li on 27 Oct 12
     
    This article introduces some new technology applied in the hotel. Nowadays, the hotel will adopt some new technology to attract more and more guest. Like the article said, "technology is just another way hotels are winning group business and marketing a hotel or conference center". The article introduce the Hyatt Hotels adopt the virtual concierge service on guest room TVs that offer a good service for guest and try to appeal to new markets and drive group business. The article also involves the revenue management system that the hotels are investment can help the hotel deal with data effective and increase revenue for properties. The new technology that the hotel applied will not only improve the guest experience but also can increase the revenue of the hotel.
  • TIAN LIU on 06 Mar 13
     
    Further analyses of our data suggest that as industries become more competitive, the effect of IT on profitability increases. IT investments also had a greater effect on profitability in the service sector than in the manufacturing sector. A possible explanation for this finding is that services allow greater IT-enabled customization and professionalization. One key takeaway from our research: All other things being equal, executives should accord higher priority to IT projects that have the potential for revenue growth over those that focus mainly on cost savings.
  • Xueling Wang on 07 Mar 13
     
    Hotels, conference centers and other meeting venues are increasing group business with new technology. To invest in the property's overall capital, hoteliers are creating cool technology tools that market venues, increase group business and enhance the guest experience. There are some of these new hot tools for leisure and business travelers. 1. Virtual concierge service on guest room TVs 2. More efficient billing: Hotels making large investments in revenue management systems are taking advantage of new features that automate and process data to improve efficiency and increase revenue for properties. 3. Virtual business centers: Socialization through technology and food and beverage outlets is increasing revenue for hotel.
  • Jennifer Koren on 24 Oct 13
     
    This article examines the new technology that hotels are investing in. In room concierge, billing ease, on- staff IT team, and virtual business center all make the hotel guests experience more comfortable and easy. Whether traveling for business or pleasure, the new technology is worth investing in for these hotels.
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Why Investing in Hospitality Technology is Investing in Good Business - 1 views

hotelexecutive.com/...-is-investing-in-good-business hotel investment
shared by Siyu Ma on 18 Jul 12 - No Cached
  • In consideration of how investment in hospitality technology can support business growth, rather than being an added cost, or unnecessary financial burden, to a hotel – it is important to look at what operational efficiencies the technology can bring, including any improvements in staff activities and morale that can be delivered and how the technology will ultimately benefit the hotels revenue performance.
  • In consideration of how investment in hospitality technology can support business growth, rather than being an added cost, or unnecessary financial burden, to a hotel – it is important to look at what operational efficiencies the technology can bring, including any improvements in staff activities and morale that can be delivered and how the technology will ultimately benefit the hotels revenue performance.
  • Those hotel groups that fail to recognize the speed of change in technology and what this can bring to the business will find themselves significantly under prepared when the market starts to strengthen. While “its never too late” to act – there is a significant opportunity cost in doing nothing or worse still, cutting technology out of the day to day operations. For a hotel to effectively operate and ensure it is maximizing its incoming revenue, the right technologies needs to be in place. Through investing in the right technology at the right time, savvy hoteliers will be ensuring that their facility(s) are able to effectively maximize their ongoing revenue capability now and into the future.
  • ...11 more annotations...
  • Equally as important, when considering whether to invest in new technology within the hospitality sector, is the need to recognize that technology is constantly changing and improving. Decision time frames are shortening. International hoteliers that have a good view on the future, realize that the technology decision they make today will only be relevant for the next 3-5 years at the most and are already planning next generation migrations.
  • In consideration of how investment in hospitality technology can support business growth, rather than being an added cost, or unnecessary financial burden, to a hotel – it is important to look at what operational efficiencies the technology can bring, including any improvements in staff activities and morale that can be delivered and how the technology will ultimately benefit the hotels revenue performance.
  • Whilst many international hotel organisations have used the economic downturn to adequately plan for the future through improved levels of technology and staff investment, many others are not heeding the warning signs and are instead shedding costs wherever possible – which can lead to disastrous consequences.
  • Importantly, hoteliers also need to realize that the hospitality industry is constantly changing and a lack of up-to-date technology and older strategies will not always be applicable to new, unique situations.
  • Whilst many international hotel organisations have used the economic downturn to adequately plan for the future through improved levels of technology and staff investme
  • Consider Revenue Management Technology: This technology is u
  • sed in a wide variety of industries.
  • IDeaS experience in many regions to date is that there are many technology vendors in hospitality that fail to acknowledge the above reality.
  • There are many technologies that tick all of the above boxes, including: Energy Management Systems Revenue Management Systems Property Management Systems In-Room Technology Sophisticated Telco Systems
    • Juan Du
      Juan Du on 06 Mar 13
       
      With the increase in the number of hotel, the technology in hospitality is more and more important. It is a good investment in this field. Because many of the facilities in hotel need the help of technology. Such as the energy management systems, revenue management systems, property management systems , In-room technology. To invest these technologies, it can increase the management level and increase the competition.
  • As the wider hospitality industry continues to face a slow recovery, savvy hotel owners and managers should be looking inwards during this time with a view to ensuring that the technology they use to help run their facilities are best suited for the roles they have to perform.
  • Gerardo Collado on 18 Jul 12
     
    In this weeks reading, the article, "Why Investing in Hospitality Technology is Investing in Good Business", mentions how due to the economic downturn hotels have turn to cutting technology and staff levels as a method to minimize costs, yet this is a recipe for disaster, if not conducted adequately. Technology is continuously evolving, it is important to make decisions regards IT investment that will be useful in the coming 3-5 years. Technological infrastructures should operate to facilitate a process or procedure for the overall benefit of the hotel, rather than take a day-by-day approach. In an ever-demanding industry, it is critical for hoteliers to be adequately prepared with automated systems, reducing if not eliminating important manually conducted tasks which are damaging the operations of the hotel due to the lack of real time information which will help revenue maximization. In moments of recessions, companies minimize their cost reducing what is foreseen as unnecessary such as IT investment, yet is important to maintain a level of preparation and not losing the opportunities presented by the market.
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  • Jianyi Wang on 24 Oct 12
     
    This article mainly talk about the benefit of investing in Hospitality Technology to hotel business.The author emphasizes the importance of looking at what operational effciencies the technology can bring ,including any improvements in staff activities and morale that can be delivered and how the technology will ultimately benefit the hotel revenue performance. We can conclude from the passage that in order to keep competitive in the hospitality industry, the managers should be aware of the dynamic market and technology changing and update the techonlogy in an efficient way.
  • Linfan Cai on 26 Oct 12
     
    The hospitality industry is developing faster and faster. The hoteliers should be with a view to ensuring that the technology they use to help run their facilities and best suited for the roles. They lead to a rapid economic recovery but they also need improve their marketing. The hospitality organizations have taken the time to update or invest in the right technology and training. In consideration of how investment in hospitality technology can support business growth, It is important to look at what operational efficiencies the technology can bring. As the hotel industry continues to move towards a more dynamic and inter-connected environment it is vital that the correct technology infrastructure is in place to meet this challenge. The revenue management technology itself can be maximized by educating staff in the most effective ways to use it. The hotel groups should recognize the speed of change in technology. And they will be ensuring that their facilities are able to effectively maximize their ongoing revenue capability.
  • Panpan Xie on 05 Mar 13
     
    As hospitality industry is now under recovery, many owners and managers are preparing using technology to help them run the facilities. Nowadays, there is a big requirement for investing the right technology and training to operate business in the market of 2010, 2011 later. Actually, hospitality technology investment can bring operational efficiencies instead of added cost to a hotel. Then the author takes revenue management technology as an example and points that a seamless flow of process of technology is a trend. All in all, in order for a hotel to adapt to the future trend, the right technology needs to be equipped.
  • Juan Du on 06 Mar 13
     
    with the increase in the number of hotel, the technology in hospitality is more and more important. It is a good investment in this field. Because many of the facilities in hotel need the help of technology. Such as the energy management systems, revenue management systems, property management systems , In-room technology. To invest these technologies, it can increase the management level and increase the competition.
  • anonymous on 07 Mar 13
     
    This article is explaining why investing in hospitality technology is a good idea. Market changes from year to year, therefore it is important to know what the technology operations can offer to the business. It is vital to know how efficient it is in the workplace, and in what ways in can help the staff. The interest cost of having all this money invested should benefit the hotels revenue activity. Especially in hotels, there has to be a strict decision making, because of how technology is advancing so fast and how efficient the technology will be for the hotel. The correct technology is a challenge. Training the staff with the system is also a test because how fast can they learn and be connected to the operations. It is crucial that hotels manage systematically all information with the technology; instead of having the staffs do all the work by hand. Hotels need to invest in the correct technology so that they can collect their ideal revenue-for the future of the business and to ease the work flow inside the hospitality industry.
  • yongwei hao on 08 Mar 13
     
    "Equally as important, when considering whether to invest in new technology within the hospitality sector, is the need to recognize that technology is constantly changing and improving. Decision time frames are shortening. International hoteliers that have a good view on the future, realize that the technology decision they make today will only be relevant for the next 3-5 years at the most and are already planning next generation migrations. There is an onus on the vendors to also re-invent themselves and re-invent their technologie"
  • lin liu on 10 Mar 13
     
    Hotel owners and managers are putting eyes on technology in the hospitality industry slow recovery period. All pundits agree this method can bring some recovery. The international hotel organizations have made many plans of improving investment in technology and staff. Progressive hospitality organizations have updated and invested in new technology and training, change the industry requirements and market. Before investment, the most important is to look at what operational efficiencies the technology can bring and how the technology will benefit the hotels. There are many technologies are good choices for investment, such as Revenue Management Systems. This technology is efficient and can help hotels track historic data, forecast future demand and so on. We also need to technology is changing all the time. So this is a big challenge of managers to make decisions for a long development. We also need to realize that the hospitality industry is changing, strategies will not always be applicable to new, unique situations. It is important for hotels to increase advantages in the competition.
  • Siyu Ma on 11 Mar 13
     
    Those hotel groups that fail to recognize the speed of change in technology and what this can bring to the business will find themselves significantly under prepared when the market starts to strengthen. While "its never too late" to act - there is a significant opportunity cost in doing nothing or worse still, cutting technology out of the day to day operations. For a hotel to effectively operate and ensure it is maximizing its incoming revenue, the right technologies needs to be in place. Through investing in the right technology at the right time, savvy hoteliers will be ensuring that their facility(s) are able to effectively maximize their ongoing revenue capability now and into the future.
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Accounting technolog Used in the Hotel Industry | - 5 views

www.ehow.com/grams-used-hotel-industry.html
shared by Juan Du on 07 Feb 12 - No Cached
  • Hotels rely on different tools, including their accounting software, to increase their effectiveness and make them more competitive in their core business.
  • Hotels can decide to purchase accounting software dedicated solely to one function or can invest in enterprise software. Some chains have opted to outsource their accounting operations to major computer companies and accounting firms.
  • The percentages of room-rate vacancy and seasonal trends are evaluated and measured against the best establishments to assess hotel performance.
    • Juan Du
      Juan Du on 28 Feb 13
       
      Hotel managers are often faced a lot of problem to deal with the accounting system. Now hotel manager can manage all of the accounting responsibilities by use hotel accounting technology. Using Web-based hotel accounting software can save your business money . The functions covered in all of the accounting systems.
  • ...25 more annotations...
  • Decisions governing selection of accounting programs depend on multiple factors including the uses of the accounting programs.
  • Hotel managers are often faced with the challenge to propose and procure the appropriate technology and software to run their operations.
  • This article describes major factors to weigh in selecting accounting software for the hotel industry.
  • Decision Criteria Used in Selection Process: Major factors identifying selection of accounting programs used in hotels are: ---Annual revenue ---Budget ---Location ---Multiple sites ---National or international location ---In-house vs outsourced operations
  • Accounting software is crucial in measuring and tracking the hotel's profitability.
  • Functions covered in accounting software programs include: --Accounts payable --Accounts receivable --Budgeting --Cash management --General ledger --Sales analysis --Payroll --Procurement --Order entry --Fixed assets --Inventory management
  • Accounting software is used to track the profitability of hotel operations and identify trends in the hospitality industry.
  • This article describes major factors to weigh in selecting accounting software for the hotel industry.
  • Decisions governing selection of accounting programs depend on multiple factors including the uses of the accounting programs.
  • Hotels rely on different tools, including their accounting software, to increase their effectiveness and make them more competitive in their core business.
  • Accounting software is used to track room-rate revenues and identify any discrepancies that require remediation and corrective actions.
  • Accounting software is used to track the profitability of hotel operations and identify trends in the hospitality industry. Careful consideration of the purpose, functionality and desired results from accounting software must be taken prior to selection and purchase.
  •    This article describes major factors to weigh in selecting accounting software for the hotel industry.
  • Accounting software is used to track the profitability of hotel operations and identify trends in the hospitality industry. Careful consideration of the purpose, functionality and desired results from accounting software must be taken prior to selection and purchase
  • How to Select Hotel Accounting Software:     Decisions governing selection of accounting programs depend on multiple factors including the uses of the accounting programs
  • Decision Criteria Used in Selection Process: Major factors identifying selection of accounting programs used in hotels are: ---Annual revenue ---Budget ---Location ---Multiple sites ---National or international location ---In-house vs outsourced operations
  • Accounting software incorporates the widely used Generally Accepted Accounting Standards (GAAP) and focuses on key measures unique to the hotel industry, such as revenue per room (RevPar)
  • Accounting software encompasses multiple functions of a hotel's operations, ranging from data mining to running financial reports.  Functions covered in accounting software programs include: --Accounts payable --Accounts receivable --Budgeting --Cash management --General ledger --Sales analysis --Payroll --Procurement --Order entry --Fixed assets --Inventory management
  • Print this article DartUtils.loadGoogle160 = function() { dmjs.runInlineAd = true; $('.AdUnit160').hide(); $('.AdWrapper').addClass('no160'); }; dartAds.renderiFrameAd([{ sz: '160x600' }], 160); How to Select Hotel Accounting Software:    Decisions governing selection of accounting programs depend on multiple factors including the uses of the accounting programs
  • Hotels rely on different tools, including their accounting software, to increase their effectiveness and make them more competitive in their core business.
  • Hotels can decide to purchase accounting software dedicated solely to one function or can invest in enterprise software. Some chains have opted to outsource their accounting operations to major computer companies and accounting firms
  • Accounting software is used to track room-rate revenues and identify any discrepancies that require remediation and corrective actions.  The percentages of room-rate vacancy and seasonal trends are evaluated and measured against the best establishments to assess hotel performance.
  • The hospitality industry has had steady growth, with increasing demands for internal controls and financial accountability.  Accounting software is crucial in measuring and tracking the hotel's profitability
  • Areas of Functionality in Hotel Accounting Software
  • Areas of Functionality in Hotel Accounting Software
  • Ruth James on 07 Feb 12
     
    This article describes accounting software functions within the Hotel industry. The article states that "Accounting software is used to track the profitability of hotel operations and identify trends in the hospitality industry". It is said that when selecting accounting software, you must identify what results you are looking for from the software; and also the functions that you are able to receive. You must also understand the needs of your property, and industry. The article also discusses various decision criteria, which is a part of the selection process. Some of these criteria's that you must look out for are: annual revenue, budget, location, multiple sites, national or international locations, in-house verses outsource operations. I love the fact that this article also discusses the functions of hotel accounting software. Some of those functions that were stated are: account payable, account receivable, and payroll. The article also brought up some trends about hotel and lodging accounting software. One of the trends that stand out to me was the fact that some companies hand over their entire accounting responsibilities to major accounting companies or, accounting firms; this is referred to as outsource. Having a accounting software is a very beneficial asset for a company.
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  • Ligia Elizondo on 01 Mar 12
     
    This article talks about the importance of choosing the right accounting software for hotels. Hoteliers need to take into consideration the purpose, functionality and desired results before selecting accounting software which "is used to track the profitability of hotel operations and identify trends in the hospitality industry." In order to select a hotel accounting software it has to match the needs and functions of the premise. Some of the most important factors in the selection process are annual revenue, budget, location, multiple sites, national or international location, and in house vs. outsourced operations. "Accounting software encompasses multiple functions of a hotel's operations, ranging from data mining to running financial reports." Some of the major functions in accounting software are accounts payable, accounts receivable, budgeting, cash management, general ledger, sales analysis, payroll, procurement, order entry, fixed assets, and inventory management. The hospitality industry is reporting increasing demands for internal controls and financial accountability therefore is very important that hotels select the right accounting software because is in charge of keeping records of the hotel's profitability. In addition accounting software reports room rate revenues and discrepancies and use the Generally Accepted Accounting Standards.
  • Diane Cacho on 02 Mar 12
     
    Accounting software programs are essential to the hospitality industry because it helps organize and keep track of the hotels operations and its profits. It's important to select the right accounting software that will help tie in the needs and concerns of your hotel. The significant factors to look upon in choosing the best program for your business are annual revenue, budget, location, multiple sites, national or international location, and in-house verses outsourced operations. Accounting software incorporates multiple roles of a hotel's operations such as data mining and running financial reports. Hotels can choose to purchase accounting software devoted exclusively to one purpose or can invest in enterprise software. The hospitality Industry counts on the different tools, as well as their accounting software, to increase their usefulness and creating them to become more competitive in their central business.
  • Marcia Brown-Kelly on 02 Mar 12
     
    I believe one of the most critical items missing from the selection process when purchasing accounting software is the need have interface with the PMS system. This would be a more integrated approach for the smooth transition of front and back of house operations.
  • Ganna Gorbachuk on 05 Mar 12
     
    Marcia, you are right! Its a very important idea, to have interface with the PMS system. As for the main topic of this discussion accounting is a step for understanding the factors which influence your business positevly and negatively, in order to use proactive or reactive strategy. Some things that should theoretically work in your business can actually be unsuccessful, so financial data analysis is a key for problem-defining and therefore for finding solution.
  • samira sobhani on 30 Jun 12
     
    This article gives some useful hints on how to choose an accounting software for your hotel business and what are the tips and tricks. There are lots of accounting software packages in the market which has a number of different options but the point is that each of these features will match a specific  need.  
  • Chelsey Alvarez on 01 Jul 12
     
    This article is about choosing the correct accounting software for the hotel industry. Through different types of software you are able to track the profitability of a hotel.
  • marilyn diaz on 18 Sep 12
     
    This article is about how a hotel should choose their accounting program. There are many things to consider when choosing the right program for your institution. It is not just what is more cost effective, but what does it include and are they things your hotel needs. It is like a PMS system, you get some basics, but you also may need to be able to add more options, or none at all. Another factor when selecting this program is the size of your hotel. If it is one hotel or a chain. Accounting software is crucial in measuring and tracking a hotel's profit. In conclusion, when hotel management buys an accounting program, they must analyze the software, and not just buy the first one they come across.
  • Erica Davis on 23 Sep 12
     
    This particular article discusses the need for accounting software programs within the hospitality industry. These programs can do just one thing or be all-encompassing, such as an enterprise program. Accounting programs still have to follow the Generally Accepted Accounting Principles (GAAP), which regulate the accounting industry. They help track the profitability of the company, amongst other things. Additionally, hospitality companies must be very careful in choosing the right program. These programs can help managers run a business more effectively but it has to be matched with the right program. There is also the option of outsourcing the accounting function to a third party, which could save a lot of time and money down the road. Erica
  • Qianlin Wang on 16 Oct 12
     
    Hotel software is designed for all areas of hotel operation including property management, accounting, GDS reservations, central reservations, reception, POS, spa/club/golf management, guest management, inventory management, yield/revenue management, accounting, and web site design. Small hotel software is available for properties with less than 100 rooms and focuses on basic front and back office functions and/or reservations and guest management. One of the major types of hotel software used by the hotel/motel industry is accounting programs. Accounting software is used to track the profitability of hotel operations and identify trends in the hospitality industry. To select good accounting software for the hotel depends on multiple factors including the uses of the accounting programs. Accounting software incorporates the widely used Generally Accepted Accounting Standards (GAAP) and focuses on key measures unique to the hotel industry, such as revenue per room (RevPar). Knowledge experts should be familiar with both general accounting rules as well as industry specific guidelines.
  • haojingting on 20 Oct 12
     
    This article describes major factors to weigh in selecting accounting software for the hotel industry. And Major factors identifying selection of accounting programs used in hotels are: ---Annual revenue ---Budget ---Location ---Multiple sites ---National or international location ---In-house vs outsourced operationsThe hospitality industry has had steady growth, with increasing demands for internal controls and financial accountability. Accounting software is crucial in measuring and tracking the hotel's profitability. And besides the normal functions, the advanced accounting software can be used to track room-rate revenues and identify any discrepancies that require remediation and corrective actions. The percentages of room-rate vacancy and seasonal trends are evaluated and measured against the best establishments to assess hotel performance.
  • Xue Yan on 20 Oct 12
     
    The article demonstrates that accounting software in hotels is used to track data of hotel operations, to make future decisions and some other functions related to finance and daily operations. So hotels should consider several aspects while establishing accounting software. Such factors affecting decisions are like: Annual revenue, Budget, Location, Multiple sites, National or international location and In-house vs outsourced operations. Regarding the trend of accounting system, the article says that accounting software can make the hotels more competitive and more effective.
  • rebecca Bonet on 20 Oct 12
     
    The article describes major factors to weigh is selecting accounting software for the hotel industry. Accounting Software is used to track the profitability of hotel operation and identify trends in the hospitality industry. Hotel industry carefully finds out what will be a great functionality and result before purchasing accounting software. First of all, selecting hotel accounting software and the uses of the program. Secondly, identifying the selection of accounting program, used in the hotel. For example, annual revenue, budget, location, multiple site, etc. The article discusses the function of hotel accounting software. Some of the functions are hanging from data mining to running financial report. Also, the article discuses about lodging accounting software, one of the example that they used is that they really on different tools including their accounting software to increase their competitive in their core business. The article talks about accounting Software Metrics in the hotel industries. They use this Metrics by tracking room rate revenues and by doing the room- rate vacancy and seasonal trends. Having the accounting software in hotel is very important for the industry
  • Xiameng Zheng on 19 Feb 13
     
    The hospitality industry has had steady growth, with increasing demands for internal controls and financial accountability. Accounting software is crucial in measuring and tracking the hotel's profitability. Accounting software is used to track the profitability of hotel operations and identify trends in the hospitality industry. So it's important for hotel manager to choose the suitable accounting software. This article tells how to select hotel accounting system properly. Including the decision criteria used in selection process, areas of functionality in hotel accounting software and standards used for accounting and auditing in hotel industry, etc.
  • Juan Du on 28 Feb 13
     
    Hotel managers are often faced a lot of problem to deal with the accounting system. Now hotel manager can manage all of the accounting responsibilities by use hotel accounting technology. Using Web-based hotel accounting software can save your business money . The functions covered in all of the accounting systems.
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Revenue Management in Independent and Small Hotels | By Ahmed Mahmoud - Hospitality Net - 1 views

www.hospitalitynet.org/...4073694.html revenue management independent hotels
shared by dsada005 on 03 Feb 20 - No Cached
  • demand and occupan
  • As the hospitality industry is growing, not only in size, but also in terms of sophistication and expectations of return on investment (ROI), the scene has shifted from the more traditional dominance of independent privately owned small outlets to larger multinationals and multiple brand affiliations
  • Basically, revenue management means to dynamically adjust your hotel rates based upon
  • ...6 more annotations...
  • demand and occupan
  • While some big hotel chains or franchise enterprises may have the opportunity to hire a skilled and experienced revenue manager, or even a whole team, many smaller and independent properties need to assign this job to an existing employee
  • We live in the era of online sales, OTAs, meta search and increasing last-minute bookings, where the time period between making the reservation and the real stay is constantly shrinking
  • However, a certain amount of know-how is needed to truly leverage revenue opportunities (such as distribution channels, social media, technology) for independent hotels, since they refer to lack of resources and a limited budget to invest in high-end technology as major challenges associated with revenue management.
  • Most of China's luxury hotels are owned by foreign companies and managed by famous international hotel chains. They generally adopt identical revenue management systems developed by the chains
  • In the past, revenue management was a practice that only high-end, luxury properties implemented for two major reasons: first, it was hugely cost prohibitive, and second, it required the hotel to hire a revenue manager to execute the processes (or oversee the revenue management system RMS).
  • dsada005 on 03 Feb 20
     
    Revenue Management is a practice that all hotels should have adopted by now, even small independent hotels. Revenue management used to be practiced by only high-end hotels who could afford to have a single job position titled "revenue manager" however, technology has allowed us to see the benefit of having a dedicated revenue manager. Revenue management has allowed hotels to have higher profits than ever, by simply adjusting their prices based on demand. Smaller, independent hotels will typically give the general or front office manager this title, which is where they are making their mistake. Living in this era of online sales, we have to be aware that there can be a lot of missed revenue if we are not educated and practice proper revenue management. Other factors contribute to revenue management as well such as: distribution channels, social media, and technology.
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Revenue Management : From the Perspective of the Hotel Industry - 0 views

www.entrepreneur.com/...316568
shared by espence13 on 11 Feb 19 - No Cached
  • In the hotel and hospitality industry, it is believed that the ideal revenue management is to sell the right room to the right client at the right moment at the right price on the right distribution channel with the best commission efficiency.
  • Today, every bit of data about your room occupancy a couple of years ago can be scrutinized against the specific date and season to determine why you sold your room at that price. And compare it with today's trend and determine the actual cost of the room you should be selling at.
  • Big hotel chains like Marriot were the first ones to understand value and implement the concept of revenue management decades ago. Today, especially in Asia, the developing economies are at a cusp of a technological revolution.
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  • Where cutting edge tech startups and companies in the hospitality industry have tremendous cloud computing power and have built world beating revenue management systems.These systems don't just crunch numbers and generate reports, but they are built on technologies such as AI and Machine Learning to give you, the hotel owner the best possible set of data analysis, to help you make the right decisions.
  • oday we already have the technology to help hotel owners carefully analyze in-house data such as past occupancy rates, general sales, customer segmentation, market share information, and customer satisfaction to name a few. However, external influences such as past weather conditions, holiday seasons, nearby competitors and their prices to name a few are also being analyzed for better price determination.
  • espence13 on 11 Feb 19
     
    "The Future of Revenue Management " Hotel revenue management is moving front and centre of the overarching business model for many hotels, and this trend is only set to rise further. Revenue management undergoes constant change, more so than other departments. This is because it is rooted in technological capability. Technology will continue to evolve and more sophisticated methods of guest analysis will come to the fore, as revenue managers keep searching for ways of becoming more competitive. This constant change has contributed in large part to the expanding roles that today's hotel revenue manager is charged with carrying out. After all, it is through inventive marketing strategies that hotels can generate business. Ecommerce, social media, client engagement and relationship management have all become central to the revenue manager's job in order to drive business. The hotel sector is probably more competitive than ever before. Hotels aren't only competing with their cross-town rivals, but inter-city and even international counterparts. Online travel agencies, the rise of hostels, and high guest demands make the industry even more competitive. So, hotels are turning to guest analytics; and new technology is making efficient analysis that produces unique, valuable insights possible.
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Top Three PMS Features | Top Stories | | Hospitality Magazine (HT) - 0 views

hospitalitytechnology.edgl.com/...Top-Three-PMS-Features-72809
shared by wei xie on 04 Feb 12 - No Cached
  • It is essential that a PMS have functionality that supports a guest-centric focus.
  • A PMS with a robust, easy-to-use guest history or CRM (customer relationship management) system database at its heart enables operators to deliver personalized attention that results in revenue and guest loyalty. 
  •  To intelligently optimize rates and maximize revenue, a property must have a PMS with an effective, integrated revenue management (RM) system.
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  • In today’s online marketplace it is also crucial that a PMS drive sales through two-way communication with a wide variety of Internet channels.
  • Yue Zhang on 04 Feb 12
     
    Firstly, Guest Centric PMS Focus. Guests are the reason why hotels are in this business and also the resource of the hotels' revenue. Guests prefer to get experience and personalized attention from the hotels. Secondly, Integrated Revenue Management. A property must have a PMS with an effective and integrated revenue management system, which include the potential daily revenue. The revenue management module and a great deal of data must be fully integrated. Thirdly, the Ability to Connect to Online Sales Channels. There is a PMS drive sales through two-way communication with a wide variety of Internet channels. This article points out online channels are the fastest growing source of reservations, and getting your property's optimized rates and accurate available to the most effective of those channels.
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  • Alejandra Kravets on 04 Feb 12
     
    Choosing the right PMS system is a very important decision that management has to take in consideration. Some PMS systems are not user friendly and are very complicated. In the end, you want your staff to be more productive and efficient not the opposite.
  • YONGHE FAN on 04 Feb 12
     
    I agree with the points in your article that it is really important to choose a right PMS for the hotel. And these three features stated in your articles are also the most important things that help us to make the decision on choosing a PMS.
  • Jeremy Fairley on 05 Feb 12
     
    The Ability to Connect to Online Sales Channels would probably be the most important to me. In this choice oriented system today built around the user, its almost a necessity to have your update date information readily available to the Expedia's and other major channels of distribution
  • boyan yuan on 14 Feb 12
     
    Here are the three most important things to consider as you select a new PMS or upgrade your existing system. 1. guest centric PMS focus: A PMS with a robust, easy-to-use guest history or CRM (customer relationship management) system database at its heart enables operators to deliver personalized attention that results in revenue and guest loyalty. 2.Integrated revenue management. The PMS provides the revenue management module with a great deal of data including availability and current pricing, the two systems must be fully integrated. 3.The ability to connect to online sales channels.Properties whose PMS has two-way communication with the web will be able to push optimized rates out to dozens of websites to generate revenue from local events or other market factors and always be confident of accurate availability
  • gaby bestulich on 19 Feb 12
     
    This article explains the top three features to look at when in the process of picking out a PMS to use at a property. The first feature is that it should be guest centric PMS focus. This industry is run by guests. They are the reason hotels and restaurants exist. Having an easy to use CRM allows to employees be a bit more personal with the guest. Next, is integrated revenue management.Revenue management to be at the top of its game needs a fast system. When updating information if it takes too long it gets frustrating and can lose some opportunities to increase your daily revenue. Lastly, it should have the ability to connect to online sales channels. The article says that having a two way communication system is a crucial point to maximizing your company's point of sales.
  • wei xie on 01 Oct 12
     
    This article discusses about 3 main features you should consider when you chose a PMS. First and most important feature is that whether it is guest centric or not. The hospitality business is all about guest, they are the source of your profits. So it is very important that your PMS has easy access to customer database or CRM system database. The second thing you should consider is Integrated Revenue Management. Hospitality market changes rapidly due to all not sure factors: holidays, events, festivals. So if you can forecast the changes of market rate and you update your rate in time, you are ahead of the game. Last, a excellent PMS should also has the ability to connect to Online Sales Channels. As the Internet is developed, lots of people make on-line reservations. Because the most accurate and updated information, your PMS should connect to on-line sales channels.
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Hotel revenue management: Strategies to boost your topline revenue - 2 views

www.siteminder.com/...-revenue-management-strategies
shared by tgood006 on 06 Jun 19 - No Cached
  • The most successful hoteliers are savvy operators who continually look for ways to learn and improve the way they do things, gaining an edge over the competition. But only a small percentage of independent hoteliers use revenue management strategies and thus limit their revenue-generating potential
  • Key takeaways Revenue management refers to the pricing tactics you use to sell your property’s inventory to the right guests at the right time and through the right channel, to boost revenue growth. If guests feel like they are getting maximum value for their money, it’s very likely they’ll be willing to spend more. Be bookable everywhere and think of ways you can more out of each guest. Track key metrics, like occupancy rate, ADR, RevPAR and TrevPAR. Use multiple pricing strategies to get the most out of your business. Segment the market and target effectively. Put together comprehensive forecasting and budgeting plans. Remember to benchmark against your competition. Research the value of revenue management systems and pricing intelligence tools.
  • tgood006 on 06 Jun 19
     
    This article explains hotel revenue management and how to streamline the revenue of your property. Revenue management is the marketing and selling of your hotel products to guest. It could be the selling of rooms or additional products your hotel may offer. Every traveler wants to see the value of there dollar spent.
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Hotel Industry Embraces Green Revolution - 0 views

www.entrepreneur.com/...201838
shared by haelidenton on 17 Jan 12 - No Cached
  • According to a recent report published by the Green Hotels Association, "Companies with proactive environmental strategies have a 4 percent higher return on investment, 9 percent higher sales growth and 17 percent higher operating income growth than companies with poor environmental track records."
  • According to a recent report published by the Green Hotels Association, "Companies with proactive environmental strategies have a 4 percent higher return on investment, 9 percent higher sales growth and 17 percent higher operating income growth than companies with poor environmental track records.
  • According to a recent report published by the Green Hotels Association, "Companies with proactive environmental strategies have a 4 percent higher return on investment, 9 percent higher sales growth and 17 percent higher operating income growth than companies with poor environmental track records.
  • ...19 more annotations...
  • According to a recent report published by the Green Hotels Association, "Companies with proactive environmental strategies have a 4 percent higher return on investment, 9 percent higher sales growth and 17 percent higher operating income growth than companies with poor environmental track records.
  • According to a recent report published by the Green Hotels Association, "Companies with proactive environmental strategies have a 4 percent higher return on investment, 9 percent higher sales growth and 17 percent higher operating income growth than companies with poor environmental track records.
  • According to a recent report published by the Green Hotels Association, "Companies with proactive environmental strategies have a 4 percent higher return on investment, 9 percent higher sales growth and 17 percent higher operating income growth than companies with poor environmental track records."
  • According to a recent report published by the Green Hotels Association, "Companies with proactive environmental strategies have a 4 percent higher return on investment, 9 percent higher sales growth and 17 percent higher operating income growth than companies with poor environmental track records.
  • According to a recent report published by the Green Hotels Association, "Companies with proactive environmental strategies have a 4 percent higher return on investment, 9 percent higher sales growth and 17 percent higher operating income growth than companies with poor environmental track records.
  • According to a recent report published by the Green Hotels Association, "Companies with proactive environmental strategies have a 4 percent higher return on investment, 9 percent higher sales growth and 17 percent higher operating income growth than companies with poor environmental track records.
  • According to a recent report published by the Green Hotels Association, "Companies with proactive environmental strategies have a 4 percent higher return on investment, 9 percent higher sales growth and 17 percent higher operating income growth than companies with poor environmental track records.
  • According to a recent report published by the Green Hotels Association, "Companies with proactive environmental strategies have a 4 percent higher return on investment, 9 percent higher sales growth and 17 percent higher operating income growth than companies with poor environmental track records.
  • According to a recent report published by the Green Hotels Association, "Companies with proactive environmental strategies have a 4 percent higher return on investment, 9 percent higher sales growth and 17 percent higher operating income growth than companies with poor environmental track records.
  • According to a recent report published by the Green Hotels Association, "Companies with proactive environmental strategies have a 4 percent higher return on investment, 9 percent higher sales growth and 17 percent higher operating income growth than companies with poor environmental track records.
  • According to a recent report published by the Green Hotels Association, "Companies with proactive environmental strategies have a 4 percent higher return on investment, 9 percent higher sales growth and 17 percent higher operating income growth than companies with poor environmental track records.
  • According to a recent report published by the Green Hotels Association, "Companies with proactive environmental strategies have a 4 percent higher return on investment, 9 percent higher sales growth and 17 percent higher operating income growth than companies with poor environmental track records.
  • The green economic revolution is impacting the $90 billion U.S. hotel industry
  • the hotel's adoption of native gardening also gives guests a compelling reason to eat at the hotel and accounts for 15 percent of hotel guests' revenue stream.
  • Cost-competitive advantage . Saving green by going green is where most of today's business focus is directed. In these recessionary times, going green can make the difference in being able to compete on price.
  • Green revenue growth . This is where the green economic revolution is heading, growing revenue by going green. This is a multi-trillion-dollar global opportunity for building or cementing customer loyalty as consumers focus increasingly upon sustainability and wellness.
  • Green entrepreneurship . In every economic revolution, there is opportunity for the entrepreneur as the traditional big players struggle to adopt their legacy systems and business practices. Customers are looking for businesses that offer fresh solutions that support their quest for "going green."
  • The green economic revolution is impacting the $90 billion U.S. hotel industry
  • Food grown in the hotel's native garden provides hotel guests with a healthy dining experience. In fact, the hotel's adoption of native gardening also gives guests a compelling reason to eat at the hotel and accounts for 15 percent of hotel guests' revenue stream. According to a recent report published by the Green Hotels Association, "Companies with proactive environmental strategies have a 4 percent higher return on investment, 9 percent higher sales growth and 17 percent higher operating income growth than companies with poor environmental track records
  • Ruth James on 17 Jan 12
     
    The Hotel Industry and its vendors are acknowledging and taking a keen revenue advantage, because their customers are supporting a green environment focus. This green economic revolution has impacted the $90 billion dollar Hotel industry. The article describes a hotel in Austin Texas profoundly in regards to their property having the "largest solar system in the continental U.S.". The hotel goes as far as creating their motto, which gear guest towards a green environment focus; their motto states "Environmental consciousness in action." The hotel grows its own food and vegetables, in which they serve the guest with, and they also give some of their produce to local food banks. The hotel guest often brag about how well they slept in the night, this might be caused by the toxic free chemical environment they are in. The lodging have refrained from using chemical pesticides 20 years ago, which may have added to the result of guest sleeping well; stated the general manager. The Ritz-Carlton program "Jean-Michel Cousteau's Ambassadors of the Environment program" was originally for the children that were staying on the Kapalua in Hawaii. The children enjoyed it so much, and their parents became very inquisitive; that the program emerged into the entire property focus. This program gives guest the opportunity to have involvement with the native forest; native nature walk and the hotel also harvest a native garden. This is almost the same idea as the hotel located in Austin Texas. There are many valid reasons for the reason why the Hotel Industry should be green conscious. The Green Hotels Association states that "Companies with proactive environmental strategies will make 4 percent higher investment, 9 higher sales growth and 17 percent higher operating income growth than companies with poor environmental practices.". If I was a general manager, this would be one of my main concerns and focus. Going green is cost effective, but the ending
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  • ying jiang on 07 Feb 12
     
    Getting green could enable the hotel be competitive on price and grow the revenue. There are already several hotels going green and receive positive feedback from their guests.
  • Marcia Brown-Kelly on 09 Feb 12
     
    Going green is a great initiative within hotels. having worked with resorts implementing green initiatives, I would say one of the biggest challenge is changing the culture of employees to start doing things differently in order to maintain a sustainable program. Hotels in my experience that are successful employs environmental officers who educate and monitor various areas of the green initiatives. Going green can have huge capital investment in the initial stages but have huge gains especially in energy conservation in the long term. Our guests are also more socially conscious and will respond well to green hotels though they may not always practice conservation during their stays.
  • Gerardo Collado on 05 Jun 12
     
    This article explains the green revolution pertaining to the hotel industry with an estimated $90 Billion. Consumers are becoming conscious of the Earth's finite resources, thus, the green revolution is coming about slowly but without a doubt making an impact in the way the economy works. This is allowing an opportunity for hotels to increase revenues and gain market share due to this niche on catering to such consumers with a green initiative lifestyle. For example, the Ritz Carlton- Kapalua Hawaii, is combing fun and green education to educate children of the unique local surrounds found within the region, encouraging to frequent business by the wonderful experience. As well, it is interesting to learn that companies engaged within the strategies focused on the environment are experiencing high growth regards return on investment, sales growth and operating income. In every spectrum of hotel building and operating, the green initiative is possible from construction and architectural planning to hotels free of chemicals and property-developed horticulture gardens. The full capacity of the green revolution has not been seen to its full potential only leaving to wonder the full extent of its possibilities.
  • luis capote on 10 Jun 12
     
    This article talks about how the eco-friendly environment concept is helping the hotelier industry achieve higher revenues and market shares. This whole concept is an ample opportunity for hotels to compete, stay on business and raise awareness to consumers about green resources that can be used to save our planet. People show interest in collaborating with the going green concept and learn more, however businesses need to be more conscious about the environment. For example, The Habitat Suites in Austin Texas is using the largest solar system in the continent to provide power. It is also a toxic free chemical environment and reproduces in own its own fruits and vegetables gardening. Three main factors are impacting the green revolution's hotel industry; cost-competitive advantage, green revenue growth, and green entrepreneurship. Feel free to read more about the article to have a deeper understanding.
  • anonymous on 22 Sep 12
     
    nowadays, more and more hotels attending to join the green army. one of the most important reason is this kind of hotel will have a better market. because of the education level of the guests, their invironmental awareness become stongly. so the guests want to do more to make a contribution the the environment protection. on the other hand, the customers all knows that even the price of the green hotel is higher, but it is more health and safe. it will make them feel better and have a good experience in the hotel. as we know, a good experience is the final goal of hotel. so, the green hotel must have a bright future.
  • haelidenton on 06 Sep 14
     
    The green economic revolution is impacting the $90 billion U.S. hotel industry. There is an opportunity to increase revenue and market share by "going green". Habitat Suites in Austin, Texas is a leader in this area. The hotel's motto is "Environmental consciousness in action." Habitat Suites has an environment that is free of chemicals, has the largest hotel solar system, and uses their own organic fruit and vegetable garden for food in the hotel. Due to this environmental consciousness, the customers are reacting positively. Commenting on how great they slept, due to the ecologically fresh rooms. Many hotel chains are jumping on the green revolution bandwagon. At the Ritz-Carlton, Kapalua in Hawaii, they started an environment program that was originally designed to provide fun for kids. But after positive feedback from the children, this has grown from just learning about local marine life to educational nature walks. These walks go through Maui's native forests and a garden that grows native foods and has community engagement in order to preserve their island's culture and environment. The food that is grown in the native garden is used in the hotel to provide guests with a healthy dining experience. Because of this, it has increased guests' reason to eat at the hotel and is 15 percent of the hotel guests' revenue stream. This environmentally friendly program increases the possibility of repeat business and attract new travelers who search for these types of experiences. A report published by the Green Hotels Association states, "Companies with proactive environmental strategies have a 4 percent higher return on investment, 9 percent higher sales growth and 17 percent higher operating income growth than companies with poor environmental track records." Even non-hotel-industry entrepreneurs are realizing business opportunities in the green vacation industry. Patricia Griffin, president of the Green Hotel Association, started the associatio
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How to Generate Revenue with Hotel Call Accounting Software - 2 views

ezinearticles.com/?How-to-Generate-Revenue-with-Hotel-Call-Accounting-Software&id=94261 hotel technology
shared by Jiaqi Xu on 07 Feb 12 - No Cached
  • Jingyi Wen on 07 Feb 12
     
    Billing software is important for the hotel. It can helps the hotel account for telephone charges, Internet usage, equipment fees, surcharges and taxes in real time. With the declining of the telecom revenue the new call accounting modules should adapt to new market competition. Some of the hotel adjusting room rate to balance the telecom revenue lost. Even though the use of the telecom is declining, proper use hotel call accounting system can still bring profit. The accounting system can provide traffic reports identify grade of service, peak calling hours, and the number of trunks the hotel should have to run telecom smoothly. The calling accounting report can show where guests are calling. It is easy for hotel find its target market and negotiate better tariff plans. The call accounting system can make fewer mistakes than the night auditor. All calls are being record with the help of calling accounting system. Hotel should update the critical information in calling accounting system monthly and all the properties use the same tariff table and follow the same guidelines. In this way hotel can avoid inaccurate billing and lost revenue.
  • ...2 more comments...
  • Carl Miller on 09 Feb 12
     
    This is an interesting article as hotels have to adjust from guests using the room telephones and hotel internet to using their cell phones and mobile networks. Hotels do need to compensate for that loss in revenue but it is hard to charge much for internet service when guests can go down the block to Starbucks and get it for free. With these changes, it makes it even more important to hotels' bottom lines to have the right call accounting system in place making sure they don't miss out on any collectible monies. Good article Jingyi.
  • Fei Qi on 02 Mar 12
     
    This article is about how to generate revenue from the hotel call accounting system. Travelers involve the business travelers and family travelers all need to keep in touch with others. Therefore, it is important for sophisticated hotel billing software to account for telephone charges, Internet usage, and equipment fees. Sometimes your telephone charges could account for a larger cost than the room rate. The article also compared the old call accounting system and the new ones. Old call accounting system would generally been left in the back room logging long distance call records from a PBX serial port. Nowadays, hotel managers become creative in using new call accounting modules or more appropriately a communication management system .Properly utilization of a hotel call accounting system can help hotel generate high profits. Proactive hotel properties use call accounting reports to determine calling patterns that show where guests are calling. These statistics help the hotel target marketing and negotiate better tariff plans. As hotel provides more communication facilities, the communication management system will be required to account for hotel cell phones, calls made with authorization codes, internet service, hand held devices and other guest amenities.
  • Jiaqi Xu on 02 Mar 12
     
    Hotel call accounting software or hotel accounting software in short is a system records telephonic activity, translates it into relevant data and arranges it in reports, graphs, charts etc for analysis. In the hospitality industry, the call accounting software plays an important role as an interface between the hotel management/staff and the customers. Call accounting products allow hotels/motels to bill guests for all phone calls that the property will have to pay for, recovering costs.Managers can also detect phone misuse or abuse, optimize phone system performance, allocate telecom costs by department or extension, set special rates for VIP guests, and decrease billing errors.
  • Wei Ding on 03 Mar 12
     
    Using accounting system to generate revenue for hotel is a great way. Today, revenue management is strong relay on those more accounting system. Properly use accounting system can support hotel generate more profits. Also, proactive hotel properties use call accounting reports to determine calling patterns that show where guests are calling. All these data help the hotel target marketing and negotiate better tariff plans.
7More

Non-guests driving incremental revenues - 1 views

www.hotelnewsnow.com/...s-driving-incremental-revenues revenue generation driving revenue local guests revenue share
shared by Alyssa Westmeyer on 05 Sep 13 - No Cached
  • The necessary equipment is installed by partner LiquidSpace, which takes a commission of each booking fee. Hoteliers are required only to pay for marketing materials up front, the costs of which are recouped in two to three bookings
    • Alyssa Westmeyer
      Alyssa Westmeyer on 05 Sep 13
       
      Although I don't know the cost, it seems there is very little investment required for what is a potentially great revenue source. Revenue share is required but it seems there is an ROI if marketed appropriately.
  • Marriott expects to have introduced the Workspace concept into as many as 400 hotels by year end
    • Alyssa Westmeyer
      Alyssa Westmeyer on 05 Sep 13
       
      This is a significant technological innovation that is integrating into the market quickly due to this large primary adopter - Marriott. Because this meeting room booking function is currently handled on property via phonen/email by F&B or Convention Services, having an online booking tool will make it easier, faster and more effortless to generate revenue in unused spaces. Eventually larger companies may even be able to work this function into their proprietary booking tool if they wish to avoid getting into another OTA revenue share situation.
  • Roof draws 90% of its guests from the local community
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  • Roof draws 90% of its guests from the local community
    • Alyssa Westmeyer
      Alyssa Westmeyer on 05 Sep 13
       
      This is an incredible number. Many properties struggle to maintain local business because they know it is crucial to their long-term success. Locals provide consistent revenue when visitor traffic wanes. That is why opportunities like LiquidSpace can be so impactful. They embrace the local community and provide it with a benefit.
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Becoming a King of the Cloud: How Hoteliers Can Level the Playing Field Using Cloud Tec... - 0 views

skift.com/...r-kings-of-the-cloudsiteminder
shared by smaka004 on 29 Sep 14 - No Cached
  • For revenue managers, however, perhaps the most important offering for hotels on the cloud is the low, predictable fees that come with a model that is typically subscription-based. This pay-as-you-go model removes the commission costs to the technology provider. Ultimately, this not only provides a boost to a hotel’s bottom line but an opportunity for that hotel to be connected to a greater number of booking sites and meta-search engines – to find travelers, and to be found.
  • Through the cloud, hotels are equipped with one architecture that is not only powerful today but is equally prepared for the change that is inevitable in future. According to Criteo’s Travel Flash Report, the first half of 2014 saw: Mobile bookings on travel websites are growing faster than desktop, at 20 percent versus 2 percent Smartphones and tablets account for 21 percent of hotel bookings In-app bookings account for 12 percent of total mobile bookings made on travel websites
  • Cisco has forecast that cloud applications will account for 90 percent of global mobile data traffic by 2018.
  • smaka004 on 29 Sep 14
     
    This article summarizes how a particular advance in IT, specifically cloud technology, has made it easier for hotels to actually provide hospitality. By democratizing the industry-leading technology solutions, the cloud provides independent hoteliers with the ability to compete with their larger counterparts by increasing efficiencies. While the article identifies many of the general benefits of cloud technology that we have been discussing in class previously, such as uninterrupted access to business solutions and much lower hardware costs, it goes on to provide specific examples of how hotels can actually integrate software within the cloud to power their business. For example, revenue management solutions on the cloud often work on a pay-as-you-go model, not a subscription. This increases the number of connections that hotel revenue managers can make with OTAs, in turn driving conversion to actual bookings. Moreover, cloud-based revenue management solutions provide integrated software that decreases the need for a large revenue management staff. The article also cites the prevalence of mobile bookings, which are growing at 20% versus 2% for desktop bookings. More than a fifth of bookings are actually done using a mobile device. With all of this new consumer data, hotels can actually personalize their offerings for their guests. This will decrease generic advertising costs over time. The reason why it is important to take these mobile bookings into account is that mobile consumers are already connected to the cloud as they make these arrangements. With that in mind, hotels need to turn around and continue to push storage, advertising, and booking solutions on the cloud to meet this demand.
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Are customers' reviews creating value in the hospitality industry? Exploring the modera... - 0 views

www.sciencedirect.com/...S0268401216301049 Social Media Influence Tripadvisor effects on hotels user generated reviews
shared by anonymous on 25 Aug 20 - No Cached
  • reviews
  • positive effect on hotel revenues
  • outside popular destinations
  • ...39 more annotations...
  • online visibility
  • user-generated reviews
  • 240 small and medium-sized hotels
  • online retailers have thus been gaining increasing market power in influencing customers’ purchases (i.e., Inversini and Masiero, 2014, Silva, 2015, Yen and Tang, 2015) and have improved market transparency and uncertainty for travellers (Toh, Raven, & DeKay, 2011). For this reason, their role is now considered an infomediary (Chen, Yang, & Wang, 2015) because their capability to add value in transactions depends primarily on collecting and processing information about prices, destinations and travellers’ reviews.
  • positive effect on hotel revenue growth
  • outweighed by a negative effect on gross profit margins.
  • managerial implications discuss how hotels should use social media features according to a strategic view based on pursuing the horizontal and vertical differentiation of their services in an attempt to create more economic value from their online visibility and to protect profit margins from the intermediation in their customer relationships.
    • anonymous
      anonymous on 25 Aug 20
       
      MIS idea of how to actually use the information giving from this style of data mining
  • Online reviews provide additional information for travellers to mitigate the uncertainty about the quality of a hotel and about its fit to their needs and preferences on accommodations and destinations.
  • 50,115 user-generated reviews on TripAdvisor,
  • shake up long-lasting reputations through reviews posted by unmonitored influential opinion makers
  • Internet can be a value-destroying mechanism for small businesses and can deter hotels’ capacity to defend profit margins
  • empower buyers
  • ncrease the degree of rivalry among firms that sell and distribute their products/services
  • bargaining power
  • First, online ratings can have a beneficial effect on the occupancy rate of rooms, which is especially important for larger hotels that bear a greater cost of idle capacity, especially in off-peak periods. Second, visibility on social media can allow hotels to apply a price premium thanks to greater economic value generated by market transparency, the reduction of the search costs for both parties involved in the transaction
    • anonymous
      anonymous on 25 Aug 20
       
      Hypothesis broken into 2 parts
  • brand image of hotels,
    • anonymous
      anonymous on 25 Aug 20
       
      Potential here for bad press. Viral videos of mistakes/ misinformation etc.
  • maller hotels with opportunities for market growth in segments in which they have a limited market presence
  • exploring the relationship between online visibility and the creation of economic value in terms of increase of sales and profitability for a panel of 240 Italian small and medium hotels
  • ive million registered users who visit the platform 30 million times per month on average
  • we consider only the profitability (the value appropriation achieved through online visibility) and not the increase in sales (the value generation achieved through online visibility) because hotels’ market positioning affects a hotel’s capability to appropriate the economic value brought by online visibility and influences hotels’ ability to negotiate the infomediation fees, which in turn impact hotels’ profitability.
  • social networking (i.e., the opportunity that users have to connect with people with similar travel interests, needs or experience) and knowledge sharing
  • travellers can more easily find persons who share similar travel preferences and needs. In a similar way, a user consulting travellers’ reviews can see if the reviewer is a member of his/her friends’ social networks on other platforms, such as Facebook.
  • beyond allowing hotels to improve their room occupancy rates, online visibility may allow hotels to apply price premiums.
  • respond strategically to online reviews
  • positive relationship between online visibility and sales
  • three different forms.
  • first is the rating assigned by users, who can express their evaluations on a quantitative scale.
  • rates given by users are distributed over the scale.
    • anonymous
      anonymous on 25 Aug 20
       
      Think amazon review
  • number of reviews that users give to hotels
  • we may expect that online visibility on social media – seen as a composite measure of the three above-mentioned elements – can positively impact hotels’ revenue growth
    • anonymous
      anonymous on 25 Aug 20
       
      hypothesis
  • hotels’ market positioning between their online visibility and profitability.
  • Online visibility has a negative effect on the gross profit margin of a hotel.
  • Consequently, high star-rating hotels apply price premiums for their superior quality and attract less price sensitive customers, who have a higher willingness to pay for quality
  • we expect that less price sensitive customers are willing to pay more for hotels with higher customer ratings on infomediation platforms because they perceive these hotels to be more valuable
  • The relation between online visibility and sales profitability is stronger for hotels with high star-rating.
  • iche tourism appears to offer a more meaningful set of experiences, given the knowledge that tourists’ needs and wants are being met
  • “what makes a tourism destination truly competitive is its ability to increase tourism expenditure, to increasingly attract visitors while providing them with satisfying, memorable experiences, and to do so in a profitable way” (p. 2).
  • However, a number of studies have reported that online user-generated reviews are perceived as more credible than traditional word-of-mouth when they come from persons with similar attitudes and preferences
    • anonymous
      anonymous on 25 Aug 20
       
      Hate this.
  • Hotels in niche destinations are thus better positioned to extract more economic value from online visibility.
  • anonymous on 25 Aug 20
     
    This article analyzes how user-generated ratings have a positive impact on hotels revenue growth. It looks at this through three different methods: one, ratings that the uses provide, two at how those ratings are "distributed over the scale," and three, the number of reviews that hotel receives. The article observes 240 small to mid scale hotels in Italy. Some issues we see come up revolve around the subjectivity of user-generated reviews and how that can positively and negatively affect hotel occupancy and interest. Ultimately, it appears that hotels that already have a high star rating will benefit most from these user-generated ratings because they have a stronger bargaining tool. The other benefactor are small, niche hotels whose increase viability and unique qualities help it in encouraging new tourism and high level experiences.
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Marriott Links Two Data Streams With Revenue Management System - Computerworld - 0 views

www.computerworld.com/...With_Revenue_Management_System
shared by rebecca Bonet on 26 Aug 12 - No Cached
  • Marriott International Inc. found that to be true after it combined two revenue management systems into one.
  • Marriott International
  • Marriott International Inc. found that to be true after it combined two revenue management systems into one.
  • ...6 more annotations...
  • International
  • But two separate revenue management systems kept the hotel chain from easily analyzing revenue data for forecasting and marketing insights generated by 62 million reservations annually at 2,800 properties.
  • The new system, known as One Yield, has accomplished that.
  • By combining the two systems, the need for support staff is 33% lower because only one database is used and the system requires little local IT support.
  • Marriott estimates that One Yield delivered incremental profits of $6.7 million last year, its first full year in operation.
  • By combining two systems, the IT team was also merging different methods for managing and analyzing revenue.
  • rebecca Bonet on 26 Aug 12
     
    The article that i read on Marriott Link Two Data streams With Revenue talk about combined two management system into one. Marriott had a hard time analyzing revenue data and the marketing. MArriott noticed it was too expensive to operate a full service hotel with selected service or even the facilities. So what Marriott Howard Melnick senior vice president of information resourse decieded to do was use the System called One Yield. Howard combined two system iwhile he lowered the cost of staff by 33%. Marriott system One Yield has delivered the profit of 6.7million the first year and today it still increasing.
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Hotel's Free Wi-Fi Comes With Hidden Extras - NYTimes.com - 0 views

bits.blogs.nytimes.com/...courtyard-marriott-wifi free Wi-Fi
shared by Yue Li (3011472) on 30 Aug 12 - No Cached
  • The hotel’s Internet service was secretly injecting lines of code into every page he visited, code that could allow it to insert ads into any Web page without the knowledge of the site visitor or the page’s creator. (He did not actually see any such ads.)
  • The lines of code include references to “rxg,” which stands for Revenue eXtraction Gateway, a service aimed at generating money from Internet access points. On its Web site, a company called RG Nets, which makes Revenue eXtraction Gateway, explains that its system rewrites every Web page on the fly so that it can include a banner ad.
  • Even though this ad-serving system was apparently not serving ads, it was the principle of the thing that upset the online critics. Mr. Watt said that the technique not only affected people browsing the Web, but also the content creators, because they would not get a cut of the revenue and their own ads could be blocked.
  • Yue Li (3011472) on 30 Aug 12
     
    Mr. Watt, a customer who was spending his weekend at the Courtyard Marriott in Midtown Manhattan was browsing the website. He realized that there was a strange drawing appeared on the top of the web page, which did not exist before. At first, he did not pay too much attention to it, but he still determined to check source codes to see if there was anything wrong with the computer or the Internet. After checking the source codes, he found lines of code which include references to"EXG". He thought it was a hacker attack, but his IT background enabled him quickly figured out that lines of code that include EXG had nothing to do with a hacker attack, but was a service named Revenue Extraction Gateway used by RG Nets company to inject advertisement secretly without the knowledge of the users, which aims at generating revenue from the Internet access points. Mr. Matt claimed that although this service will not bring harm to the users, but the principle of the thing that upset the users most. The hotel then apologized to Mr. Watt, and promised not to use this service anymore. What I feel interesting is that I also had such problems before, and after I interviewed some of my classmates and friends, I realized that this is a pervasive problem. However, what surprised me the most is the truth that most of the hotels do not know that their hotels' internets are exposed to secret ads injection because this kind of secret service is not on the contracts that the hotels signed with the internet company. In my opinion, it is an unethical service. Customers who use the internet feels that he/she is being spied on, and for the web content creators, they could not get a cut of the revenue from this.
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Opera Property Management System - 0 views

www.micros.com/...OPERAPropertyManagementSystem Property Management System (PMS)
shared by Irine Wallace on 10 Sep 12 - No Cached
  • Reservations ― features are integrated with other functionality such as profiles, cashiering and deposits. This property management software module provides a complete set of features for creating and updating individual, group and business block reservations, including deposit handling, cancellations, confirmations, wait listing, room blocking and sharing.
  • Reservations ― features are integrated with other functionality such as profiles, cashiering and deposits. This property management software module provides a complete set of features for creating and updating individual, group and business block reservations, including deposit handling, cancellations, confirmations, wait listing, room blocking and sharing.
  • Reservations ― features are integrated with other functionality such as profiles, cashiering and deposits. This property management software module provides a complete set of features for creating and updating individual, group and business block reservations, including deposit handling, cancellations, confirmations, wait listing, room blocking and sharing.
  • ...11 more annotations...
  • Reservations ― features are integrated with other functionality such as profiles, cashiering and deposits. This property management software module provides a complete set of features for creating and updating individual, group and business block reservations, including deposit handling, cancellations, confirmations, wait listing, room blocking and sharing.
  • Profiles ― complete demographic records for guests, business accounts, contacts, groups, agents and sources. Profiles include addresses, phone numbers, membership enrollments, stay and revenue details, guest preferences and additional data that make reservations handling and many other activities faster and more accurate.
  • Back Office Interface ― revenue transfers, market statistics transfers, daily statistics transfers, and city ledger transfers can be easily made from OPERA Property Management System to a back office system.
  • Rooms Management ― handles all facets of room supervision including availability, housekeeping, maintenance and facility management. The Queue Rooms feature of the property management software coordinates Front Office and Housekeeping efforts when guests are waiting for rooms which are not immediately available for assignment.
  • Cashiering ― posting guest and passer-by charges (including taxes and other generates), making posting adjustments, managing advance deposits, settlements, checkout and folio printing are a few of the many activities handled by OPERA Cashiering. Cashiering accommodates multiple payment methods per reservation including cash, check, credit cards and direct bill. In multi-property environments, guest charges can be cross-posted from any property in the hotel complex
  • Cashiering ― posting guest and passer-by charges (including taxes and other generates), making posting adjustments, managing advance deposits, settlements, checkout and folio printing are a few of the many activities handled by OPERA Cashiering. Cashiering accommodates multiple payment methods per reservation including cash, check, credit cards and direct bill. In multi-property environments, guest charges can be cross-posted from any property in the hotel complex
  • Cashiering ― posting guest and passer-by charges (including taxes and other generates), making posting adjustments, managing advance deposits, settlements, checkout and folio printing are a few of the many activities handled by OPERA Cashiering. Cashiering accommodates multiple payment methods per reservation including cash, check, credit cards and direct bill. In multi-property environments, guest charges can be cross-posted from any property in the hotel complex
  • Cashiering ― posting guest and passer-by charges (including taxes and other generates), making posting adjustments, managing advance deposits, settlements, checkout and folio printing are a few of the many activities handled by OPERA Cashiering. Cashiering accommodates multiple payment methods per reservation including cash, check, credit cards and direct bill. In multi-property environments, guest charges can be cross-posted from any property in the hotel complex
  • Cashiering ― posting guest and passer-by charges (including taxes and other generates), making posting adjustments, managing advance deposits, settlements, checkout and folio printing are a few of the many activities handled by OPERA Cashiering. Cashiering accommodates multiple payment methods per reservation including cash, check, credit cards and direct bill. In multi-property environments, guest charges can be cross-posted from any property in the hotel complex
  • Cashiering ― posting guest and passer-by charges (including taxes and other generates), making posting adjustments, managing advance deposits, settlements, checkout and folio printing are a few of the many activities handled by OPERA Cashiering. Cashiering accommodates multiple payment methods per reservation including cash, check, credit cards and direct bill. In multi-property environments, guest charges can be cross-posted from any property in the hotel complex
  • Your front desk often makes the difference between ‘never agains’ and ‘long-term relationships.’ At the core of the OPERA Enterprise Solution is our premier property management software, the OPERA Property Management System (PMS). Designed to meet the varied requirements of any size hotel or hotel chain, OPERA PMS provides all the tools a hotel staff needs for doing their day-to-day jobs – handling reservations, checking guests in and out, assigning rooms and managing room inventory, accommodating the needs of in-house guests, and handling accounting and billing. The property management software is configurable to each property’s specific requirements and operates in either single-property or multi-property mode, with all properties in an enterprise sharing a single database
  • Irine Wallace on 10 Sep 12
     
    SUMMARY OPERA Property Management System is fully integrated with all the OPERA modules and offers the most extensive list of certified interfaces in the industry. FEATURES: Reservation, rate management, profiles, front desk management, back office interface, room management, cashiering, account receivables, commissions, reporting, fully configurable, global perspective, hospitality system interface, opera express, tailored to fit hotel's operational business needs, scalable to suit the size of the hotel, helps operators to become more productive, profitable and professional, and delivers fast, accurate and online information on property
  • Jenna Rashbaum on 10 Sep 12
     
    A lot of hotels use OPERA as their property management system. I have never personally worked in a hotel so I am not familiar with PMS's but from everything that I have read and heard from people is that OPERA is very efficient with everything. This system seems as though it can do everything for your property just the way that you would like it to. OPERA is customizable to your company's needs which seems great. This is a great website that you posted as it informs all of us exactly what this PMS is capable of.
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Brands work to simplify revenue management - 0 views

www.hotelnewsnow.com/...to-simplify-revenue-management Property management system revenue brand
shared by Yi Pan on 15 Feb 12 - No Cached
  • Yi Pan on 15 Feb 12
     
    Highlights: REPORT FROM THE U.S.-As revenue management becomes increasingly sophisticated and complex, many major hotel companies are rolling out new platforms and tools to help managers at the property level. Description: There are two main applications of property management system in major hospitality management companies. The first approach is to provide service for hotels without a revenue manager. The second prong is to give revenue managers a set of tools to control their own pricing structure at the property level. Besides combining hotels in a same region together, one advantage of property management system is to save related costs. In general, revenue management needs deep skill and expertise, so the price for hiring employees with these abilities is expensive. In addition, this revenue management system helps managers enter the system easily. With the immediately information about the marketing's pace, managers can open or close rates conveniently. And property level managers can sell strategies to various best available rates. Property management system provides brand supports to hotels. Hilton is making efforts to develop this revenue management system, at the same time, they hire more and more persons with skills to use it. This system provides franchises a new tool to learn customer experience or marketing situation of other areas.
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8 Disruptive Hotel Technology Trends to Watch in 2021 - 6 views

hoteltechreport.com/...hotel-tech-trends-2021 technology hospitality hotel Software travel solution Tech business
shared by ldevaul on 17 Jan 21 - No Cached
  • For those of us keeping an eye on technology in hotels, it can be difficult to discern what trends are here to stay and what trends are simply a marketing stunt.
  • Venture capitalists are finally starting to recognize the opportunity to invest in tools and platforms that allow hotels to capture new levels of hotel operations efficiency and revenue growth.
  • Cloudbeds offers an all-in-one suite of tools, including a property management system, channel manager, booking engine, and revenue manager, growing revenue and automating workflows at more than 20,000 properties.
    • ldevaul
      ldevaul on 30 Aug 21
       
      This is definitely something to look into. SaaS programs, nowadays, are super robust and offer so much data and opportunity for large and small businesses.
  • ...29 more annotations...
  • Despite being one of the largest and most dynamic segments of the US and global economy, penetration of cloud-based technologies in the segment remains incredibly low, and the vendor landscape remains tremendously fragmented on a global basis,” says Matt Melymuka, co-founder and partner at PeakSpan Capital.
    • ldevaul
      ldevaul on 30 Aug 21
       
      This is very interesting...one of the largest industries and they are the slowest to invest in cloud-based technologies. A lot of companies clearly prefer to print everything and leave an actual paper trail!
  • Hotels use Zingle’s messaging tools to deliver five-star service at scale; Medallia’s investment in Zingle gives hotels the opportunity to provide frictionless guest service and streamline time-consuming interactions, such as check-in.
    • ldevaul
      ldevaul on 30 Aug 21
       
      I'm sure companies who invested in this program during the height of pandemic were very thankful!
  • Life House, a tech-first hotel experience, shows proof-of-concept: that hotels that invest in technology drive higher revenue, better guest reviews, and a higher star-rating.
  • Hotels are catching on, adding convenience through streaming, voice activation, guest-room tablets, and food ordering tech.
    • ldevaul
      ldevaul on 30 Aug 21
       
      The guest room tablets that can order room service and manage the operating system in the room is a game changer. Hotel Mousai in PV Mexico has this installed in all of their suites and it was super impressive!
  • White labeling is a practice in which a product – in this case, hotel software – is manufactured by a third party and uses branding by the purchaser, or marketer, so that the end product appears to have been produced by the purchaser.
  • Oaky, one of the industry’s leading upselling tools, raised a Series A funding round of $9.5 million led by PeakScan Capital. Oaky’s appeal to investors stems from the app’s data-driven approach to driving incremental revenue. Their deep understanding of customer behavior makes Oaky one of the top-rated upselling tools on the market today.
    • ldevaul
      ldevaul on 30 Aug 21
       
      This would be great for hotels who are struggling to increase their revenue.
  • For instance, feeding data from your PMS into a business intelligence tool leads to real, operational data to analyze trends and provide recommendations for better marketing campaigns, smarter staffing decisions, seasonal trends, and market competition. Hotels that are comfortable using APIs can automate tasks that take up much of their employee’s time with manual data entry.
  • On-demand convenience dominates our lives, and guests expect this level of ease from their hotel experience as well.
  • An API, application programming interface, is simply a messenger of data between applications. APIs allow your various hotel technology tools and programs to work together, connecting your RMS to a PMS, or your PMS to your upsell software, or your business intelligence software to your PMS. An API makes your technology user-friendly and efficient; when your tools work together, you capture each platform’s full capabilities.
    • ldevaul
      ldevaul on 30 Aug 21
       
      This is super useful! When all of your software can speak to each other it improves productivity so much!
  • Hilton is taking a different approach, partnering with Netflix to allow guests to control their streaming straight from the Hilton Honors mobile app.
    • ldevaul
      ldevaul on 30 Aug 21
       
      This is genius! Definitely will be trying this at my next Hilton stay.
  • As far as voice-activation, Volara is leading the way in providing a thoughtful, Alexa-esque guest-room solution. Volara integrates with the most popular work order management systems so that guests can make requests and get confirmation when the item or service they need will be delivered.
  • And for savvy marketing managers, tablets provide a new channel through which to send targeted, automated messages generating $5,000 per month in additional revenue.
    • ldevaul
      ldevaul on 30 Aug 21
       
      This is great for hotel marketers! Proving their value and having the company invest in tech that shows an huge ROI. Love this!
  • 2nd Kitchen is a godsend for hotels without a kitchen on-site: guests can order room service from restaurants near your hotel, taking care of care of orders, menus, payment, fulfillment, and customer support for your property.
  • Hotels are a prime target for hackers. “Only about 25% of all U.S. businesses, including hotel operators, are fully compliant with current data security best practices. That means that three out of four are not and are potential disasters waiting to happen,” reported one cybersecurity expert.
    • ldevaul
      ldevaul on 30 Aug 21
       
      This is definitely worth exploring more!
  • Numerous high-profile malware attacks on the hotel industry have led to hundreds of millions of guests’ data being compromised and millions of dollars in damage. Just this February, MGM Resorts revealed they were the target of a massive data breach that compromised personal information for more than 10.6 million guests. Files leaked in the MGM attack included information on celebrities, chief executives of technology companies, reporters and government officials, according to Skift.
  • Expedia and Booking have taken some pretty big hits in recent months.
  • Why the dive in stock price? There are two factors outside Coronavirus that are impacting OTAs. First, hotels are getting better at capturing direct bookings. Hotel tech like direct booking platforms, metasearch ad managers, and messaging integrations help properties draw more visitors to their site and convert more direct bookings, circumventing the high OTA commissions in the process.
  • Secondly, Google has entered the travel market in a big way. Google has expanded from traditional AdWords to include hotels everywhere via its Hotel Ads product.
  • 5G may be getting all the buzz, but for property owners, WiFi 6 is much more relevant. WiFi 6 is the term used to describe the next iteration of Wifi, a faster, more efficient connection enabled through new technologies. WiFi 6 is about 30% faster than our current WiFi.
  • With WiFi 6, your property can leverage in-room technology to provide better service, driving positive guest reviews and repeat business. Smart thermostats, smart speakers, and smart locks will all perform better with the adoption of WiFi 6 over the next five years.
  • Investors in Oaky already recognize this next insight: data has become the world’s most valuable resource. The sooner you start to mine guest data for better customer insights, the better positioned your property will be against your competition.
  • Data can fuel smarter marketing campaigns, inform your pricing, and help you capture a higher market share than your competitors by knowing your guests on a deeper level.
  • Earlier this year, Revinate launched the hotel industry's first Guest Data Platform to aggregate, clean and deliver rich guest profiles for hotels and property groups of all sizes. The platform combines data from multiple sources to provide a complete picture of a hotel’s guests, delivering the information needed to increase guest satisfaction scores, direct bookings, and ultimately, profit.
  • Brands in the alternative lodging sector include Stay Alfred, Sonder, The Guild Hotels and to some extent groups such as Selina and OYO. 
  • The biggest distraction or barrier these next-gen hotels face is that they’re taking the wrong approach to tech. The companies that win will be the ones who stop acting like tech companies – using buzzwords like AI and virtual concierge – and focus on being more innovative and agile real estate businesses than traditional market players today. Those that succeed will be tech-enabled businesses; not tech businesses.
  • Smart hotel rooms use technology to allow guests to personalize their stay experiences.
  • Technology is becoming more important to hotel operations because it can deliver increasingly high value for hoteliers and guests.
  • The most important software in the hotel industry is the property management system, which acts as “mission control” for hotel operations. Hoteliers use a PMS to manage reservations, check guests in and out, and handle billing.
  • While exciting technologies present new options for hoteliers to enhance their offerings, these new innovations also mean hoteliers must focus on data security and continued training when implementing the technology that guests expect.
  • ldevaul on 30 Aug 21
     
    This article takes a deep dive into the emerging tech trends in 2021. They briefly touched on how SaaS is slowly taking over the traditional PMS and how venture capitalist can't get enough of these programs. Another honorable mention in this article is the explosion of guest room tech such as streaming services, voice activation, and guest room tablets. OTAs that have traditionally been top dogs when it came to hotel bookings are slowly declining and big data is becoming super insightful to hoteliers. This article touches on so many avenues of tech and it's definitely a must read!
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NAVIS Interface To Resort Data Processing, Inc. Property Management Software Enables On... - 0 views

www.virtual-strategy.com/...ent-software-enables-onlineoff
shared by Ted Rood on 17 Jun 12 - No Cached
  • NAVIS, the leader in reservation sales systems for the North American lodging industry,
  • The interface will enable NAVIS clients using RDP software to accurately measure how much online revenue and how much offline (telephone) revenue were generated from their online marketing.
  • “NAVIS is the only company in the lodging industry capable of providing this level of online/offline revenue detail to hotels, resorts and vacation rental management companies
  • ...2 more annotations...
  • where to spend their marketing dollars and where not to.”
  • espective clients will be able to see a complete picture of their online and offline revenue – extremely valuable information that will help them to be more successful.”
  • Ted Rood on 17 Jun 12
     
    When working in a hotel, the majority of the reservations that come in are done through online booking but what about the reservations made over the phone? Are they still booked as a result of online marketing efforts?  This article from Virtual Strategy Magazine is discusses a brand new data interface developed by NAVIS, the leader in reservation sales systems in North America. NAVIS teamed up with RDP (Resort Data Processing) to create an interface that allows clients to measure how much online and offline revenue is generated from online marketing. Currently, NAVIS is the only company able to offer this service to its clients. The ability of NAVIS to provide this information gives clients the opportunity to decide on where exactly there marketing money needs to be spent and where it needs to be spent less. Having access to all of this new data and information regarding source of revenue will ultimately make a company more successful in the future. 
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University Library: How to drive revenue through property-management systems - 1 views

ehis.ebscohost.com/...detail Increasing Revenue through the use of PMS
shared by Irine Wallace on 12 Sep 12 - No Cached
  • "We don't get incremental revenue from using the PMS, but there is information in there you can use if you want to," said Graham Dungey, SVP of ecommerce, revenue and distribution for Concorde Hotels & Resorts. "The theory is fantastic. You identify the people who spend the most money and where they spend it. Some hotels are quite forward-thinking; they'll make a study of the minibar, see who is buying what items, put corner-store food into a dozen minibars and sell it for twice as much. There is so much opportunity inside the PMS to increase incremental spend on property.
  • "We don't get incremental revenue from using the PMS, but there is information in there you can use if you want to," said Graham Dungey, SVP of ecommerce, revenue and distribution for Concorde Hotels & Resorts. "The theory is fantastic. You identify the people who spend the most money and where they spend it. Some hotels are quite forward-thinking; they'll make a study of the minibar, see who is buying what items, put corner-store food into a dozen minibars and sell it for twice as much. There is so much opportunity inside the PMS to increase incremental spend on property.
  • "We don't get incremental revenue from using the PMS, but there is information in there you can use if you want to," said Graham Dungey, SVP of ecommerce, revenue and distribution for Concorde Hotels & Resorts. "The theory is fantastic. You identify the people who spend the most money and where they spend it. Some hotels are quite forward-thinking; they'll make a study of the minibar, see who is buying what items, put corner-store food into a dozen minibars and sell it for twice as much. There is so much opportunity inside the PMS to increase incremental spend on property.
  • Irine Wallace on 12 Sep 12
     
    Use of property management system PMS cost money in terms of upfront investment or maintenance or fees for using a vendor's system but the money generated by the use of the system outweighed the costs. Hotel rooms are perishable and any empty room means waste of resource and therefore using PMS to fill up as many rooms as possible is wise. Likewise empty restaurant costs the owner money to cover the fixed cost including the minimum labor to keep it open.
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Expedia Leads $26 Million Alice Investment in Hotel Tech Push - Skift - 0 views

skift.com/...-investment-in-hotel-tech-push #hoteltechnology #ITinvestment #hospitalitytechnology
shared by sbarr011 on 06 Jul 18 - No Cached
  • Alice, a startup that sells operations software to hotels, has raised $26 million in a Series B funding round led by online travel giant Expedia.
  • Expedia’s interest in Alice suggests that the online travel company is curious about possibly providing more back-end software services for the hotels that use it to market and distribute their inventory globally.
  • The company “is now at a completely different level,” when it comes to putting into place a set of tools that are broad and comprehensive and that are responsive to what hotels have said their needs are, he claimed.
  • ...9 more annotations...
  • A key part of Alice’s system is its ability to let guests, front-of-house workers, and back-of-house staff communicate and track requests. For instance, a guest request via a text message for, say, more linens, can be conveyed to the right worker using Alice, the company said.
  • It now processes more than 50,000 requests a week, up from the 10,000-a-week pace it had a year ago. The company anticipates hotels will handle more than two million requests on its platform over the next year.
  • Alice has more than doubled its count of hotel clients this year.
  • It has since evolved into software that aims to provide the first unified platform for a hotel to run its entire back-end operations, such as housekeeping and customer service communication.
  • Expedia officially began to market a series of new tools for hoteliers that it has been adding to its extranet for suppliers since 2015 under the name Expedia Powered Technology. Tools include help with revenue management and messaging with guests.
  • There are other hotel tech brands that offer software-as-a-service (SaaS) solutions that overlap with what Alice’s platform provides, such as the housekeeping-focused services of Amadeus Hospitality’s HotSOS. Other potential players in the market include Sabre Hospitality Solutions and Oracle Hospitality.
  • Expedia’s suite of data analytics tools includes a free service that aims to help hotels set their rates to command the most revenue and Expedia’s first meetings-and-events booking tool to help hotels automate requests for proposals — which today is still, largely, a manual process.
  • Priceline Group has, since 2015, been investing in business services for its hotel partners under the BookingSuite brand. The tools include revenue management software and digital marketing help for a property’s own branded website.
  • Trivago, the hotel metasearch brand that is backed by Expedia (but operates independently), is also offering hotel services, such as for revenue management and hotel management (like Base7booking).
  • sbarr011 on 06 Jul 18
     
    Alice, a relatively new start-up which sells operations software to hotels, had a significant investment from Expedia in the previous round of funding. Alice has become a software that provides "the first unified platform for a hotel to run its entire back end operations, such as housekeeping and customer service communication". The system allows guests to send a text message with a request for more pillows or towels, for example, which will be directed to the proper the hotel employee department. Customers can track their requests and both the front and back of house staff can receive communications from guest requests. This IT platform has seen 5 times the amount of requests being generated. Also, the platform has partnered with double the number of hotels and they project more than two million requests will be communicated through this software in a year. Expedia is the largest shareholder in Alice currently. Alice suggests that this is because Expedia could be more interested in "more back-end software services for the hotels that use it to market and distribute their inventory globally." Expedia currently markets tools such as revenue management under the name Expedia Powered Technology to hoteliers. Expedia also offers meetings and events booking tools for hotels. Priceline, which is a competitor to Expedia, also has invested in tools and services that include revenue management software for their hotel partners. Trivago is also offering these services. Alice believes that the size of the market will allow for many other companies to work in this space, and is even open to partnering with other firms to expand. Alice also plans to expand their own business and add personnel with the new funds.
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