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From an industry perspective, the next chapter of hospitality accounting will be all about the three “A’s”: apps, automation and analytics. Faced with greater demands in 2019, hoteliers will be forced to find new forms of automation to speed up financial processes and improve visibility on the backend, while enticing guests to utilize mobile apps through enhanced personalization on the frontend.

Mobile app reporting not only streamlines efficiencies and allows easier access to data, it also allows today’s hotelier to be more agile. GMs and other personnel can be on the go and still have KPIs, productivity data and real-time stats in the palm of their hand.

Good data supports good management. As more guests tap into hotel apps on the front end, hoteliers can track, analyze and adjust their offerings on the backend to meet guests’ needs, all while supporting a business synergy and strategy that makes sense.

LBA Hospitality Partners with M3 Accounting + Analytics to Enhance Accounting Processes and Increase Efficiencies July, 31 2013 M3 Accounting + Analytics Seeking to update and streamline accounting processes for its 70-plus Southeast properties, Dothan, Ala.-based Larry Blumberg & Associates, Inc. (LBA Hospitality) recently announced an expanded partnership with M3 Accounting + Analytics, the national leader in hotel-specific accounting software, operations reporting, and business analytics. “If we are to continue to be an industry leader, we must have the ability to meet the requirements of our stakeholders and provide accurate, real-time and relevant information for our management team and owners,” said LBA President Beau Benton.  LBA sought the ability to swiftly handle budgets, forecasts, and reports, and to dissect business data, all while insuring that the back-office accounting platform functionality was state-of-the-art and industry-specific.  In choosing M3, Benton cited how the company integrates accounting, business intelligence, and reporting, while eliminating most redundancy, software investment and annual hardware/software maintenance. In addition, Benton and LBA were looking for continual and automatic upgrades, backup and disaster protection, and minimized downtime.  LBA is implementing the full suite of M3 products: accounting through the AccKnowledge platform, time, attendance and labor management through the newly released RightTime solution and LaborWatch, and payroll services through RightPay. The company will also continue to use M3 Link business intelligence reporting, as LBA will be expanding it to bring financial data, operating stats, Smith Travel feeds and guest satisfaction data (including verbatim responses) into one completely customizable dashboard. LBA, which launched its business by developing a Sheraton Inn in 1973, is rapidly growing its management business and securing more and more agreements from sophisticated owners and investors.   Scott Watson, M3 Vice President of Sales & Marketing, said, “While our core product remains our accounting solution, we’ve continued to evolve and offer new products and services that meet the current and future needs of the hospitality industry. It is truly exciting that our product platform will help Beau and LBA achieve the aggressive growth they are anticipating over the next five years.”  The implementation and training process for all LBA properties is expected to be complete by December 1.  About LBA Hospitality Based in Dothan, Ala., LBA Hospitality is a hospitality management company focused on maximizing return, safeguarding assets and enhancing value. Founded in 1973, the company now manages 70 properties throughout the Southeast, from Texas to Virginia. More information is available at http://www.LBAHospitality.com.  About M3 Accounting + Analytics M3 is the national leader in hotel-specific accounting software, operations reporting, business intelligence and analytics, processing more than $8 billion in financial transactions for more than 3,000 properties. M3’s integrated suite of hospitality accounting products includes: AccKnowledge, Link, payroll and labor management services, and document imaging and retrieval – all designed to help provide hotel operators, owners and managers unsurpassed access to the information they need in the most integrated and cost-effective manner. The company was founded in Gainesville, Ga. in 1998, and also has a base of operations in Tampa, Fla. More information is available at www.M3AS.com. 

“If we are to continue to be an industry leader, we must have the ability to meet the requirements of our stakeholders and provide accurate, real-time and relevant information for our management team and owners,” said LBA President Beau Benton.  

continue to be an industry leader, we must have the ability to meet the requirements of our stakeholders and provide accurate, real-time and relevant information for our management team and owners,” said LBA President Beau Benton.  

55% of all leisure and business reservations are expected to be made online for 2013 (PhoCusWright), which means measuring and optimizing a hotel’s digital marketing is more important than ever before.

The average conversion rate for hotel websites is about 2%. In other words, approximately 98% of visitors to a hotel’s website leave without making a reservation. This suggests that the hotel industry could be doing significantly more to capitalize on visitors’ interest. It is imperative that hotels utilize the right data in the right way to paint a clearer picture of how their audience interacts with their marketing.

Hotel franchisors can also capitalize on trends in their data. For example, if there is a substantial increase in searches for a particular destination, brands can recommend that their franchisees in that location raise their rates because of the spike in demand. This could substantially improve the revenue that the franchise’s website generates.

The purpose of this paper is to examine and provide insights into one of the most influential technologies impacting the tourism and hospitality industry over the next five years, i.e. big data and analytics. It reflects on both opportunities and risks that such technological advances create for both consumers and tourism organisations, highlighting the importance of data governance and processes for effective and ethical data management in both tourism and hospitality

This paper identifies and examines key opportunities and risks posed by the rising technological trend of big data and analytics in tourism and hospitality. While big data is generally regarded as beneficial to tourism and hospitality organisations, there are extensively held ethical, privacy and security concerns about it. Therefore, the paper is making the case for more research on data governance and data ethics in tourism and hospitality and posits that to successfully use data for competitive advantage, tourism and hospitality organisations need to solely expand compliance-based data governance frameworks to frameworks that include more effective privacy and ethics data solutions.

Technology (and its rapid development) is one of the key megatrends and driving forces that are seen to shape the future of tourism (Yeoman, 2012, 2018; Yeoman and McMahon-Beattie, 2018) via changes that will impact the way tourism and hospitality providers interact with travellers.

The global EMS market is forecast to grow at a CAGR of 8.42% during the period 2016–2020

Event management software is an investment with a definite return.

Event management software provides detailed analytics of every digital aspect of your event starting from the event website, event app, registrations, ticketing to overall feedback.

There is no medium that allows tracking like the Internet does,

Website and campaign conversions, ROIs, pathing and behavioral metrics have become standard, and many hoteliers are turning to more sophisticated tools to measure these essential metrics.

SiteCatalyst, though a paid website analytics application, proves to be worth the expense.

More than 44 percent of firms currently use Web analytics to evaluate customer behavior, researchers found.

Companies personalizing home pages and delivering targeted content are the ones realizing the most value from their analytical evaluations, the report suggests.

59 percent of industry-leading retailers list keeping pace with competitors as a top driver for their online initiatives.

Before the pandemic, companies were managing under legacy on-premise technology, hesitant to make big investments in cloud due to concerns about cost, time and security. But in a world after the pandemic, the travel industry must adapt fast to survive

The value it delivers goes beyond technology to organizational transformation, making the journey through cloud in travel a key CEO priority.

Airlines and airports reinventing airport experiences: From contactless, smooth passage, through bag drop and security to airside shopping for travelers who have pre-filled biometric data

Villa Plus implemented IBM’s Coremetrics analytics software to help it understand customer behaviour.

Villa Plus advertises online and pays websites for every click-through. To ensure it gets value for money and fills vacancies quickly, it needed to understand customers, what to advertise to them and on which websites.

“We wanted to be able to monitor the whole journey of a customer before they buy,” said Lifford. “It helps us pick up, track and understand what people want.”

water-efficient fixtures can reduce water and sewer bills by up to 30%, while energy-efficient lighting can reduce electricity use up to 75%. Increasingly granular data collection, remote management and analytics are helping hotels exert more nuanced control over energy use, uncovering new pockets of savings without impacting guest comfort.

Better mobile, cloud or web-based access encourages managers to fully use energy saving systems such as EMS

Solutions such as Verdant’s enable users to create recipes — setting profiles they can apply to groups of rooms, based on exposure, season, etc. Since installing the system nearly a year ago, average run times for HVAC systems at Baywood fell from between 34.5-57% to below 23%.

Companies are now awash in big data, and end users are demanding greater capability and integration to mine and analyze new sources of information.

However, many respondents worry about the skill sets they will need to effectively deliver solutions on these platforms.

“Big data should be thought of as a new natural resource,” Deepak Advani, vice president of IBM Business Analytics Products

Green initiatives not only save costs, meet compliance requirements, and reuse resources, but they also help create brand recognition among customers.

The benefits that expand beyond the organization include what occurs within the company as well. Whether managing recycling programs, reusing raw materials, lowering consumption, etc. businesses require a way to monitor these initiatives and to identify ways of becoming more efficient over time. This is where the use of BI and analytics comes in.

One of the chief benefits of business intelligence is its ability to consolidate information and provide greater insight into operations.  In addition BI helps organizations monitor performance across business units and can be applied to a broad variety of problems. For organizations looking at applying this to energy usage, managing emissions, or electricity consumption in data centers, BI expansion provides a good way to start the process.

Hire a well-trained staff and a knowledgeable IT manager.

Refine the process.

. Demand timely output

As a merchant, it’s essential to stay on top of the latest trends in POS technology so you can stay steps ahead of your competition.

With the digital age and new technology, cash and cash registers are quickly becoming a thing of the past. Shoppers have more options than ever — from credit, debit and prepaid cards to contactless payments and making purchases via electronic apps — all of which offer a variety of advantages that cash can’t touch. Cashless payments provide speed, convenience, guaranteed payment for merchants and security and transparency for both consumers and merchants. 

The biggest advantage of using a cloud-based POS solution is that retailers can do everything from easily accessing their data to upgrading their software across all the stores at the same time.

There are many property managers who are realizing that software can help them make their properties more profitable.

It is also projected to grow at a CAGR of 7.6% for nine more years, until 2028.

CRM modules can especially help users find customer information immediately. Since their information search time is reduced, their productivity is increased. With this, organizations can save upwards to $6 million a year, according to research by IDC.

Despite the wide variety of excellent features and services the hotel was able to offer guests on property, The Albion Hotel Miami Beach suspected it was losing some telephone reservation business due to the poor quality of its phone service.

Staff members at The Albion Hotel Miami Beach worked daily with a 15-year-old analog PBX that was both inflexible and expensive to support.

In a fortunate turn of events, Ray Pasquale, CEO of Unified Office, became a regular guest at the hotel.

Today, the process of digitalization of the Russian economy has a significant impact on hospitality industry.

Digitalization is becoming a major trend, which is evident in the distribution models of hotel services, and also actively comes to the sphere of automation of internal business processes

Digital innovations are gradually becoming the new standard of hotel service

there is a humongous dilemma between AI & EQ in hospitality because the industry is all about "PEOPLE".

Firstly, it is imperative to understand that technology is extremely important and will help any business to envision and reach goals.

hospitality industry, hotels are rapidly adopting AI to maximize profits, guest retention, and overall performance, and more importantly to analyze guests and varying trends using data analytics.

Wendy's® and Google Cloud announced a partnership to enhance the Wendy's restaurant experience and unlock new customer, restaurant, and employee experiences through data-driven insights.

Wendy's intends to leverage Google Cloud's data analytics, artificial intelligence (AI), machine learning (ML), and hybrid cloud tools to create new ways customers can order food in the drive thru, on their mobile devices and through other touchpoints.

Google Cloud's AI/ML and data analytics solutions will enable Wendy's to innovate ways to create fast, frictionless, and fun interactions that redefine the way customers visit and enjoy our restaurants."