Fuelled by technology and the immense power of the Internet of Things (IoT), consumer expectations are growing. This is true within every industry and in none more so than the hotel sector. In an industry where customer expectations for a positive experience run particularly high, technology may just provide the means for overcoming this challenge.
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shared by kteme001 on 19 Jun 17
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How technology is changing the hotel industry | deBugged - 3 views
www.rentokil.com/...is-changing-the-hotel-industry
Hospitality Hotel Industry Technology travel green
shared by kteme001 on 19 Jun 17
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Technology for consumers means an easy life and our appetite for this lifestyle is insatiable.
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To meet the challenge of growing customer expectations, the hospitality industry is turning to technology.
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Back in 2014, a PWC report already showed hospitality as the fifth industry with the highest investment in sensors.
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Mobile hotel check-in and check-outs may well become the norm soon, enabling staff to focus more on guest experiences.
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he Hilton hotel is leading the charge for keyless entry.
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facial recognition software may also be available to unlock guest bedrooms.
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Technology can play a huge role in the effort to make your stay as easy and hassle-free as possible.
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Starwood Hotels & Resorts Worldwide uses daylight harvesting to adjust indoor lighting, based on the amount of natural light coming in from outside.
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hotel robots to deliver guest amenities and clean rooms
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ravel sites like Expedia, Kayak, Booking and of course Airbnb
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capability to select specific room locations (45%) means to share information about in-destination activities (41%) the check-in/check-out process (39%) ways to make service requests (36%)
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, hotel operators are increasingly turning to data scientists to get under the skin of their customers.
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: the human touch.
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This article talks about the growing need for customers to have certain in-technology. It also talks about what hotel industry is doing and investing keep it's ahead of the curve and what current are guest expectations when arriving at a Hotel in 21 century. -
In this article, it explains that technology is the ruler of today's world. It creates an "easy life" and raises the expectations of customers by the minute, essentially making anything possible. To meet these expectations in the hospitality industry, hotels are incorporating more technological accommodations. This is a must to stay ahead of the competition and attract new customers. A report showed the hospitality industry as the 5th highest investor in sensors to ensure a positive customer experience. From simple technology such as online booking to things such as automated check in/ out are changing the game for the customers overall experience. These things have become normalized for a better guest experience along with keyless hotel room entrance making a shift to app's that act as the bedroom key. Another growing trend is having robots complete simple tasks such as room service as well as more sustainable practices such as adjustable lighting. In order to properly track the success rate of these new technologies, many hospitality related companies are hiring data scientists to assure they are meeting their guest's expectations. All of these advances make life easier for the company and the guests but none of these things can replace the art of human interaction. Although this art is dwindling away, it is something that most still yearn for, regardless of the technology involved in their experience.
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shared by anonymous on 30 Jan 20
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Shopify, the e-commerce company that's coming for Amazon - Vox - 0 views
www.vox.com/...e-dawson-kylie-jenner-allbirds
technology hospitality hotel software business green mobile solution travel tech
shared by anonymous on 30 Jan 20
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Helmed by internet personalities with a combined 40 million-plus subscribers on the video platform and roughly 50 million more followers on other social media networks, then breathlessly promoted with nearly five hours of videos that drew more than 90 million viewers, the flash sale planned for the afternoon of November 1 was inevitably going to be massive.
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Organizers recognized that it would be an event, and that it was going to need Shopify
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Currently more than 1 million merchants around the globe use the company’s technology to open their own digital storefronts and sell goods on the internet, creating a constellation of independent, and decentralized, stores (unlike marketplaces like eBay or Etsy)
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Shopify has worked to position itself as the online commerce solution with the experience and size to support fast-growing, digitally native brands — the company’s tech has powered direct-to-consumer staples such as Allbirds and Brooklinen —
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Last year, the company announced plans to invest $1 billion over five years on warehouse space and robotics to build out a fulfillment network so Shopify can also deliver your packages.
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But what really has made the Shopify platform a bit of a juggernaut is its comprehensiveness
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who can tap their networks to instantly bring “high quality, low volume goods” into the world.
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Currently, 1.4 million full-time jobs globally are supported by companies using Shopify.
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The company expects to see roughly $1.5 billion in revenue in 2019, a 50 percent jump from the previous year, and continues to see strong growth in subscription revenue.
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Shopify software was processing $1.5 million in sales and 16,000 checkouts a minute.
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Shopify’s plan is to lease warehouse space, and utilize robotics technology from a company called 6 River Systems, which they purchased in October for $450 million
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Companies that sign up for the program can even have their own logo stamped on the box, unlike Amazon third-party sellers, which end up advertising Bezos’s latest project.
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Trying to take on Amazon and its fulfillment network is a daunting task. That $1 billion investment Shopify is making may sound massive, but Amazon plans to spend $64 billion on logistics and shipping alone in 2019.
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Is Shopify the new Amazon? If you do not know what Shopify is, it is an ecommerce platform for companies to use to sell their goods. It helps merchants to set up simple website store fronts and allows them to customize their store anyway they want. It also assists them will marketing campaigns, distribution, and shipping. -
Very interesting article! This introduces Shopify as one the new ecommerce platform that allows individuals to set up the way they want to see their store front. It allows them to manage everything on this platform. Almost like a direct competitor to Amazon.Very interesting market for exponential growth!
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Top 10 reasons for data backup - 0 views
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1. Data Loss Prevention
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save important files if a system crash or hard drive failure occurs.
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2. Operation Plan B
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Additional backups are necessary if natural or man-made disasters occur.
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3. Tax Reporting and Audits
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it is important for companies to save financial and accounting data for tax reporting purposes.
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4. Client Relationship
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Saved information improves client relationship management, which leads to increased marketing and sales
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5. Investor Relations
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aved information symbolizes a company's due diligence and organization. Without data backup, shareholders cannot make informed decisions or determine a company's value.
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6. Archiving
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Backed up information streamlines the development of archives
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7. Competitive Gain
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there are many businesses that fail to data backup important information.
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8. Improved Productivity
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Archived files lead to comparative studies of the past and present to devise a more effective plan.
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9. No Wasted Time
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10. Peace of Mind
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data backup is necessary to save the business from losing investors and customers and closing down.
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This article of Swift Digital supports talks about the importance of backing up data and how it's crucial for not only your businesses's data, but your personal data as well.
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shared by ldevaul on 17 Jan 21
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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
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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.
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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.
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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.
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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.
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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.
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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!
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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.
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I'm sure companies who invested in this program during the height of pandemic were very thankful!
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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.
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Hotels are catching on, adding convenience through streaming, voice activation, guest-room tablets, and food ordering tech.
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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!
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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.
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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.
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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.
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On-demand convenience dominates our lives, and guests expect this level of ease from their hotel experience as well.
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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.
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This is super useful! When all of your software can speak to each other it improves productivity so much!
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Hilton is taking a different approach, partnering with Netflix to allow guests to control their streaming straight from the Hilton Honors mobile app.
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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.
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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.
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This is great for hotel marketers! Proving their value and having the company invest in tech that shows an huge ROI. Love this!
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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.
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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.
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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.
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Expedia and Booking have taken some pretty big hits in recent months.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Brands in the alternative lodging sector include Stay Alfred, Sonder, The Guild Hotels and to some extent groups such as Selina and OYO.
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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.
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Smart hotel rooms use technology to allow guests to personalize their stay experiences.
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Technology is becoming more important to hotel operations because it can deliver increasingly high value for hoteliers and guests.
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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.
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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.
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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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Disruptive Innovation? What Disruptive Innovation? - 0 views
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The hotel room of the future is likely to be a combination of the high-tech and high-touch.
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Wilhelm Konrad Weber, a partner at Swiss Hospitality Solutions, said technology is definitely driving the hospitality industry but it also poses a threat “because hoteliers are not necessarily early adopters”.
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The online travel agencies or OTAs moved into the space, leaving hoteliers lagging behind.
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innovation in hospitality tends to be evolutionary (“something that everyone expects you to do”) rather than revolutionary and disruptive (“something nobody expected you to do.”)
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using AI, to pair customers with call center agents to maximize sales.
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Chishti calls himself a disruption and AI cynic.
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I is just a set of statistical tools and various incarnations of this have existed for the last 40 or 50 years. It’s just that the machines in which these tools run have become somewhat more advanced and more powerful over the years, but this is not a seismic shift. There’s no dramatic and disruptive event happening here. It’s just the slow and steady emergence of a technology that’s been around for quite a while.”
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What is more likely to happen is a re-distribution of work. So in many cases AI actually enhances human labor productivity and should increase labor demand.
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we create a magical experience that borders on art and borders on beauty that enable our customers to come back. That just doesn’t get replicated by machines.
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Weber of Swiss Hospitality Solutions says he gets somewhat nervous “if somebody is talking down AI”. Citing the MIT online experiment, Moral Machine, he adds that artificial intelligence, built into self-driving cars, may have to make life and death decisions on the roads.
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there will be a shift from professors reading out research articles in a lecture theatre to a ‘blended’ learning approach which integrates digital teaching elements.
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EHL Insights is a Swiss based company that dove into what leaders in the Swiss hospitality industry believe in regard to disruptive innovations for the global industry. The article interviewed a few different leaders and got their take, like Wilhelm Konrad Weber, who believes that technology is affecting the hospitality industry but also poses a threat because hotel leaders are not necessarily ready to adapt/adopt to ever-changing technology. OTAs were mentioned as an example of the industry falling behind as these websites help eliminate loyalty. Weber also mentioned that innovation in the industry is evolutionary rather than disruptive due to the demands and expectations from investors and analysts. One person, Zia Chisti, is a skeptic when it comes to artificial intelligence and works for a company that utilizes AI. He argues that AI is not disruptive as it has existed for awhile and is a slow and steady process. The argument made by Chisti is that guests expect a service with real people rather than machines. Overall, there will be technological advancements but it will be slow and steady. It's just up to hoteliers on how quickly they want to implement it.
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Aptech Launches New Hospitality Accounting Software | Technology content from National ... - 0 views
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This article was about Aptech Computer systems and their development of Aptech Next Generation Accounting Solution. This web based system is able to support financial accounting for individual operators and multi-property hotel companies. Aptech has been developing performance management tool for the hospitality industry since the 1970's. Aptech noticed that there was a demand from hospitality owners for a system that was able to provide more detailed accounting information about the company's assets. In 1997, Aptech developed its Executive Business Intelligence system, which is now used in many hotel chains around the world, including Starwood Hotels and Resorts, La Quinta Inns & Suites, and Extended Stay Hotels. The hospitality industry has been embracing technology more and more as it has become more affordable and easier to use. -
Aptech Computer System created a new accounting system, which is web-based and developed in Microsoft's VB.NET technology that leverages a Structured Query Language database. This database will benefit both individual operators and multi-property hotel companies. Aptech started to notice that there was a demand for an accounting system that would benefit the company by including more details in their financial statements. As the article states ""The pioneers in this industry were innkeepers in the hospitality tradition and technology was secondary," says Jay Troutman, president of Aptech. According to the senior Troutman, groups like Interstate entered the industry and looked at such hotel properties as assets first, which brought technology to the forefront of the industry in the 1970s." Furthermore, the president of the company believes that the hospitality industry has become a bit spoiled with technology after they had a taste of it, but he is glad to know that the product is being used and the demand keeps growing.
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The Impact of Information Technology on Accounting - 0 views
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The article mainly talks about the impacts of information technology on the accounting part. It said Not only has IT shortened the lead time required to present financial information, but it also has improved the overall efficiency and accuracy of the information. The article emphasize the most important part is computerized accounting system. The biggest impact IT has made on accounting is the ability of companies to develop and use computerized systems to track and record financial transactions. Paper ledgers, manual spreadsheets and hand-written financial statements have all been translated into computer systems that can quickly present individual transactions into financial reports.Most of the popular accounting systems can also be tailored to specific industries or companies. This allows companies to create individual reports quickly and easily for management decision making. Additionally, changes can be made relatively easy to reflect any economic changes in business operations. First, computerized accounting systems have also improved the functionality of accounting departments by increasing the timeliness of accounting information. Then, it can improve accuracy by limiting the number of accountants that have access to financial information. Besides, computerized accounting systems allow accountants to process large amounts of financial information and process it quickly through the accounting system. At last, Reports issued to outside investors and stakeholders have been improved by computerized accounting systems.
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Benchmark Powers Expansion with Centralized Accounting Platform | News | Hospitality Ma... - 0 views
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The virtual platform enables Benchmark to reduce hardware costs for investors, protect corporate and guest data in a secure off-property environment, and collect and process performance metrics for its hotels. Benchmark uses the Internet-enabled Profitvue enterprise back office system from Aptech Computer Systems to centralize property accounting.
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After Benchmark invested in the hospitality industry's first 'private' cloud platform to host its properties' systems and data three years ago, the company has expanded to more than 38 properties. All Benchmark systems and property data are centrally hosted at the data center, and Profitvue handles accounting for Benchmark's conference centers, resorts, and condos. The Profitvue enterprise accounting system is flexible so reports can be built that compare metrics from similar properties. PCI compliance was another advantage of Benchmark moving data to the cloud.
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Benchmark Powers Expansion with Centralized Accounting Platform :: Hotel News Resource - 0 views
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Successful management comes from by-the-numbers decisions
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Benchmark uses the Internet-enabled Profitvue enterprise back office system from Aptech Computer Systems to centralize property accounting.
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The system is Internet-enabled, so the only back-office hardware our hotels need is a PC. The same is true for our front office systems. This is a great savings for our owners.”
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We can have the new property up and running quickly without the usual hardware and software installation, and staff training. This saves time and money, and we can turn the property around much faster.”
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Benchmark’s cloud-based system enables the company to keep all guest data secure at its hosting center
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Instead of introducing some new technology, this article is more like an advertisement. it does not introduce much information about this technology and it is not a news for us to know a cloud based PMS. But cloud based PMS is still not widely used in the industry, while Benchmark is one step ahead. Except the benefit of reduce hardware costs for investors, closed based accounting system also make it easier for its headquarter to protect corporate and guest data as well as maintain these data. With this benefit, corporate is able to monitor the operations of its hotels. -
This article introduces the accouting systems developed by Benchmark Hospitality International. Benchmark invested in the hospitality industry's first "private" cloud platform to host its property's systems and data. Profitvue back office accounting system was mentioned, which has the advantages of more flexible, simple and faster to use, and save money. Also, it is safer to use this private cloud-based to save data, which can bring lots of benifits to shareholders and management teams. In my opinion, all hospitality organizations should enhance their accouting and financial systems to create a safer financial environment, and to get clear information of the financial operations and make further plans to control costs. -
The way a property is designed, managed, and positioned in its market all contribute to solid operation makes a great hotel, resort, or conference center. Benchmark invested in the hospitality industry's first 'private' cloud platform to host its propertys' systems and data. Its strategy means that we add properties on a regular basis.The system is Internet-enabled, so the only back-office hardware the hotels need is a PC.It could have the new property up and running quickly without the usual hardware and software installation, and staff training. This saves time and money, and it can turn the property around much faster.
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Background - 0 views
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We invest in early stage, start-ups and turn-around companies in diversified areas including but not limited to: telecommunications, information technology and high-tech sectors regionally and globally. The Company invests in a portfolio of low-to-medium risk businesses, with an emphasis on providing growth capital to emerging companies operating in the telecommunications and information technology sectors. -
This group is consists of forgein investors mainly from Egypt, the executive group are all from Egypt. The It investment group focuses on investments in telecommunications, information tech, and high tech sectors as well as systems. The fund mgr develops and ID's a strategic developmental plan between the technology and your company, everything gets personalized. In addition to your returns, the company develops a buy out plan as well as feasible exit. In addition, it studies your expertise and enterpernurial managerial skills, tech experience and overall operations. Not only do they design specific investments that fit your criteria and company values but they give you an overal action plan of your company w. an SWOT .
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Northstar Travel Group's Unique Hotel Identifier Solves Widespread Industry Problem | N... - 0 views
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SECAUCUS, N.J. – Northstar Travel Media, the world’s leading business-to-business media company serving the travel and meetings industries, has announced that it is supplying a unique hotel identifier that solves the problems associated with multiple identifiers. “For nearly a decade the travel industry has struggled with the costs and problems created by multiple identifiers, said Sheila Rice, VP Business Development & Licensing. “Over the years, each business created its own system resulting in a proliferation of identification numbers. A single entity may have numerous proprietary codes across different systems. As each segment of the industry tries to integrate information with suppliers, travel agents, hotels, GDS systems, CRS providers, content publishers and payment processors, predictable problems ensue.” With a history spanning more than 70 years, Northstar Travel Media is already established in the business and process of identification numbers. It is uniquely positioned to lead a solution for this long-standing and increasing industry problem. As the content provider of unique hotel identifiers, Northstar Travel Media has been supplying this data to leading travel and hospitality companies for more than a decade. Northstar’s database of 200,000 hotels worldwide contains up to 300 fields of data for each hotel. “Northstar Travel Media has a pristine reputation for providing data that is comprehensive, accurate, reliable and flexible,” said Tom Kemp, Chairman and Chief Executive Officer. “We look forward to providing more content solutions with our unique hotel identification numbers.” Licensing of the unique hotel identifier data includes hotel name, address and telephone number. Content packages can be customized to provide solutions to meet specific needs. The Unique Hotel Identifier builds on Northstar’s existing hotel products and services that include more than 60,000 hotels around the world reviewed and classified using the company’s industry-standard consumer classification hotel rating system. Northstar Travel Media is the leading provider of news, information and data for the travel, meetings and hospitality industries and parent of brands Travel Weekly, Business Travel News, Meetings & Conventions, Successful Meetings, Incentive and TravelAge West. NTM’s electronic directories — Travel Weekly’s Hotel & Travel Index and M&C Facilities Search — provide in-depth data on hotels, meeting and convention properties, and business travel in the United States and internationally. In addition to its directories and periodicals, NTM publishes a number of online subscription information resources, including travel42, Weissmann Reports, STAR Service Online, Intelliguide Corporate and BTP24. Northstar also is an industry leader in marketing services, custom communications, content licensing and database management serving the travel and meetings industries. Additionally, Northstar recently acquired PhoCusWright, the premier global travel, tourism and hospitality research and event business at the intersection of the Internet and the global travel industry. Based in Secaucus, New Jersey, the company also has offices in New York, Glen Ellyn, Illinois; Los Angeles; and Winston-Salem, North Carolina. Northstar Travel Media, LLC is a portfolio company of BV Investment Partners, a leading private equity investor in the media and communications sector.
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This article circles back to our discussion board about issues in the hospitality industry. 200,000 hotels is not nearly enough and I am certain that there are many more. The idea is wonderful; however, if this is not backed up by the government, then it would not be created as an industry standard. The big companies, such as Marriott, Hilton, etc would most definitely be part of this initiative; however, what about the smaller motels, bed and breakfasts, etc? If there is a fee associated with this (which there would probably be because the database needs to be maintained) then smaller less profitable ones will opt out. - I hope other classmates have updates.
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Property Management Software - 0 views
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A property manager is expected to handle a multitude of tasks, viz. rent collection, maintenance of the property, keeping track of vacancies and reporting income and expenses. This is where real estate investment management and property management software can come in handy and help managers and investors execute business operations with efficiency and ease.
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A property manager is required to keep track of details like income from rental properties, Total Cash Flow (TCF) and vacancies.
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Advantages for the Tenant: Using a property management software can be highly advantageous for the tenant, since the software allows tenants to pay the rent online.
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The article discusses the features of a property management software and the advantages for a manager or to the owner of the property as a result of using the software.A property management software is versatile and can be used to manage both residential and commercial properties. The advantage is that the tenant can pay rent using recurring ACH, eChecks or credit cards. A landlord can use the property management software for finding the rental yield, which is a measure of the profitability of the investment.
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Time to Invest: Predicting What's Next for Technology in Hospitality | hospitalityupgra... - 0 views
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If you make the right choice, today’s investments may last for 10 or even 20 years.
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We see three major trends that we think will shape our world between now and 2020.
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Despite that no one really even agrees on the meaning of the word, there is no question that the cloud is by far the biggest area of investment.
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Mobility gives us the ability to communicate with our guests and staff in real time.
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Many hotels have shortchanged the investment in upgrading bandwidth and supporting Wi-Fi infrastructure, believing that the migration of mobile devices to 4G/LTE cellular technologies will solve the problem by ultimately reducing or eliminating Wi-Fi. But a look at where the megacarriers are investing proves this assumption completely false.
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This article indicates that there are three majors shaping our world between now and 2020. Those are the cloud, mobility, and Cellular Offload. We should determine the major trends, and then invest in solutions that align with those trends. Interestingly, it is mentioned some insights provide clues as which investments will be future proof to and witch will be risks. From hospitality perspective, equipment and maintenance performed by on-site or locally based staff, which is great for all owners. Also, It can be seen that the cloud allows investors to make big investments in its service. -
This article introduced three major trends that we think will shape our world between now and 2020. The author thought one of the biggest challenges for any technology executive is predicting the landscape of toolsets and IT infrastructure that will be available in the future. The correct choice can last at least 10 years and there are three major trends, cloud, mobility and cellular offload. For cloud, the author thought it is good for hospitality. It holds the promise of relieving the hotel owner of responsibility for managing the operation and integration of premise-based systems, with associated costs for deployment, equipment and maintenance performed by on-site or locally based staff. Also, the author thought the mobility creates both opportunity and challenge. It can be used to both define new service models and revenue streams, and to improve existing ones. Today's challenge is that mobility requires massive investment in wireless infrastructure and bandwidth .Finally, the author thought as it is far cheaper for a cellular carrier to build or fund a Wi-Fi network, than to install an additional cell tower and/or buy additional spectrum, it is good news for hotels. It means that cellular companies have an economic reason to help fund hotel Wi-Fi networks.
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Management Accounting | Accounting Information | Hotel and Jobs | Hospitality News - 0 views
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Management accounting is the updated version of what you call financial accounting and the most circulated term in corporate business arena. Management involves planning, organising, staffing, leading and controlling the resources available in an organisation, namely the physical and human resources.
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Management accounting is the updated version of what you call financial accounting
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Management accounting is the updated version of what you call financial
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Management accounting is the updated
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Management accounting is the updated
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accounting is the
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accounting is the
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Management accounting
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accounting
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is the
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The rationale behind financial accounting is statutory, done for the benefit of shareholders, customers, government regulatory agencies, other external agencies, potential investors and the like. It records all business transactions that are purely monetary in nature and no further analysis is done.
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Management accounting is voluntary and reports are prepared to meet the internal needs of management.
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The main functions being, attention direction and problem solving, management accounting is primarily concerned with providing information relating to the various aspects of a business, like cost or profit associated with some portions of business operations. It employs techniques such as standard costing,budgeting,marginal costing, break- even analysis and so on.,
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This article gives detailed definition and explaination of management accounting. It compared management acounting and financial accounting in the industry. The article also believes that management accounting is a management information system.
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Does This Tech Giant's Strategy Spell Trouble for Travel? - DailyFinance - 0 views
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has a history of taking a service people used to pay good money for, and simply offering it up for free.
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online travel agency (OTA) business. Investors in traditional OTAs should be worried.
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Cutting out the middleman
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allows customers to book directly from hotels themselves.
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hotels bid for this privilege, as bypassing OTAs provides significant cost savings.
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If Google chooses to allow users to book directly from hotels without a fee to either, however, OTAs would find themselves charging a premium for no added value -- not a pretty position to be in
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Google, a well-known online search engine has a recent history of taking services that people pay money for and making it available for free to its users. One service in particular that has been recently launched is Google Flights, allowing users to select a travel plan and then go directly airlines' reservation system. The problem here is it has left online travel agency OTA's industries such as Expedia and Priceline.com out of the picture. Such OTA industries earn revenue by either taking a commission from hotel or charging a markup to consumers. This should be a great concern to this industry . Although there are some hurdles for Google-Google users search results are limited for flights as of its competitors; Google's competitors still have established customer relations and brand. Google can overcome these hurdles in a matter of time and OTA's should keep a close eye or find solutions to adapt. -
Great article! I recently read that Google is taking over the travel market when searching for events using the Google search engine. Pay per click, allows companies to tie into hyperlinks when web surfers an event in the area of their business. Highlighting hotels, car rentals and restaurant conveniently located within the search engine user area.
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Investing in Technology for Competitive Advantage / Arthur Andersen / Fall 1996 - 1 views
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Today's hospitality industry technology represents a legacy reflecting the computer industry's capabilities during the last two decades and the willingness of hotel executives to embrace its products
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critics have been increasingly harsh with their comments on the computer systems and software applications used by the hospitality industry. Typically custom-designed for proprietary application, these systems have not always been successfully integrated
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The question for many hotel organizations remains how to achieve the ultimate open system that can be shared at all levels, whether it is the central reservation system, individual property management system or any other operational area
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Timing is everything in technology investments
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Network computing has enormous implications for marketing to customers on a global basis, as well as hotel operations. Consider the potential for the industry to connect with vendors worldwide for electronic purchasing, potentially achieving economies of scale and leveraging not yet possible. World purchasing functions will allow companies to customize their own catalogs. Virtual channels of distribution using computer networking capabilities will also allow hotel companies to market products and services - some traditional to our industry, others not - to customers whether they are in the hotel, at work, or at home. This will require a migration from today's central reservation systems to tomorrow's customer information systems using network-centric solutions. Development of customer profiles and guest recognition will make it possible for hotel organizations to interact in entirely new ways with customers, regardless of their physical location. Clearly, the large hotel companies will need to be the first to address questions raised by global networking capabilities and what this will mean in terms of technology investment. But for many hospitality companies presently struggling with the high cost of technology and the confusing state of our industry's technology affairs, this will not be an easy task. And the decisions will ultimately become further complicated by the opportunity to outsource certain functions into subscription-based networks. It is unlikely that the hospitality industry will be forced to bear the entire burden for networking infrastructure. Strategic alliances with major technology companies will be the catalysts in building this capability as they become strategic providers of networking capabilities to hospitality and other industries. And as network-centric computing comes of age and a company's proprietary information is stored in cyberspace, security will become an ever-more important issue requiring solutions. Whether it is an e-mail gateway through an internal network or customer access via the Internet, network fire walls and encryption systems will be required to mitigate the concern many will have with system security.
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Network computing has enormous implications for marketing to customers on a global basis, as well as hotel operations. Consider the potential for the industry to connect with vendors worldwide for electronic purchasing, potentially achieving economies of scale and leveraging not yet possible. World purchasing functions will allow companies to customize their own catalogs. Virtual channels of distribution using computer networking capabilities will also allow hotel companies to market products and services - some traditional to our industry, others not - to customers whether they are in the hotel, at work, or at home. This will require a migration from today's central reservation systems to tomorrow's customer information systems using network-centric solutions. Development of customer profiles and guest recognition will make it possible for hotel organizations to interact in entirely new ways with customers, regardless of their physical location. Clearly, the large hotel companies will need to be the first to address questions raised by global networking capabilities and what this will mean in terms of technology investment. But for many hospitality companies presently struggling with the high cost of technology and the confusing state of our industry's technology affairs, this will not be an easy task. And the decisions will ultimately become further complicated by the opportunity to outsource certain functions into subscription-based networks. It is unlikely that the hospitality industry will be forced to bear the entire burden for networking infrastructure. Strategic alliances with major technology companies will be the catalysts in building this capability as they become strategic providers of networking capabilities to hospitality and other industries. And as network-centric computing comes of age and a company's proprietary information is stored in cyberspace, security will become an ever-more important issue requiring solutions. Whether it is an e-mail gateway through an internal network or customer access via the Internet, network fire walls and encryption systems will be required to mitigate the concern many will have with system security. In the final analysis, networking solutions will drive down the cost of technology investment "on-property" where hotel real estate and business interests merge. The solutions that hotel organizations will be able to choose from in terms of networking should also be less expensive than the current profile of technology spending. And we can expect that change to occur sooner rather than later, given the present rate of investment in Internet-based technologies.
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"Investing in Technology for Competitive Advantage - The Challenge Facing the Hospitality Industry" sheds light on how the necessity of the investment in technology is in the hospitality industry. Not investing in technology affects even the customer services. It is mentioned that there are at least 85 property management systems available offered to owners and managers of hotels by technology providers which tend to meet the real needs of those. Further, open system that could be widely used is needed to acquire by hotel organizations. The more creative hospitality organizations are, the more successful would be in future. It is also indicated the technology cycles. Simply, technology would be increasingly required in future because of that the investment in technology would give a lot of opportunities to different parts in this industry.
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Investing in the hospitality industry as it relates to information technology is one of the ways the industry will stay current and be able to compete in this fast pace environment. More and more guest are demanding exceptional, cutting edge customer service. As this investment occurs there needs to be integration of hardware and software for the future. These choices are not easy and is perhaps one of the greatest challenges that the industry faces. Timing and knowledge is critical to investing in technology because innovation is moving so fast, therefore knowing what new development to purchase and the ability to integrate existing systems into new one is important. In conclusion, it is paramount for investors to be mindful of the market place and to get as much inputs into the decision that is made for maximum results.
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How Travel is Getting to Grips with New Mobile Technology and NFC in 2012 - By Marco Sa... - 0 views
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According to a recent Google whitepaper, the number of mobile users researching travel via their mobile devices is expected to grow 51% in 2012. The case is equally compelling for mobile booking in APAC, with more than 15% of travellers projected to book travel products and service by 2013. This article was very interesting it discussed the up coming technologies that are effecting travelers. Mostly in airports and business travelers. They discuss a technology called NFC technology which is near field communication. with this technology in our phones we will be able to pay for lunch, tickets, and everything else just by swiping our phones at the registar. They discuss in the article something that we discussed in a group, whether it is good to be an early investor our wait and rid fit out and make sure that it is a good investment. As for mobile technology in travel they definitely said that the early adopters are reaping the benefits and seeing a major cash inflow from investing. So in this situation it would have been a better idea to adopt early, because now that it is so popular it is more expensive to get the technology up on running.