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lavendersheshe

Why Panic Buttons Are the #1 Must-Have Technology for Hotels in 2020 - By Robb Monkman,... - 0 views

  • Safety has become an important discussion topic across our industry as reports of unsafe working environments for hotel staff have begun to emerge in the media. Surveys around the nation show that housekeepers are sexually assaulted at over twice the rate of workers in other industries.
  • Along with new laws, union pressures and impending deadlines for compliance, it’s also important to recognize the ongoing importance of media and the ways in which internal policies, such as those relating to staff safety, can make or break a hotel’s reputation. In today’s socially influenced climate, after all, a brand’s reputation can be one of two things — their strongest asset and an integral marketing tool, or their most significant liability
  • Fast forward to today and next-generation ESDs act as a dedicated safety platform that leverage Bluetooth technology to relay GPS coordinates of any employee in distress
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  • As you might imagine, this represents an important, pivotal update that ensures swift response and support, both on and off property, in the case of a staff emergency.
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    Employees are the most important asset when it comes to the hospitality industry. There has been so many instances of assault and harassment from housekeeping attendants in hotels. Hotels are encouraged to comply and use panic buttons to ensure the safety of employees.
salmanalabiooani

Hospitality Sector Teams Up Online to Help During the Crisis - Skift - 0 views

  • A new tech platform launched earlier this week can make the matchmaking process easier between lodging operators and local emergency efforts. Owners of a property can make beds or buildings available by using an online form to specify how they’re willing to help. Cloudbeds has worked with Sabre, Marriott, and RateGain and others on the effort.
  • A new reservations portal provides accommodation to healthcare workers at no cost in Lisbon and Porto, Portugal. It’s called Rooms Against Covid, and GuestCentric Systems and HiJiffy created it.
  • For other examples, see our recent story, “Some Asia Hotels Roll Out Quarantine Packages for Travelers Looking to Self-Isolate.”
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  • Travel tech company RateGain has put together a “Better Tomorrow” resource page to help hoteliers with insights into lessons to learn from Asia.
  • The page draws partly on resources from the trade group Hospitality Sales & Marketing Association International (HSMAI), which has its own online resources, too.
  • Tech company Beekeeper has announced a webinar to help employers understand how to connect and communicate with their employees at a distance
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    This article explains the way the hospitality industry is responding to the Corona virus crisis using digital and online capabilities. One obvious support that the industry is giving to the response efforts is by providing beds to respond to the emergency cases in the crisis like in the examples of Cloudbeds working with Sabre, Marriott, and RateGain and Hotels for Helpers, in the Netherlands which is offering discounted hotel rooms for those in need. The hospitality industry are also adapting to the crisis by finding online solutions for their employees to work from home and also providing wide range of resources on the crisis for users.
yyr997

How to Choose the Best HR Software Tools for Your Company in 2018 - 0 views

  • Evaluate Your Current HR Software
  • Conducting a brainstorming session. Encouraging employees in your HR department to provide their ideas. Asking workers from other departments about the issues they face when communicating with HR specialists.
  • Check the Functionality
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  • Pay Attention to Details
  • Estimate Your Budget
  • Make A Final Decision
  • Finally, when you have selected your best-fit HR software, check the references of the recent clients.
  • Final Thoughts
  • You should clearly understand the needs and possibilities of your organization in order to find a solution that will match them perfectly.
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    Every HR department needs to utilize software which meets the specific requirements of a company without overspending. Every organization is unique in nature, so there is no universal "best HR software" on the market.
salmanalabiooani

HRIS systems: What you need to know | HRD America - 0 views

  • HCM The systems that fall under the human capital management (HCM) category are aimed at recruiting and retaining employees throughout their life cycle. They can include anything from recruitment and onboarding tools to salary planning, budgeting, goal-setting, and performance assessment. These tools assist the HR team in guiding employees toward success.
  • HRMS Human resource management systems (HRMS) may contain some elements of HCM solutions, but they also have several tools to help employees as well. These include an efficient and flexible way for workers to clock in and out, manage their schedules, and easily communicate with colleagues even if they are working remotely.
  • Company database An essential HRIS system component is a database where all pieces of information about employees and company HR procedures will be stored for use in other HRIS tools.
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  • Financial components HRIS also includes components for handling payroll, benefits, and employee recognition programs. The payroll and benefits components will maintain information such as salary rates, commission and incentive plans, payment accounts, and paycheck deductions (e.g., taxes, retirement plans, and insurance options).
  • Time and attendance
  • Recruitment and onboarding HRIS systems come with components that ease the work done throughout the hiring process, including posting job applications, handling employee referrals, sending interview requests, and tracking applicants. Often, you can access applicant profiles, record notes from job interviews, conduct employment tests, perform background checks, and send job-offer letters.
  • Centralized employee communication
  • Employee self-service
  • Training and development Most HRIS systems provide an option to design a training path for employees and even integrate training courses, tests, and professional certification preparation in a portal that employees can easily access.
  • Increased HR automation
  • Powerful people insights
  • Software – HR software for small business costs between $1 and $15 per month per employee. Some firms add monthly fees, while others provide only the basics. Setup fees – These are used to pay for the time of configuring the software to a company. Price ranges from zero to thousands per year, depending on the vendor. Consulting fees – These vary from zero (if included in your software subscription) to about $150 per hour if you seek the help of an outside HR consultant. Support fees – Some HRMS software companies charge additional support fees that may run a few hundred dollars per year. Free
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    A human resource information system (HRIS) is a software used for managing employee information while aiming to increase their engagement and productivity. Overall, an HRIS system is made up of the following components: a database, financials, time & attendance, recruitment, and training/development. The tools available in these allow for automated processes, data storage, handling of payroll, benefits, employee recognition programs, track work absences and tardiness, manage job applications, referrals, and interview requests, assist scheduling, employee communication, performance tracking, and goal setting. The costs involved when adopting a HRIS include software, setup, consulting, and support fees.
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    This article talks about the different types, components, benefits, and costs of a human resource information system. The two categories of HRIS are human capital management (HCM) and while the components include financial, time and attendance, recruitment and onboarding, employee management, company database, and training and development. The benefits include increased automation of human resource, employee self-service, centralized employee communication, and more important insights.
swhit149

Is hospitality ready for the army of robots coming to a hotel near you? - 0 views

  • By 2025, over 85 million existing jobs will be lost due to the seismic shift toward robotization and automation, according to estimates in the “Future of Jobs Report 2020” published by the World Economic Forum.
  • These are jobs like data analysts, AI learning specialists, digital transformation specialists, software and applications developers, robotization strategists, robotics technologists, robot training and maintenance specialists, etc.
  • robotization and automation are coming even to our technology-averse hospitality industry.
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  • ●     Solve dull, repetitive, dirty or dangerous jobs.●     Solve high turnover of trained employees (20%-30%)●     Solve problems like poor discipline, lack of motivation, etc.●     Lower labor costs, which are especially burdensome now●     Increase productivity●     Solve labor shortage of entry-level and unskilled workers, which plague the industry in “normal” times.
  • Labor costs constitute 36%-50% of hotel operational costs, based on hotel category, and in these times of low travel demand, low occupancies and catastrophic RevPARs, robotization and automation are becoming increasingly appealing to hotel owners and operators.
  • mobile and contactless check-in applications have already made the front desk staff obsolete
  • ultraviolet light pulses to kill viruses, bacteria and fungi and are already deployed at hundreds of hotels in the U.S.
  • clean guest rooms 20 percent faster and public areas up to 80 percent faster than human housekeepers.
  • security guards at resorts, large hotels and casinos, airports, theme parks and outdoors perimeters.
  • replace 100% of the waitstaff
  • The labor unions in major metropolitan areas with highly-unionized hospitality labor force are dead set against any robotization and automation or any technology advancement that can reduce the number of paying members.
  • hospitality is fast becoming a tech industry now
  • emergence of today’s tech-savvy customer who expects to find at hotels the same or better technology advancements they already enjoy at home
  • Robotics, AI, mobility, IoT devices and contactless check-in tech are being adopted across the industry at a very fast clip.
  • within the next 10 years many hotels will operate at half the pre-coronavirus staff level and we will be seeing more and more examples of semi and fully automated hotels
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    This article is a big time eye opener how robots are already in place taking away plenty of jobs in every department. I highlighted some of the jobs they are currently doing and how much labor cost money the hotels are saving. Yes we love the new technology but it can also be a little intimidating once they start eliminating jobs. It really points out what we may not find obvious on how majority of the hospitality companies are already in use with artificial intelligence technologies. I believe in 10 years the world will be a complete different place and robots will take over for the most part!
jiayi017

Can we fix our way out of the growing e-waste problem? - BBC News - 0 views

  • Can we fix our way out of the growing e-waste problem?
  • he 50 million tonnes of e-waste generated every year will more than double to 110 million tonnes by 2050, making it the fastest growing waste stream in the world, according to the author of a UN report.
  • But e-waste from discarded electrical and electronic products is only part of the problem. A significant contributor to e-waste is the release of toxins from mining and manufacturing.
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  • "The issue of electronic waste is overlooked, as electronic items that could be fixed easily go to waste instead, contributing to pollution and increasing the demand for components like rare earth elements, which can have a damaging impact on the environment when sourced."
  • The rare earth elements being mined are currently crucial components in high-tech electronics, but they are hazardous to extract.
  • "But the truth is that one in five people - at best - are going to be motivated to do that, so for the remaining four out of five, we need to put systems in place that are convenient, that match their lifestyles and enable us to get the electronic equipment back... into the next item."
  • "There is the high risk that the pollutants are not taken care of properly, or they are taken care of by an informal sector and recycled without properly protecting the workers, while emitting the toxins contained in e-waste," Prof Williams says.
  • By far the biggest contributors to the level of e-waste are household appliances such as irons, vacuum cleaners, washing machines and fridges.
  • There are rules on the management of e-waste. Sellers of electrical and electronic equipment (EEE) within the European Union must provide ways for customers to dispose of their old household device when they sell them a new version of the same product.
  • "This project allows you to reduce waste, extend the life of objects, and it helps people who cannot afford to get rid of items that have developed a fault," he says.
  • world-wide collections are stagnating or even decreasing
  • In countries where there is no national e-waste legislation in place, e-waste is likely treated as other or general waste. This is either land-filled or recycled, along with other metal or plastic wastes
  • the rapidly-growing "Internet of things" - internet-connected gadgets - is expected to generate e-waste at a faster rate, as connectivity becomes embedded into everyday items
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    How e-waste is being manage in some countries and what people are doing to reduce their impact on e-waste.
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    This article mainly introduces the problems caused by e-waste and related solutions. E-waste not only affects environmental issues such as rare earth elements when it is landfilled or incinerated, but also the mining of its equipment manufacturing also affects the social environment, because a certain amount of emissions may be released in the process. Toxins are a great harm to the environment and the human body. Therefore, with the continuous emergence of e-waste disposal problems, some companies such as Apple and Sony have begun to extend the life of their equipment in recent years, and encourage customers to trade-in for recycling, making a certain effective contribution to the growing e-waste.
anonymous

IT Investments: 5 Common Mistakes - 0 views

  • As companies grow and their finances improve, smart management teams often look to invest in technologies that improve operations, worker productivity, and market knowledge.
  • If you haven't done a big IT project in a while, the benefits can be significant, but the risks are higher than many other types of investments.
  • People spend too much time building a detailed business case and associated financials that look great but have really bad assumptions.
    • anonymous
       
      Bad financials and business cases: Everything need to be clear and understandable. Because such projects are expensive you can do a reality base-lining so you can be able to compare and contrast.
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  • It can take a lot of time and effort for a user group that has operated on the same system for a long time to be more productive on new systems; this could hurt company performance while they get up to speed.
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      Underestimating Impact of Change on Users Sometimes newer doesn't necessarily mean better, at times it is much beneficial to stick with what is familiar. It is mentioned here that when upgrading to something new it can actually hurt the company because users aren't accustomed to the newer system.
  • Taking shortcuts during the product selection process has been the death knell for many technology investments.
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      Incomplete Selection Process It is important to go through with everything in depth step by step without haste so that no mistakes are made and one can be sure of everything.
  • IT projects are notorious for being over budget, so make sure you build in appropriate risk and contingency.
  • A new system -- while less expensive and more nimble upfront -- may impact productivity to the point that the savings are negated.
  • Sometimes even basic dependencies get missed, such as deploying an important new piece of software and finding it doesn't support the operating systems or web browser versions that most employees use.
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      No Clear Understanding of Technology Integration It is essential that you know and clearly understand how new technology will interact and connect with the already existing systems that you may have. Will some will work perfectly with what you already have, others will not so it is important that you make note of this beforehand.
  • It's critical that you understand how the technology you're investing in interrelates with technology you already have.
  • What may seem modest at first may be very expensive three years from now
  • Open source software, for example, may tend to have a low upfront cost, but the labor needed to support the system over the long term could be hard to find or expensive in the future.
  • If your IT team is going to use an open source tool, you need to have short- and long-term alternatives mapped out if support isn't available or compatible down the road with other proprietary systems.
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    The article addresses 5 common mistakes made when doing I.T. Investments and what to do to prevent these mistakes.
leahesper

Cybersecurity and the hospitality industry - Cyber Security Review - 0 views

  • The hospitality and restaurant industries in particular, are high-value targets for cybercriminals.
  • In addition to larger brands, cybercriminals are now finding it easier to target multiple small restaurants.
  • In fact, nearly half of cyberattacks worldwide in 2015 were against small businesses with fewer than 250 workers.
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  • Restaurateurs are not technology experts.
  • The cost of cybercrime is on the rise around the globe.
  • Stealing our personal and payment information is something cybercriminals do over breakfast.
  • For the global economy, cybercrime is one of the greatest collective threats of our time.
  • It might come as a surprise to many that almost all of the headline-grabbing payment card data breaches we’ve seen over the past few years were entirely preventable.
  • Most breaches involving credit card data have been neither sophisticated nor “new.”
  • A study by Verizon stated that 99 percent of breaches in 2014 were caused by known vulnerabilities with fixable patches.
  • Strong security protection principles that involve people, process and technology all working together in an atmosphere that prioritizes data security are vital for all of us to protect ourselves, our families and our companies.
  • So what actions can we take today to protect ourselves and our customers? For starters, many companies need to change the way they view security and make it a 24/7 priority. Data security must be deeply ingrained into an organization’s culture, not layered like frosting on a cake but baked in from the start.
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    This article discusses cybersecurity in the hospitality industry. It presents the question of what actions can we take to protect ourselves and our customers which is exactly what we are talking about in this module. It states facts related to security breaches in the hospitality industry in the year 2015.
angelicamm6

Human Resource Management in the Hospitality Industry - The WritePass Journal : The Wri... - 0 views

  • After going through the document it is being realized that since hospitality industry is about providing better services to the consumers, therefore the quality of the hotel depends upon the labor force working in the hotels
  • The most important task for the HR manager is to get the most appropriate people for particular task, since in hotel industry, many workers tend to just participate in the work, as they think that there is nothing else to do, whereas hotel services require proactive employees which can make decision on the spot and can satisfy the customer query in time
  • In more critical aspect which can be realized is that since hospitality industry, the management need to handle the customers coming from different countries having different cultures and unique attributes, that’s what makes the HR department to have a broader perspective of duties in the Hospitality industry.
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  • Importance of Culture in International Hospitality Industry:
  • Social Structure:
  • Effects of Culture on Hospitality Industry:
  • Education:
  • Language:
  • Economics:
  • Interests and Values: HR manager has to realize tha
  • Consumer Behavior:
  • Job Description:
  • Policies and Procedures: 
  • Inductions Process:
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    This articles discusses the importance of having an HRIS in place and knowing how to cope with it by having different staff members. Most hospitality business have a lot of multi cultural people that come from different background and speak different languages and have different believes. The key importance of HR is to make sure all feel welcomed and are being integrated properly into the work space. By feeling a safe workspace staff members do a better job and work with more moral.
cwilliamsiona

BMS Helps Hoteliers to Adopt Green Cleaning Practices | Hotel Business - 0 views

  • hoteliers are looking at cleaning methods that are good for their workers and good for the environment.
  • The BMS mission is to provide a clean, sustainable and healthy environment for hotel guests, hotel staff and our staff that provides the service,
  • The added benefit is that they are also safer for the environment.”
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  • Selecting products with minimal or eco-friendly packaging can have a big environmental impact.
  • Practicing green cleaning as a part of your overall sustainability efforts has a positive impact on guest perception, which can lead to higher occupancy and revenue.
  • good for the planet, good for the balance sheet
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    This article discusses the importance of hoteliers using green cleaning products. The added benefit to using green cleaning products is safe for the environment. If hotel practice green cleaning, it may lead to higher occupancy and revenue. If consumers are eco-friendly, they want their hotel to be as well. Overall, our society is becoming more aware of products that are impacting our environment and it is vitally important that hotels listen and make change that for good for the people, good for the planet and good for the balance sheet.
lwu014

The top 10 fastest-growing cybersecurity skills | 2020-10-30 | Security Magazine - 0 views

  • The top 10 fastest-growing cybersecurity skills
  • The two fastest-growing skills, Application Development Security and Cloud Security, both involve proactively building secure systems from the start rather than responding to attacks
  • A new examination of the top 10 fastest-growing cybersecurity skills shows employers are ready to pay more for workers who can prevent attacks before they occur by building a secure digital ecosystem from the ground up, according to data from Burning Glass Technologies.
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  • While many of these skills are highly technical, the demand is not limited to information technology jobs. An increasing number of job postings for attorneys, for example, require expertise in data privacy and security. J
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    This article is about 10 fastest-growing cybersecurity skills in the future.
esuarezrijsdijk

The Messy Business Of Reinventing Happiness - 0 views

  • Iger planned to pump nearly $1 billion into this venture, called MyMagic+, a sweeping plan to overhaul the digital infrastructure of Disney’s theme parks, which would upend how they operated and connected with consumers. At the core of the project was the MagicBand, an electronic wristband that Iger envisioned guests would use to gain entry to Disney World and access attractions; make purchases at restaurants; and unlock their hotel room doors. It would push the boundaries of experience design and wearable computing, and impact everything from Disney’s retail operations and data-mining capabilities to its hospitality and transportation services.
  • Disney World, Parks’ crown jewel, seemed to be losing its luster. According to multiple sources, certain key metrics, including guests’ “intent to return,” were dropping; around half of first-time attendees signaled they likely would not come back because of long lines, high ticket costs, and other park pain points. Simultaneously, the stunningly fast adoption of social media and smartphones threatened the relevance of the parks. If Disney wanted these more tech-oriented generations to love it as much as their parents, who had grown up with fewer entertainment alternatives, had, it would have to embrace change now.
  • There were the endless lines for rides, food, and bathrooms; parents juggling maps, hotel keys, baby carriages, and bottles of SPF 75; and kids pulling families on long treks to try to visit every attraction. The park was filled with complications, such as a tiered ticketing system with wonky rules.
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  • The NGE team had big dreams for the MagicBand. It would need to interact with short- and long-range sensors that would be installed around the park. The short-range sensors would let guests scan their MagicBand at sales terminals in Disney park stores to pay for merchandise, for example, or to seamlessly check in at their hotel.
  • The long-range sensors would allow Disney to track guests as they navigated the park. The potential benefits were manifold. By monitoring where crowds were forming, the company could better optimize flow.
  • The MagicBand would also collect valuable consumer data.
  • The tussle over digital access points,
  • The tussle over digital access points
  • where customers would use their MagicBands to enter each ride, was typical of the dysfunction between Frog and Imagineering.
  • More than 28,000 hotel doors needed their locks replaced in order to connect wirelessly with the MagicBand, even as some 80% of the rooms at Disney’s resorts, on average, were occupied. Two dozen workers spent eight months upgrading 120 doors per day. The company rolled out 6,000 mobile devices to support MyMagic+ in the parks. More than 70,000 cast members got MyMagic+ awareness training, with 15,000 learning service-specific tasks for, say, FastPass+ kiosks or MagicBand merchandising
  • Disney World’s physical infrastructure, which was first built in the late 1960s, needed major capital improvements. Two hundred eighty-three park-entry touch points needed to be upgraded. Much of Disney World lacked a Wi-Fi connection, so in order for guests and cast members to take advantage of MyMagic+ and its mobile apps (which would offer a map service and real-time wait times for attractions), the company had to install more than 30 million square feet of Wi-Fi coverage.
  • There is no line at the main entrance to the park, where cast members and a row of polished, golden digital access points greet me, and it takes just seconds to stream through with my MagicBand. According to Disney, the MagicBand has cut turnstile transaction time by 30%. Park capacity has also increased.
  • “Honestly, it’s not so magical,” one cast member tells me about MyMagic+, echoing a common sentiment I hear from park employees during my visit. “It’s just for your hotel room [door] and paying for things.” When you look closely, there’s less to MyMagic+ than what some on the team had hoped for.
  • MyMagic+’s rocky rollout makes the Imagineers’ case for conservatism in the face of technological change seem sound. A slew of problems reared up after launch
  • The Imagineers and Frog certainly did disagree during the MyMagic+ development, as did many others, and that disagreement had repercussions and costs. But it ultimately led to a successful conclusion. What Staggs calls “constructive discomfort” is what sophisticated collaboration is all about.
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    This article offers a telling account of how Disney developed and implemented the MyMagic+ initiative, providing important insights into how major corporations approach massive tech-related capital investments. Among the most salient takeaways: 1) how Disney recognized that the parks' pain points could be addressed through the public's growing predilection for personal, always-connected; 2) how these massive internal projects can pit different departments against each other, and how sometimes that antagonism can lead to beneficial results; and 3) how a project like MyMagic+ can have a profound positive impact on the company and still be considered by many to have not fulfilled its potential.
patrick021

Best 10 Property Management Systems 2020 | Find Reviews, Pricing, Buying Guide - 0 views

  • anagement system (PMS) is a hotel management software suite that property owners and front desk workers use to manage their business by
  • gement system (PM
  • A property m
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  • coordinating reservations, online booking availability, payments, and reporting in one central place. The PMS streamlines operations for front office staff and guest services in a hotel business to check-in and check-out guests, see room availability, make adjustments to existing reservations, and even can have back office functionality (schedule housekeeping or maintenance ).  
  • What are the most important features of a property management solution?
  • What makes a great hotel property management system?
  • How long does it usually take for a hotel to implement a new property management system?
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    Property Management Systems is a software that helps manage businesses coordinate its daily functions for easy check in and accommodation purposes. It assist the front office management team with better tracking of request and repairs around the property. PMS has features that classifies it as an ideal factor for properties such as : payment processing, check in/ out access and most importantly being user friendly.
marble_bird

Conditions Associated with Increased Risk of Fraud A Model for Publicly Traded Restaura... - 0 views

shared by marble_bird on 12 Jul 20 - No Cached
  • Many restaurant industry examples provide evidence that as a firm’s internal control structure weakens and deficiencies are found, the opportunity for fraud increases significantly.
  • The main premise of the study tests the application of the fraud triangle framework constructs to publicly traded restaurant companies during the time period of 2002–2014, using proxy variables defined through literature. The proxy variables selected were company size, amount of debt, employee turnover, organizational structure, the Recession, inflation rate, interest rate, executive stock compensation, return on assets, and international sales growth.
  • growing pressures from both passive and active investors to constantly increase their stock value in a competitive world where meeting performance goals are necessary to maintain a competitive edge
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  • To meet targets, it is typical for companies to put additional stresses on their internal control structures by reducing head counts, requiring employees to perform more than one job, and rearranging risk profiles
  • The deceptive and corrupt business practicesofthesecompaniesandothersresulted largely from a failure of corporate governance and lack of ethical business practices, in which internal control mechanisms were circumvented by conflicts of interest that enriched executives and damaged shareholders
  • Deficiencies are often observed through review of the main business cycles: revenue and receivables, purchasing and payables, treasury and stock, and financial reporting
  • Internal controls are often the first avenue of protection in safeguarding assets and thwarting and discovering errors and fraud
  • Some research has been conducted in this area, and findings suggest that companies in the telecommunications, technology, financial, and services industries experience the most difficulty with SarbanesOxley compliance efforts because of increased risk of fraud from industry and company risk factors
  • Therefore, pressure resulting from expectations of financial performance, opportunity to circumvent internal controls, and rationalization coupled with certain inherent industry factors may contribute to increased risk of fraud
  • opportunity to engage in unethical behavior may stem from the macro environment, the operational features, and the specific nature of the business cycles
  • Because of this potential for fraud on the company, shareholders, and the public, examining the conditions that may prompt fraud is necessary for the efficiency of the restaurant industry, and namely, for those passive and active investors that are relying on the financial statements to be true and accurate
  • the restaurant industry is often susceptible to deficiencies because of its inherent characteristics and high control risk
  • Corporate scandals, misappropriation of assets and financial statement misstatement are all very real threats to the restaurant industry.
  • the central focus of this study is to understand the factors that contribute to increased risk of fraud to determine why fraud may occur despite the imposed regulation of the Sarbanes-Oxley Act.
  • numerous researchers have found indication that executive stock option compensation provides encouragements for behavior that is fraudulent or corrupt
  • the study seeks to identify the factors that may provide the optimal criteria to engage in fraudulent or opportunistic behavior, using the incidence of a reported control deficiency as the measurable dependent variable.
  • The fraud triangle is the model that explains the factors that may cause an individual or a company to commit occupational fraud.
  • The differing classifications and definitions of pressure provide evidence that the construct is not directly observable; therefore, researchers in this field have measured the construct of pressure through proxy variables
  • consists of three constructs: pressure/motivation, opportunity, and rationalization. The three constructs offer an explanation as to why management commits fraud, and the dynamic relationship that underlies the acts of occupational fraud.
  • pressure may best be classified into four general types that may lead to fraud: financial stability, external pressure, manager’s personal financial situations, and meeting financial targets (
  • when considering measurements of external pressures relating to debt financing, the financial leverage ratio is the most common measurement of the amount of debt.
  • Both pressures and opportunities are often determined by factors that occur at both the individual and company level (
  • ROA, or asset composition, is an appropriate proxy measurement for the pressure of meeting financial targets.
  • according to the fraud triangle, it can be said that opportunity does not exist unless a pressure exists.
  • nonshareable problems could also motivate groups of individuals, representative of a company’s culture, to commit fraud.
  • Opportunity is described as an atmosphere or temporary environment that enables fraud to be committed, usually with a small perceived probability of being caught or reprimanded
  • In a study of Swedish restaurant companies, it is noted that competition is very high, often resulting in price wars among different companies that reduce prices and then try to compensate through increased sales
  • Some risk factors include the susceptibility of the industry to market changes as well as the nature of the industry, coupled with the specific operations of the company such as whether there are significant or complex international operations; how effective management is at monitoring activities within the organization; and the level of complexity that exists in the organization
  • This environment is therefore dependent on the discretionary income of consumers, and this increased pressure may lead to earnings mismanagement through overstatement.
  • Public companies in the restaurant industry are susceptible to opportunities for fraud on the basis of the aforementioned opportunities
  • The ability to commit fraud in the restaurant industry results from inside knowledge of processes and procedures, and the ability to circumvent controls through weaknesses (
  • strong evidence has also linked the CEO position to fraud when the CEO is also the Chairman of the Board. In incidences like this, the CEO is the dominate decision maker for an organization that may provide an increased opportunity for fraud.
  • The underlying reason for these three categories of increased opportunities for fraud is the state of the internal controls structure, and management’s commitment to strong corporate governance
  • Rationalization is essentially an attitude, belief, or position of the mind or ethical personality that enables an employee or group of employees of a company to intentionally misappropriate assets and then defend their dishonest activities
  • Weak corporate governance structures are often presented through ineffective monitoring of management.
  • A quantifiable means of capturing this could be through review of executive stock compensation measures.
  • excessive use of discretionary accruals may lead to poor audit opinions, providing a rationalized thought for business activities.
  • the nature of the restaurant industry is often described as a periodic, seasonal, and cyclic trade
  • Defining parameters for financial reporting can also have an effect on reducing the rationalized behavior and the opportunity to commit fraud
  • Because these conditions have an obvious effect on earnings and measures of success, this seasonal variability and volatility should be considered when analyzing pressures in the restaurant industry
  • For restaurant companies, this means that rationalizations and attitudes can be managed by assessing the internal control environment and understanding the pressures and opportunities that exist for employees.
  • Some restaurant industry pressures that may impact profitable sales growth include a lack of understanding of the consumer’s perception, including the relevance of existing brands, and delays in opening new restaurants. Likewise, an inability to consider cost pressures, including increasing fees for supplies, utilities, and health care providers contracted by restaurants, as well as an incapability of obtaining economies of scale in procurement, could compress margins and negatively impact sales and operations profit margin.
  • The value in the application of the fraud triangle to the restaurant industry provides an opportunity to extend theoretical contributions that originated from mainstream accounting to hospitality literature, which is severely lacking in the current literature
  • Likewise, restaurant companies that are smaller (and therefore may not have strong internal controls) with increasingly complex transactions create additional opportunities for fraud to be committed
  • competitiveness is a condition that makes meeting financial targets difficult and provides opportunity for fraudulent behavior. External pressure from analysts and investors may create an incentive to misappropriate assets, which, in turn, distorts common financial measures of success such as return on assets.
  • when debt financing exists, in order to address past and future obligations, and remain competitive, restaurant companies are at an increased risk of fraud especially when disruptions in financial and credit markets exist.
  • Studies have revealed that restaurant company victory and demise is eventually correlated to restaurant leadership abilities and intentions; therefore, it can be stated that executives and managers’ intentions are of utmost concern in understanding risk of fraud
  • firms with increasingly complex operations coupled with changes in organizational structure have less resources to put into internal controls and are therefore at an increased risk for accounting errors.
  • .Internationalgrowthissubjecttorisks such as international political and economic conditions, foreign currency fluctuations, and divergent cultures and consumer inclinations
  • This study will focus on the variables most pertinent to the restaurant industry on the basis of the inherent characteristics of U.S. publicly traded restaurant companies, as previously described in this section.
  • a s a result of workforce diversity and the presence of many perceived low-skilled workers. In addition, as companies within the industry respond to declining performance, publicly traded restaurant companies may be subject to activist investors who wish to see a change in the executive management team. If a shake-up such as this would occur, the organizational structure of the company may become unstable, resulting in much greater opportunities for fraud to occur at all levels.
  • this study looks to assess the relation between the amount of debt a company has occurred and the incidence of reported internal control deficiencies.
  • Variables relating to rationalization are present in the restaurant industry when considering the motivations and attitudes of management. It is noted that in difficult times, such as the Recession, aggressive financial reporting tactics may be used
  • this study seeks to understand the effect of substantial stock compensation on increased fraud risk.
  • this study also hypothesizes that poor ROA could increase the risk of fraud, as the pressure provides executive management with the motivation to manipulate earnings.
  • this study suggests that the organizational structure of the company may provide opportunity for increased fraud risk through a unitary tone at the top.
  • this study analysed the disclosures of publicly traded restaurant companies to determine whether a company has a higher probability of increased fraud risk on the basis of the presented variables.
  • The results of the applied probit model reveal for the entire population set of publicly traded restaurant companies that the macroeconomic factors of the Recession, interest rate, inflation rate and unemployment rate all have a significant impact on the increased risk of fraud, as evidenced through a reported internal control deficiency.
  • As noted in the overall model, the results reveal that the model as a whole is a significant fit to the data. Although the company-level variables were not significant in the overall model, external factors were each significant.
  • Therefore, it can be said that the results of this study empirically support the intuition that changes in macroeconomic conditions may impact increased risk of fraud for companies in the restaurant industry.
  • It can be said that there is a significant relation between increased risk of fraud and the macroeconomic factors of interest, inflation, and unemployment rates.
  • from a managerial perspective, the study provides evidence that macroeconomic conditions that might affect consumer demand may increase the risk of fraud for publicly traded restaurant companies.
  • In addition to the high costs of compliance, it is also important to recognize additional managerial characteristics that may heighten the effects of the macroeconomic conditions on increased fraud risk.
  • As indicated by the results of the study, however, many times executive management does not recognize the problems associated with the macroeconomic conditions because of systematic perceptual filters that play the crucial role in the functioning of the company.
  • By focusing on the changing macroeconomic conditions that may have an empirical effect on demand, executive leadership will be able to streamline processes to avoid incidences of reporting internal control deficiencies when exposed to the macroeconomic conditions.
  • In the restaurant industry in particular, information is also not readily quantifiable, which makes it even more difficult to transform into meaningful and timely information for executive management. Particular examples include consumer insights and how well new promotions are received and moved throughout the market.
  • it should be noted that reported internal control deficiencies are indicative of increased fraud risk, but not necessarily conclusive that fraud has occurred. Therefore, just because a company has reported a deficiency, it does not indicate fraud, necessarily.
  • According to the model, the managerial factors are only exacerbated by the presence of macroeconomic factors.
  • the identified conditions could help managers to improve internal control when a high risk factor is realized. The contribution of this study may allow restaurant companies to deter activities that may result in increased risk of fraud.
  • Because the study revealed that the macroeconomic conditions were significant for the entire population of restaurant companies, an area of future research might explore the relevance of the co alignment model (Olsen &R o p e r , 1998) to strategic management decisions to reduce the risk of fraud.
  • for purposes of this study, privately traded companies are excluded. This is a limitation of the study because the results may indicate a problem that is more or less pervasive since the sample is representative of a small number of companies in the United States.
  • the model is limited in application because it does not take into account fluctuations among the variables over time.
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    This article covers the methodology and findings of a study conducted to examine the factors contributing to fraud risk in publicly traded restaurants. The article discusses factors in the fraud triangle, macroeconomic factors, and internal company factors that may contribute to fraud despite protections implemented per Sarbanes-Oxley. The study ultimately finds that internal company factors are insignificant when considering the impact on fraud risk, while macroeconomic factors, such as inflation or unemployment, drastically impact the level of fraud risk that a company may face.
rhoff019

Council Post: Cybersecurity As We Know It Is About To Change - 0 views

  • the global cybersecurity market is set to increase to $270 billion by 2026. This signals the priority boardrooms have placed on cyber risk management even as digital transformation takes place en masse.
  • COVID-19 has become the catalyst to trigger change in the ways we manage and operate technology.
  • Virtual desktops emulate a computer system so that IT can control access as such adding input/output devices as well as software and applications. This could become an important control point when remote workers are operating outside the safety of a corporate network.
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  • Telecommuting Is The Only Way Of Working For Many
  • With swift digitalization, security controls will shift to data sources, similar to the trend witnessed in IoT.
  • With millions of employees working from home, hackers’ focus has shifted from enterprise to remote working individuals. To handle the menace that exists in cyberspace, decentralized cybersecurity will rise where greater emphasis will be placed on data sources such as actual remote employees themselves.
  • User access controls have largely revolved around single or two-factor authentication. These methods rely on “something you know (username)” and “something you have (password).”
  • This means identity protection will be a top priority, and the best defense should involve building authentication systems that focus on “who you are.” This would require advanced biometric solutions such as fingerprint/thumbprint/handprint, retina, iris, voice and other facial recognition technologies.
  • The current state of privacy regulations is designed around the enterprise network and building the proverbial wall to keep sensitive data out of prying eyes.
  • With the remote working concept taking center stage, re-evaluation of these policies is needed to address the new cyberthreats.
  • From a risk management perspective, global privacy policies will need to encapsulate standard operating procedures regarding BYOD, GDPR compliance and state privacy laws.
  • The shift to cloud services offers employees, customers, suppliers and everyone else across the ecosystem a seamless and frictionless way to access data and applications. Remote access by various users would compound security challenges and present many new potential attack vectors. In the post-pandemic world, IT resources could shift toward data, particularly keeping data secure across cloud platforms.
  • This will facilitate cybersecurity teams to apply varied access controls and demarcate data storage to minimize the risk of cyber intrusion and data breach.
  • Innovative technologies such as ML/AI and AR/VR will see greater adoption. As we have already witnessed, video conferencing applications will continue to rise as non-contact interactions surge.
  • Sectors such as retail, hospitality and manufacturing will layer their adoption of robotics with added AR/VR capabilities.
  • Cybersecurity teams that are saddled with an events-based approach will be overly burdened with triages when a cyber breach occurs. By embracing an intelligence-driven approach, businesses can digitalize confidently with external threat intelligence as the guiding beacon.
  • Social engineering techniques to trick untrained and unsuspecting employees, third parties and contractors into releasing confidential information or letting an intruder into a corporate network will also intensify accordingly.
  • Cybersecurity awareness training for people across the entire supply chain and ecosystem will prevail.
  •  
    By 2026, the investment in cybersecurity will increase to $270 billion globally. After the COVID-19 pandemic companies will need to reevaluate their cybersecurity systems to adapt to telecommuting as many companies will have some of their employees working from home. Biometric security such as a fingerprint or iris scan will become more common as the typical password will no longer be as secure as it once was.
mannypjr

5 Best POS Systems for Hotels | Book Guests With Ease - 0 views

  • It works with a variety of amenities such as restaurants, travel desks, spas, minibars and much more. It comes with unlimited built-in POS System terminals.
  • Hotelogix lets you settle payments through different modes. It accepts multiple currencies, processes credit cards or generates bills directly to the company.
  • Allowing management to gain greater control of all departments by merging operations together, like Housekeeping POS, Front Desk POS, etc.
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  • Making packages and inclusions will help up-sell services.
  • The main focus is to make lasting connections that enhance guest satisfaction, boast an efficiency of staff and operational workers and grow revenue opportunities with automated engagement.
  • Restrictions can be set up to restrict users to perform critical actions like night audit.
  • On-premise or installed deployment feature is not available in the POS System.
  • You can easily promote your hotel through various channels with a variety of inclusive packages and rates.
  • This avoids the need to print multiple receipts and cause inconvenience to the guest.
  • This POS system caters to scheduling activities, food and beverage and more.
  • It also expedites the traditional check-in and out experience which mostly causes dissatisfaction.
  • It protects the guest’s payment data and reduces the risks, costs, and compliance by tokenizing each transaction with point-to-point encryption (P2PE).
  • The customer service staff is not always able to solve your issue at once, but their team can submit a ticket and get any errors fixed within a reasonable timeframe.
  • Allow customers to pay their entire bill and room costs at checkoutVerify that the billing is accurate by putting all charges on one billCombine bar, restaurant, and room service charges for any roomMatch specific menus to any display device to any area in your hotel
  • You can connect and share data in real-time with this POS system.
  • Assign special permissions to managers or cashiers, giving them the ability to view sales numbers or simply manage inventory.
  • The interface also allows for seamless billing for any and all room service requests.
  • You can track products easily and see if they are near the minimum or maximum level.
  • If you own multiple businesses, you can use Bepoz to keep track of all of your businesses.
  • Bepoz does not provide installation or an on-premise option.
  • LS Retail provides a holistic solution to all your worries by giving you a transparent and enhanced view of your hotel’s entire business operations.
  • With LS intelligent analytics tools, businesses can track and study their customer’s past interactions and preferences to make their guest profiles more meaningful.
  • LS Central for hotels gives an option where it can be deployed solely in the cloud, on the hotel premises, or both at the same time – whichever way suits your business profile in the best way.
  • It gives a complete overview of your hotel’s current occupancy, its housekeeping, along with all the extensive analysis required by the management to make necessary decisions.
  • It is a single platform that minimizes costs because it reduces the number of vendors and other systems that are otherwise needed for resolving all hotel-related business issues.
  • There is nothing more important than booking guests. Using a hotel POS system can help this process become quick and easy.
  • The average consumer is more likely to go for a package deal, given that they are getting good value for their money.
  • If the client makes an online reservation, the information will be distributed in real-time.
  • You can print these reports and give a detailed review such as payment balancing totals, customers served, average customer and much more.
  • Rewards deals can often increase sales.
  • Our recommendation is to consider Hotelogix or Agilysys, as they are user-friendly and have effective loyalty and sales tools.
  • The features are very comprehensive and fit for both large and small hotels.
  •  
    This article looks at the 5 best POS systems for hotels including Hotelogix, Agilysys, Lightspeed Retail, Bepoz, and LS Retail. It breaks down what makes each system different and the pros/cons associated to each of them.
nbakir

How Hotel F&B Pivoted in Response to COVID-19, and What the Future Holds | By Court Wil... - 0 views

  •  
    This article focuses on the impact of the Covid-19 pandemic on the hospitality industry, with a critical look into the approaches that hotels F&B have applied to combat the new challenges. It is apparent that businesses in this industry have been adversely affected by the fact that they are no longer allowed to host customers, and some have even been closed down. The main challenge is that the businesses have also had to adjust their operations, with respect to the provision of an environment where there is minimal contact between customers and the employees. This article reveals some of the feasible approaches that have been applied by some of the businesses to ensure they continue serving their customers. Some of the strategies include the development of contactless food delivery options, providing gift cars and certificates to entice the consumers to purchase discounted offers, and promoting online ordering for food and other products. "Since most governments are prohibiting food and beverage outlets from opening fully for dine-in guests, contactless food delivery options have gained momentum." (Williams, 2020). Such innovations are bound to be the only way for the players in the industry to survive. However, they also need to embrace the fact that they have to lay off most of the workers and to repurpose some of the facilities. The hotel industry has to continuously embrace the challenges being presented by the restrictive laws meant to enhance the safety of the people by preventing the spread of the viral infection. The amicable solutions should be the diversification of products and services to meet the new needs of the target markets, while also ensuring that the entities are not operating at a loss.
Emily Bova

Mobile Key by OpenWays Named 'Top Innovation' by Lodging Magazine - 7 views

  • Mobile Key by OpenWays was hailed for its ability to "allow hotel guests to use their mobile phone if they want to bypass the front desk check-in procedure and get straight into their rooms.
  •  
    This article basically talks about a front-desk bypass solution that allows guests to head straight to their room without standing in lines to obtain a plastic room key as long as a guest has a mobile phone.  To sum up the article, mobile key by Open ways is compatible with any cell phone, as all of the 6+ billion mobile devices in the world. It simplifies hotel Master Key management by harnessing mobile technologies to make all locks 'on line' without the costly infrastructure. It also enhances a hotel's sustainability program because the Mobile key is made only of data and not plastic. Moreover, hotels can eliminate costs originally spent on toxic plastic key cards. It is a creative way to move the technology of mobile keys forward, giving hotels an added dimension to guest satisfaction and a new means of attracting the ever-important business traveler. In my opinion, this solution could be beneficial to hotels' revenue since the system is compatible with not only smartphones but also all kinds of cell phone. It works with all major lock technologies and relies on a combination of text messages and its Crypto Acoustic Credential (CAC) technology. The only modification required to a lock for it to work is the addition of a decoding listening device. I think this is a great convenience for both the hotel management and consumers. Furthermore, there might be a good marketing opportunity here modifying the system to pop up a special offer on a phone once the rock has been deactivated. For example, a free dink at the hotel bar, or a half price meal at the hotel restaurant.
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    Cool article Sungoo. I love the concept. I feel like this solution is a win for everyone involved. As a guest in a hotel, I like it because it's one less thing I have to carry around and worry about. As a front desk worker, I'm happy because I have less customers to deal with and the lines at the desk are shorter so (theoretically) the guests I do have to interact with will likely be in a better mood. As hotel management I like it because in addition to the cost savings you mentioned, it helps with security. Anyone can have a room card but I know exactly who is in the hotel due to their phones.
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    Mobile Key by OpenWays allows hotel guests to bypass the front desk and go straight to their room upon arrival by simply using their cell phone as a room key. Many people do not want to wait in line at the front desk merely to get a plastic key card for their room. As long as the guest has a cell phone and the hotel is equipped with OpenWays they can get secure access to their rooms. Mobile Key by OpenWays is also very beneficial to the hotel as well. Since Mobile Key is only made of data, it cuts the hotel's costs of making room keys out of toxic plastic for guests as well as master keys for employees. The hotel is now "greener," saving money, and improving customer service. With technology growing and customers relying more and more on mobile technology while travelling, Mobile Key creates an easier and more enjoyable way to travel.
  •  
    In my personal opinion, I love this renovation on mobile key. I don't like to wait a long time for check-in. With the Mobile Key, guests don't have to carry their room key anywhere anytime and if they leave it in the room, they have to wait a long time in the line to the front desk to ask for another one. My favorite part of the Mobile key is that this technology is green. Even though current room keys that used by most hotels made of plastic are reused and recycling, the plastic itself is a material that would pollute the environment. But I still have a question about it that how about guests lose their cell phone during their stay. Does the hotel have a plan B for helping guests to open doors without the plastic key?
tredunbar

Employee Theft at the POS: What Are You Missing? - 0 views

  • According to the National Restaurant Association, the employee turnover rate in the restaurant sector was 72.9% in 2016, significantly higher than the average turnover rate for private sector workers of just over 46%
  • as much as 75% of all shrink in the restaurant sector is attributed to employee theft
  • many different kinds of employee theft – stealing food, abusing discounts, or giving extras to friends and family
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  • these cases can be traced back to the point-of-sale (POS).
  • integrating your video surveillance with your POS data, and using the right kind of intelligent software application
  • the highest losses occur when employees steal small amounts over a long period of time
  • (29%) of internal theft cases in the U.S went undetected for almost five years
  • when it comes to employee theft, rapid detection is a business’s best defense against damaging losses
  • Manipulating voids and refunds
  • intelligent software solution with integrated video/POS data can alert you to suspicious transactions on the day they occur
  • Intelligent software can also be configured to look at the total number of voids and refunds each day, and each week, at each location
  • Sweet-hearting and discount abuse
  • Integrated video/POS data can alert you to this type of activity because it records every discount, including which employee was at the POS, and what type of discount they entered.
  • Food theft
  • intelligent video solution can help you more easily pinpoint inventory losses
  •  
    This article addresses a very sensible accounting tool that can be used to eliminate theft of all types. Integrating video with POS systems is an effective way to see if discounts are being abused, if voids re unnecessarily being done and also to serve as a check and balance on food inventory levels.
lethannelson268

Meet the burger-flipping robots that may take over fast food kitchens - Los Angeles Times - 0 views

  • The product of decades of research in robotics and machine learning, Flippy represents a synthesis of motors, sensors, chips and processing power that wasn’t possible until recently
  • Costing less to employ than a minimum-wage worker, Flippy is built to slip in right alongside humans on the fast-food line.
  • Off-the-shelf robot arms have plunged in price in recent years, from more than $100,000 in 2016, when Miso Robotics first launched, to less than $10,000 today, with cheaper models coming in the near future
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  • Miso can offer Flippys to fast-food restaurant owners for an estimated $2,000 per month on a subscription basis, breaking down to about $3 per hour
  • A human doing the same job costs $4,000 to $10,000 or more a month, depending on a restaurant’s hours and the local minimum wage. And robots never call in sick
  • So far, early versions of Flippy have put in time on the line at Dodger Stadium and at locations of CaliBurger
  • Jordan believes Flippy is poised to become a regular part of fast-food kitchens across the country in the next year, especially in markets with higher labor and real estate costs like California
  • Miso has raised more than $13 million in investment and is currently trying to raise an additional $30 million to fund its push into fast-food kitchens from small investors on the equity crowdfunding platform SeedInvest
  •  
    This article discusses how Miso Robotics, an innovative technological company, invented and developed robotic arms that flip burgers and make fries. This robot, Flippy, is one that is the first of its kind in the restaurant industry, and was invented to work alongside humans. However, with its reduced costs and its efficiency, it may replace humans in the kitchen in the near future, especially with the turnover rate so high in the restaurant industry. With the invention of Flippy and testing it out at LA Dodger Stadium as well as CaliBurger, a fast food company owned by Miso Robotics, Miso Robotics are utilizing the ahead of the curve approach since Flippy is the first of its kind.
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