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Contents contributed and discussions participated by dyaniroberts

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dyaniroberts

Importance of Accounting in the Hospitality Industry - 0 views

studybayhelp.co.uk/...-accounting-in-the-hospitality

technology software business accounting

shared by dyaniroberts on 10 Feb 20 - No Cached
  • From an organizational viewpoint, the process of financial management is associated with financial planning and financial control.
  • Financial planning looks for to quantify various financial resources available and plan the scale and timing of expenditures.
  • Financial control refers to monitoring cashflow. Inflow is the money coming into a specific company, while outflow is a record of the expenditure being made by the company. Handling this activity of funds with regards to the budget is essential for a business.
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  • the primary aim of the procedure of managing finances is to attain the various goals a company sets at a given point of time. Businesses also seek to create substantial amounts of profits
  • A proper accounting system is vital to any business whether big or small to be able to manage its daily functions and keep the businesses running efficiently.
  • Behind every successful business is a reasonable financial model.
  • hotel owners and professionals have the info they need to optimize performance in every operational area, from inventory and payroll to sales and marketing. They can reduce expenses, anticipate to accommodate guests during optimum business times, and scale back operations during sluggish periods.
  • The economic climate needs to provide the mechanism for professionals to easily trail performance from the budget, identify issues and quickly make adjustments, and create and use reports that will give them accurate financial status at any point in time
  • ust as essentially, there must be managers in place who are trained and in charge of meeting financial goals.
  • There are two broad types of accounting information: Financial Accounts: geared toward external users of accounting information and Management Accounts: aimed more at internal users of accounting information
  • Financial accounts summarize the performance of the business over a particular period and the situation at the end of that period.
  • The level of details required in these accounts displays how big is the business with smaller companies being required to prepare only quick accounts
  • Financial accounts concentrate on the business all together rather than analysing the component parts of the business. For example, sales are aggregated to give a amount for total sales rather than publish an in depth analysis of sales by product, market etc
  • Management accounts usually include a wide selection of non-financial information. For instance, management accounts often include examination of: Employees (number, costs, production etc. ), Sales volumes (units sold etc. ) and Customer ventures (e. g. variety of cell phone calls received into a call centre)
  • dyaniroberts on 10 Feb 20
     
    This article discusses the importance of accounting in the hospitality industry and how the data that is found is utilized in creating the budget that the property must follow. Companies hire managers and directors who are responsible in forecasting, and ensuring their respective departments meet the budgetary goals for the period / year.
dyaniroberts

McDonald's Announces a Major Investment in Restaurant Technology - Linga POS - 1 views

www.lingapos.com/tment-in-restaurant-technology

technology hospitality AI POS software mobile business solution tech

shared by dyaniroberts on 30 Jan 20 - No Cached
  • McDonald’s noticed a juicy opportunity to upgrade their drive-thru technology, which drives 70% of their business, and swiftly bought the group that makes the AI software.
  • Golden Arched giant and its franchisees to increase average check, cash flow and quickness of service.
  • Self-service kiosks are also making their way into the spotlight and have been warmly welcomed by customers everywhere.  The most attractive aspect is that new cloud-based POS systems are able to be updated with a press of a button, and no restaurant downtime.
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  • As casual-dining and fast-casual chains are quickly finding ways to add value and enhance customer experience, ordering your favorite restaurant meals is becoming easier. This is mainly due to the advent of online ordering apps, which have allowed more businesses a way to offer timely and affordable delivery options to their hungry customers.
  • The nations biggest quick-service chains have noticed the changes and are investing heavily to take advantage. “Technology is playing a bigger and bigger role in the restaurant industry,”
  • In the past, the ability of large fast-food chains to make these investments has given them a bigger sales edge over smaller quick-service companies.
  • A rise in upgraded POS options and features has encouraged many business owners to invest in technology in order to keep up with the competition.
  • The good news is that with restaurant technology developing so quickly many of these new features are going to be accessible
  • dyaniroberts on 30 Jan 20
     
    Unattended POS systems in fast food restaurants like McDonalds can significantly improve their efficiency and remove the pressure from their staff. Restaurants like these are often short staffed. They feel significant impact when they do not have enough staff to support the amount of business that comes through their doors. The cashier often will have to assist in making orders as well, causing a further delay in the line. Adding this and their new drive through initiative, McDonalds will be able to maximize profit, produce more orders in one day and keep their customers waiting minimal amounts of time.
dyaniroberts

Website, GDS and OTA: the right mix in distribution channel investments - Insights - 0 views

insights.ehotelier.com/...stribution-channel-investments

channel website insights distribution mix

shared by dyaniroberts on 26 Jan 20 - No Cached
  • Here is a summary of the trends in three online distribution channels used in the hospitality industry: websites, Global Distribution Systems (GDS), and online travel agents (OTAs).
  • The Internet has made marketing more measurable and accountable with different metrics and analytics that show the contribution of marketing to the bottom line. The most critical measures of marketing are the customer acquisition cost (CAC) and the customer lifetime value (CLV), which at times can be difficult to understand and quantify.
  • The CAC is the price a hotel pays to acquire a new customer, which can have a significant impact on RevPAR performance and asset value growth. The CLV is a prediction of the value a business will derive from its entire relationship with a customer.
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  • CAC = Marketing Campaign Costs/Total Customers Acquired
  • CLV = Gross profit from all historic purchases for an individual customer
  • f managed skillfully, the hotel’s website could yield the lowest CAC and the highest CLV as it permits the hotel to have a direct interaction with the customer which could lead to a long-term relationship.
  • Each online distribution channel plays a different role in the hotel’s marketing program:
  • The hotel website is the most critical marketing tool because it can deliver a message that is both relevant and appealing to the target customer.
  • A responsive web design provides an optimal viewing experience by adapting the website to mobile phones, desktop computers, and tablets. A responsive design is an advantage because a wide range of devices are used to make hotel reservations.
  • This could be a significant advantage for a hotel considering that mobile bookings have increased by 42% in the last two years, accounting for 25% of total bookings made in the Americas, as reported by TravelClick.
  • hotel website that contains relevant, unique, engaging, and accurate information will be able to dominate SEO.
  • Online Travel AgentsThis channel has the highest cost for hotels given the bidding process and the commission structure in place, typically amounting to 15% to 30% of revenues generated.
  • Branded hotels typically have agreements and commission structures in place with different OTAs.
  • Most OTAs feature a pay-per-click sponsor listing through a bidding process that typically ranges from $0.25 to $2.00 per click, depending on the market.
  • Each OTA uses a slightly different algorithm to position and rank hotels in the results screen. Regardless of the OTA used, hoteliers should implement the following techniques to position their hotel with the highest possible ranking:
  • The more information we know about customers, the more we will understand how to attract them to hotel properties. Hoteliers need to understand the electronic distribution environment and develop a comprehensive pricing strategy to maximize revenue and profit. Maximizing profitability can only be possible by extracting intelligence on the day-by-day activity of these channels and analyzing the possible displacements.
  • It is important for hotels to ease the booking process for travel agents by including the right type of information and rates in the GDS, and by keeping hotel information current, including all attractions and points of interest that attract guests.
  • Measuring the distribution channelsDemand360 is a market intelligence tool from TravelClick that provides exclusive information and in-depth reports on projected future demand for a hotel’s specific competitive set.
  • GDS provide pricing, availability, and reservation functionality to a world-wide market of consortia, who can book airline, car, hotel, and other travel arrangements for their customers.
  • dyaniroberts on 26 Jan 20
     
    Hotels rely on the information that is accessed through different intermediary systems that give each property information on their customers, as well as insight on their comp set. OTAs play a key role in assisting properties generate revenue, they have different processes in place such as pay per clicks or commissions involved when bookings are made through their websites. Marketing plays a key role in both OTAs and a properties direct website. Websites must be user friendly, easily accessible and have the ability to function on a mobile device. Majority of bookings are made online and and increasing amount are being made through a mobile device. Ensuring that each of these platforms creates a welcoming environment for each potential guest maximizes the chances of them booking.
dyaniroberts

6 New Event Technology Ideas Our Experts Are Excited About | ITA Group - 1 views

www.itagroup.com/...-our-experts-are-excited-about

technology hospitality software business

shared by dyaniroberts on 20 Jan 20 - No Cached
  • 6 New Event Technology Ideas Our Experts Are Excited About
  • 1. Capturing More Data Means a More Personal Experience
  • the true power of acting on attendee data can start to reverberate in the event industry.
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  • he more data we can capture about the event attendees from the moment they heard of the event, to registration all the way through post event, the better we can create an event that meets and exceeds their needs. In turn, we can sort event data and pick out 'ideal attendees' to pinpoint what marketing tactics were most effective and how we can better attract those types of attendees to future events.”
  • radio-frequency identification (RFID) technology, which can unlock immense value to the attendee, organizer, as well as company
  • Attendees can scan their band to check into the event, reducing check-in times to mere seconds; they can use their band to indicate interest in a product or service, engage in social activations (an RFID-activated ‘virtual bartender’ is my personal favorite), purchase items or scan into sessions, to name a few things. Organizers can conserve show floor space
  • RFID bands can help to uncover incredibly meaningful data about how attendees felt about not only the conference itself, but all kinds of small aspects of the conference. These can be useful for conference follow-up, but can even be used in real-time by integrating back to Salesforce or Marketo.”
  • Reality Bites: Looking to Virtual and Augmented Reality
  • We take an already cool experience and elevate it by making an attendee feel like they are actually in a virtual environment. Pushing the boundaries even further, we take the concept and capabilities of VR and combine it with physical elements to create a completely new environmental experience in real-time—which now brings in the AR component.
  • New advances in event technology stand to transform every element of the industry from snoresville to spectacular. The result will be truly personalized, deeply interactive and intensely meaningful brand experiences for each and every attendee
  • AI will allow us to understand our participants and tailor their event experience to meet their needs and surprise and delight them with experiences that are tailored specific to them. I'm also excited to see how facial recognition will impact our experiences onsite.
  • dyaniroberts on 20 Jan 20
     
    This article shared the technological advances that are being made in the event industry to create better experiences for attendees. Through the use of AI, Virtual reality, and RFID, companies are utilizing these tools to collect data at events. The information collected allows companies to improve their events, narrow down their target markets, and get a feel for what their attendees are actually interested in.
dyaniroberts

6 Event Tech Innovations That Will Change the Industry - 1 views

www.meetingstoday.com/...changing-event-tech-highlights

technology hospitality tech events

shared by dyaniroberts on 13 Jan 20 - No Cached
  • 6 Event Tech Innovations That Will Change the Industry
  • “Datakalab is a neuroscientific way of reading audience members’ expressions—it’s really interesting,”
  • In a meeting or event setting, the best part is seeing how attendees are truly reacting to what a presenter is saying
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  • Doob takes 3D to a new level by applying it to people and even animals
  • cameras capture dozens of images from all angles and the data is used to create a 3D replica, which is like an action figure,
  • This is something planners could even do as a creative thank-you presentation or as CEO gifts.
  • AI Robots at Meetings
  • Artificial intelligence robots debuted a few years ago, and they have started debuting at tradeshows and conventions
  • “They have facial expressions and can have full conversations with you. There are endless ways they can be used at events. They are becoming so popular,
  • G-SMATT is a fully transparent LED glass that allows event producers to create a full 360-degree program that combines the physical and digital worlds to immerse guests in a brand’s message in a unique and entertaining way.
  • The technology can display digital artwork, create augmented reality and holographic visuals, and even allow guests to play interactive games. It can be a building block for everything from tradeshow booth structures to the outside of skyscrapers.
  • “Visual Comet creates incredible LED tunnels and bar [displays], for example,” Cerbelli said. “The visuals and branding possibilities are fantastic with the imagery you can bring to life.
  • dyaniroberts on 13 Jan 20
     
    This article breaks down several different items that are key players in the future of event technology. In the events industry, there are so many things that can be used to impact the guest/attendee experience. The technology innovations that are headed our way and gearing us into the right direction in executing successful, interactive and insightful meetings and events.
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