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krehman

Three Ways to Overcome Hotel Accounting Challenges - 0 views

lodgingmagazine.com/me-hotel-accounting-challenges

business hotel solution

shared by krehman on 03 Jun 18 - No Cached
  • Managing payroll is a constant challenge, so it’s critical for hoteliers to have a way to monitor daily labor costs, manage overtime, oversee daily payroll transactions, and have access to simple reporting functions.
  • Adopting a cloud-based reporting system can offer seamless labor monitoring and management from clock-in to paycheck while giving hoteliers on-demand management of earnings to manage transactions in real time.
  • Hoteliers may have a difficult time deciphering what story the data is telling and which levers to pull to remedy an issue or to replicate success. Business intelligence and analytics tool can point to where efficiencies can be improved and how to best reduce expenses.
  • ...7 more annotations...
  • Adopting an operations management platform that allows hoteliers to import data into one centralized dashboard combines critical accounting and performance data to aid hoteliers in identifying trends and making more informed decisions.
  • Hoteliers must expect the best but prepare for the worst and have a back-up accounting team in place ready to resume operations in the event of a disaster.
  • While increased corporate travel demand and a healthy economy paint a rosy picture for the hotel industry, the report also warns that the lodging ecosystem is vulnerable to threats from multiple fronts.
  • These unique challenges require hotels to be nimble, educated, and equipped with the latest technology to streamline processes and drive financial performance.
  • Hotels live or die on the ebb and flow of fluctuations in their business.
  • hotel-specific accountants can scale on demand to offer the needed expertise and ramp up quickly.
  • Because the hotel industry has a very specific set of needs, it is imperative for hoteliers have the right tools to navigate today’s challenges. The global travel industry shows no signs of slowing down any time soon, so hotels must incorporate cutting-edge technology to streamline operations, optimize labor management, and access critical data while preparing for the next unexpected event.
  • mkim001 on 03 Jun 18
     
    This particular article on hospitality and tourism accounting states that the global travel industry is expanding at an accelerated rate. Although there are high demands in corporate travel and high level of satisfaction in the economy, the ever growing industry is vulnerable to many risks given by its consumers. Just as much as the guests utilizing these hospitality services are becoming more pressing towards great prices and expressing concern in the quality of service they receive, hotel businesses are adamant about increasing awareness in cost and profit. To balance all these exclusive challenges, hotels are insisting on being educated and equipped with the most up-to-date technological advances to keep up with the ever demanding industry. With this in mind, the article states three methods to conquer the challenges faced today. The first method is to utilize a cloud based system to keep track of all the innumerous activities present to keep the business running. Due to the fact that a hotel is run by an overflowing amount of employees, all with different jobs and tasks, all using different systems respective to their departments, and require several types of pay (part-time, full-time, tipped employees) methods, it is a challenge to keep things efficient without a proper system. This is the reason why the article recommends using a cloud based system to keep track of the daily labor costs, overtime management, daily payroll transactions, and incorporate easy accessibility to reporting functions. The cloud based system will be beneficial in keeping everything in record beginning from the moment an employees clocks in to the end where they receive their paycheck, as well as, the ability to manage transactions. The second method is to centralize all the various sources of data. Hotels have a countless amount of data being stored. That can range from guest satisfaction satisfaction survey and comment reports, PMS data, to financial reports. With all these busy ac
  • ...3 more comments...
  • itzdchang on 10 Jun 18
     
    The hospitality industry today is said to be one of the fastest growing sectors in the world, as demands for travel accompanied by a healthy economy has pushed a flourishing industry. As the industry grows, businesses are having to become more cost/profit-conscious while maintaining an increased importance on price, quality, and level of service, all the while sustaining a profitable organization. The article states that business owners are relying more on financial data to ensure maximum efficiency and profitability out of each and every contract. The article goes on to discuss three new smart-technology accounting solutions for various industry challenges. Cloud-based reporting systems are beneficial as the hospitality industry has many different waged employees that make payroll challenging; cloud-based systems make monitoring and managing staff significantly easier. With all of the varying data that the hospitality industry finds necessary, it is often easy to be overwhelmed with data/numbers. Data from one source may indicate trends in one direction while data from another source may contradict. Operations management platforms can be put into play that can decipher through the data and find out the important details like what efficiencies can be improved and how to best reduce expenses. These platforms combine critical accounting and performance data to benefit business owners by identifying trends and aiding better informed decisions. Lastly, the article finishes with how the hospitality industry can be unpredictable and that back-up accounting teams may be necessary in times of distress.
  • aycasa on 30 Jun 18
     
    This article mentions way to overcome hotel accounting challenges. The article mentioned that technology has been helping the industry increase revenue, minimize cost, and maximize profit without affecting the quality of the service. One of the ways the author mentioned was to use cloud-based reporting for labor. Hotels have many employees working at all different times of the day and their pay rate varies, therefore it is much easier to monitor labor cost, have employees clock in electronically, and complete payroll having an electronic accounting system. Another way is to centralize multiple data sources. "Hoteliers may have a difficult time deciphering what story the data is telling and which levers to pull to remedy an issue or to replicate success. Business intelligence and analytics tool can point to where efficiencies can be improved and how to best reduce expenses." As a manager, its easier to monitor all your reports on one page making it easier to point out the areas that need improvement. Lately, having back-up accounting teams is a smart idea. Hotels are 24/7 hour establishments that host rooms for the needs of many people. In case of a natural disaster, the hotel must have a team ready to tackle the challenges on making room for those guests in need. "The global travel industry shows no signs of slowing down any time soon, so hotels must incorporate cutting-edge technology to streamline operations, optimize labor management, and access critical data while preparing for the next unexpected event."
  • csendra004 on 01 Jul 18
     
    MOD 9: This article is about how hotels are able to overcome accounting challenges within their industry. According to the article, the travel industry on a global scale is one of the fastest growing industries. While this is great news for the hospitality industry, the lodging sector is prone to vulnerability from trying to stay competitive while being cost and profit conscious and providing customized service. With these challenges, this article discloses three ways hotels can attempt to overcome them and they include cloud-based reporting for labor, centralize multiple data sources, and back-up accounting teams. When managing hotel staff, there are some challenges in overseeing that employees are compliant to their schedule, managing payroll and monitoring labor costs for each department. Implementing a cloud-based labor reporting system could help alleviate those challenges. A similar example would be like ADP, my own property uses this system to monitor labor costs as well as manage payroll and scheduling issues. With implementing multiple centralized data sources, it helps hoteliers to easily identify trends and help make more informed decisions based on the data shown from their data sources. With any property, it is always in their best interest to prepare for worst case scenarios which could be a natural disaster as an example. By establishing a back-up accounting team, hoteliers will be able to make more informative decisions with their back-up accounting team to match the changes of the industry after events like a natural disaster.
  • dtrak002 on 23 Sep 18
     
    The article discusses how hotels can overcome accounting obstacles. Firstly managing payroll is cumbersome, so a cloud-based reporting system can provide an easy way to monitor labour and manage overtime, and daily payroll transactions. Secondly, hotels have a difficult time to read data as data can come from a huge variety of sources: STR reports, PMS data, satisfaction surveys, comments. Hotels need a centralized dashboard which combines all critical accounting and performance data to assist hotels in making better decisions. Lastly, the article talks about hotels needing a back-up accounting team in case of disasters. In-house accounting teams may not be able to tackle on one-time event disasters and there must be a back-up team in place in times of urgency. The author, Scott Watson, executive vice president of sales and marketing at a cloud-based financial platform, sees that hotels are becoming more "cost and profit conscious" and I agree with him. Technology solutions are what hotels are craving right now to increase revenue, minimize costs, and maximize profits without sacrificing service quality.
  • krehman on 11 Feb 19
     
    This article helps guides hotels in how to overcome challenges when it comes to the accounting department in any situation that deals with staff tracking, how to decipher intricate data, and what to do in emergencies. The article details the usefulness of the Cloud and keeping track of staff members that are FOH and BOH that are both hourly and salary. That the accounting department could simply look them up in the cloud rather than searching through paperwork to understand exactly what their role is in the hotel and pay them accordingly. The article also goes over how having multiple centralized data sources can help accountants understand information from reports, guest satisfaction questionnaires, and other forms of reporting to pinpoint exactly what needs to be changed to become more efficient in the company. Lastly, the article covers how having back up accounting teams could be a definite positive just in case of emergencies (i.e. weather) so accounting can still be in progress no matter what situation occurs and the hotel can run smoothly.
krehman

Impact of E-commerce on the Hospitality Industry - 0 views

www.ukessays.com/...merce-hospitality-industry.php

hospitality technology business travel

shared by krehman on 31 Jan 13 - No Cached
  • E-commerce solutions are varied, and seller, buyer compatibility with it is necessary to work with a chosen one.
  • It facilitates local community access to tourism market and minimises the financial information leakage. It links local communities and hospitality industry directly with the tourists. It could help building up local finance along with the national foreign exchange. It increases small enterprises by directly marketing the local products and industries anywhere in the world.
  • t monitors, evaluates, creates faster transactions, empowers the participating communities, makes information interchangeable through organised and flexible web services. It
  • ...16 more annotations...
  • he hospitality industry and leisure industries are widely regarded as being extremely competitive and fast moving.
  • It facilitates local community access to tourism market and minimises the financial information leakage.
  • E-Commerce has brought revolutionary changes in tourism and hospitality industry.
  • Local communities get a direct share in the income while traditional cultures, social structures of the hosts get appreciated and extraordinary skills make a come back.
  • More information leads to more influx of tourists that might result in environmental imbalance and deprivation of local livelihood, creating a long-term crisis for locals.
  • Hospitality is a booming industry all over the world today and through Internet, selling their hotels, facilities offered, picturesque backgrounds, food, comforts, cultural attractions, social functions, religious peculiarities are showcased without much expense or difficulty.
  • ation details, with other much needed competitive and quality information. Through Hospitality industry, it develops economies, improves trade competitiveness, expands scope and arena, and facilitates people to have direct access to the marketing destinations.
  • It monitors, evaluates, creates faster transactions, empowers the participating communities, makes information interchangeable through organised and flexible web services.
  • Yes, there are many. It gives unnecessary and complete personal information of the tourist, which might not be appreciated in an underdeveloped part of the world.
  • Hospitality industry has to be thoroughly aware of its own labour market and its problems.
  • Economic, social and technological factors have created a highly competitive business environment in which customers are becoming more powerful, Turban and King (2003, p.25). The highly professional search machines make this possible for them.
  • becoming a steadily bigger part of life without our realising it.
  • E-commerce website should offer a stimulating experience with reliable information that could motivate the customer. Easy Channelling and navigating the customers to full portfolio of all necessary and essentially correct information is very important.
  • It is essential to keep in mind the local environmental sensibilities. Applying the concept of e-commerce for tourism and hospitality has become the most natural outcome in recent years.
  • They could directly talk, write, book and pay for their stay much in advance, with all information about reaching, being welcomed, how and where, meeting points, weather, forecasts, dangers, attractions and day-today itineraries intact with them months in advance.
  • Internet can offer buyer-seller information, eliminate expenses, improve business, and can give clear loc
  • yongwei hao on 31 Jan 13
     
    Face of consumerism through e-commerce has radically changed in the last few years. Buying or selling through Internet and online shops depending on websites, has become an ordinary part of consumer life today. Higher expectations, less tolerance, more demanding and choosy customers are becoming more common. 
  • lin liu on 31 Jan 13
     
    With the development of society, economy as well as technology, customers are becoming more powerful, they have higher expectations, less tolerance, more demanding. In this situation, high quality and professional E-Commerce is needed in more fields. E-commerce solutions are varied, which provide the buyers, sellers, providers more opportunities to run business activities efficient. Revolutionary changes have occurred in tourism and hospitality industry by E-Commerce. In recently years, more agents and organization make the applying of E-Commerce as one important choice to be outstanding. It owns many valuable advantages. It facilitates agent access to market and minimizes the financial information leakage. It provides any agents chances to connect market all over the world. When travelers arrival the destinations, they need huge information, service, facilities, market cash and so on, which all can be obtained by internet. And also, for Hospitality industry, it develops economies, improves trade competitiveness, expands scope and arena, and facilitates people to have direct access to the marketing destinations. What is more, it monitors, evaluates, creates faster transactions by the flexible web services. Thus all the process can be created, facilitated, and monitored by E-Commerce. Absolutely, there are also many disadvantages in E-Commerce. Some information in it may be incorrect or unnecessary. People give important information via internet, so the security problems can't be avoided at any time. If over population come to the destinations, customers may not satisfy the service or the local nature may be damaged. Hospitality industry has to be thoroughly aware of its problems.
  • krehman on 25 Jan 19
     
    This article tackles what E-commerce is in relation to businesses all of the world in the modern day but especially what is occurring in the hospitality industry. How now a days many people are looking to book travels online and the specificity's they are looking for can be featured through the internet. Through these websites provided by companies bookings could be made directly without a third party making the plans or making payments from customers. What's most interesting about this article is about is how it is self realizing and it also highlights the negatives e-commerce can have with the consumer (i.e. too much information given about a destination). But, it does tie in the end how it is a very positive step forward for all business alike and can create more revenue than before e-commerce existence.
knare002

Hawaii's long and winding road to sustainable tourism | GreenBiz - 0 views

www.greenbiz.com/...nding-road-sustainable-tourism

shared by knare002 on 19 May 19 - No Cached
  • "The entire travel and tourism industry is going to rely on being sustainable," Foster said during a plenary conversation at VERGE Hawaii. "Being sustainable economically, ensuring that local communities benefit and being sustainable environmentally."
  • The Hawaii Tourism Authority (HTA) already publishes monthly figures about occupancy, visits to parks and attractions, and other metrics. Nishizaki asked: Why not start sharing data about the carbon footprint, water usage, energy efficiency or local procurement strategies of hotels, resorts and rental car companies? Hotel property managers and local residents should be far more aware of these figures, he argued. This could be accomplished by displaying metrics on signage in hotel lobbies or at public attractions, for example.
  • Tourism is Hawaii’s biggest industry: more than 9.4 million people visited the islands in 2017, generating $16.8 billion in spending, according to HTA data. "The economy of this place is completely dependent on being a place that is welcoming and in demand by tourists," observed Hawaiian Airlines CEO Peter Ingram.
  • ...1 more annotation...
  • And in April, Hawaiian Airlines began a collaboration with Raw Elements, which makes sunscreen specially formulated to not damage coral reefs. The chemicals oxybenzone and octinoxate, which show up in most of the world’s leading sun protection products, are toxic to many corals. Hawaii has banned those ingredients starting in 2021, and Hawaiian Airlines is showing in-flight educational videos meant to highlight this issue with would-be snorkelers, swimmers and scuba divers.
  • knare002 on 19 May 19
     
    The article reports the state of Hawaii's hospitality and tourism industry is beginning to become more aware of how going green initiatives will effect the economy in a positive way. A management member of a consulting firm stated the efforts the hospitality and tourism industry need to be known to the community, guest and the staff of the hotels. He feels the research, figures and strategies need to be posted so everyone understands their role in the advancement of the states main industry's desire to become more sustainable. Hawaiian Airlines along with various hotels are reducing waste and sourcing more local items with in their outlets.
sherylvelazquez

First Mover Advantage - Benefits & Drawbacks of Being First - 0 views

corporatefinanceinstitute.com/...first-mover-advantage

shared by sherylvelazquez on 04 Feb 20 - No Cached
  • The first-mover advantage refers to an advantage gained by a company that first introduces a productAccountingOur Accounting guides and resources are self-study guides to learn accounting and finance at your own pace. Browse hundreds of guides and resources. or service to the marketMarket EconomyMarket Economy is defined as a system where the production of goods and services are set according to the changing desires and abilities of the market players. This allows the market to operate freely in accordance with the law of supply and demand, set by individuals and corporations, as opposed to governments..
  • strong brand recognition and product/service loyalty before other entrants.
  • irst-mover advantage only refers to a large company that moves into a market.
  • ...5 more annotations...
  • Advantages of Being a First Mover
  • First movers can make their technology/product/services harder for later entrants to replicate
  • control strategic and/or scarce resources.
  • it may seem inconvenient for consumers to switch to a new brand.
  • Disadvantages of Being a First Mover
  • sherylvelazquez on 04 Feb 20
     
    This article discusses the advantages and disadvantages of being a First mover. A first mover is a company that introduces product first. First mover advantage is mostly for large companies and being first gives them different benefits like brand recognition and loyalty.
vmorr026

POS Terminal Market:Transparency Market Research - 1 views

www.transparencymarketresearch.com/...t-of-sale-terminals-market.htm

shared by vmorr026 on 21 Sep 17 - No Cached
  • Demand for Enhanced Services from Savvy Consumers Boosts Mark
  • The rapid growth of the retail and hospitality sectors in developing economies have had a profound impact on the growth of POS terminal market. Small and medium sized retailers and quick service restaurants in the emerging economies of China and India are increasingly adopting POS solutions for enhanced customer experience. With the entry of retail giants such as Wal-Mart to emerging economies, the demand for POS solutions is further expected to rise. Therefore, Asia Pacific is expected to display significant growth with the leading CAGR over the forecast period. The growth of the market is further supplemented with the rising adoption of mobile POS in retail and hospitality sectors as they are more systematic and allow prompt processing of credit. Further, it offers ease of use, as any tablet or mobile can be remodeled into mobile POS by simply fastening a reader to it. Thus, mobile POS terminal are expected to experience high growth over the coming years. Furthermore, advancements in POS terminal systems, in recent years, such as real time analytics features is working in favor of the growth of the market. Last but not the least, compliance requirements such as Europay, Mastercard, and Visa (EMV) are driving the growth of POS terminal market as they are ensure enhanced security of payments. The information presented is based on the findings of a report by Transparency Market Research, titled “POS Terminal Market (Product Type - Fixed POS Terminal, Wireless and Mobile POS Terminal; Component - Hardware and Software; Application - Restaurant, Hospitality, Healthcare, Retail, Warehouse/Distribution, and Entertainment) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025.”
  • The global POS terminal market is segmented as follows: POS Terminal Market, by Product Type Fixed POS Wireless and Mobile POS POS Terminal Market, by Component Hardware Software POS Terminal Market, by Application Restaurant Hospitality Healthcare Retail Warehouse / Distribution Entertainment Others (Field Service, Government, Transportation, etc) POS Terminal Market, by Geography North America Europe Asia Pacific MEA South America
  • vmorr026 on 21 Sep 17
     
    The topic mainly implies on how well POS system integrate and how useful it is in the industry from small to large business entities. The market growth definitely rely in the point of Sale system as they adopt the flow and the advancements which is mainly beneficial to hospitality industry. As it has been pointed out on the demand for enhancement applicable to the industry's tech savvy customers. It features it's functionality, convenience, as well as the use of different type of devices. It also entails a well detailed information with all the product types, components, application and geography. Although the research gives us a standard basis on its uses and functions but it gives ideas that the system is a demand as technology evolves quickly in business. POS function so well that it helps boost the market, and the hospitality's revenue. It also focuses not only for the easy use, but also assist associates when it comes to accuracy and efficiency to improve customer service. It is also good to know that implementation of the compliance requirements to ensure safety and security will not be disregarded as they enhance further.
taurus1313

What Is Cloud Computing? A Beginner's Guide | Microsoft Azure - 0 views

azure.microsoft.com/...what-is-cloud-computing

technology Software hospitality

shared by taurus1313 on 02 Sep 18 - No Cached
  • Top benefits of cloud computing Cloud computing is a big shift from the traditional way businesses think about IT resources. Here are seven common reasons organizations are turning to cloud computing services: Cost Cloud computing eliminates the capital expense of buying hardware and software and setting up and running on-site datacenters—the racks of servers, the round-the-clock electricity for power and cooling, and the IT experts for managing the infrastructure. It adds up fast. Speed Most cloud computing services are provided self service and on demand, so even vast amounts of computing resources can be provisioned in minutes, typically with just a few mouse clicks, giving businesses a lot of flexibility and taking the pressure off capacity planning. Global scale The benefits of cloud computing services include the ability to scale elastically. In cloud speak, that means delivering the right amount of IT resources—for example, more or less computing power, storage, bandwidth—right when they’re needed, and from the right geographic location. Productivity On-site datacenters typically require a lot of “racking and stacking”—hardware setup, software patching, and other time-consuming IT management chores. Cloud computing removes the need for many of these tasks, so IT teams can spend time on achieving more important business goals. Performance The biggest cloud computing services run on a worldwide network of secure datacenters, which are regularly upgraded to the latest generation of fast and efficient computing hardware. This offers several benefits over a single corporate datacenter, including reduced network latency for applications and greater economies of scale. Reliability Cloud computing makes data backup, disaster recovery, and business continuity easier and less expensive because data can be mirrored at multiple redundant sites on the cloud provider’s network. Security Many cloud providers offer a broad set of policies, technologies, and controls that strengthen your security posture overall, helping protect your data, apps, and infrastructure from potential threats.
  • pelaez17 on 02 Sep 18
     
    If anybody here is interested to learn even more about cloud computing this is the perfect guide for you. It gives you a breakdown of the cost, pros and cons and much more. This article is also by microsoft which is a top 2 technological company on earth. It is a very educational post that will increase your knowledge on cloud computing and what the future holds for this interesting form of storage and information.
  • taurus1313 on 24 May 21
     
    Top benefits of cloud computing Cloud computing is a big shift from the traditional way businesses think about IT resources. Here are seven common reasons organizations are turning to cloud computing services: Cost Cloud computing eliminates the capital expense of buying hardware and software and setting up and running on-site datacenters-the racks of servers, the round-the-clock electricity for power and cooling, and the IT experts for managing the infrastructure. It adds up fast. Speed Most cloud computing services are provided self service and on demand, so even vast amounts of computing resources can be provisioned in minutes, typically with just a few mouse clicks, giving businesses a lot of flexibility and taking the pressure off capacity planning. Global scale The benefits of cloud computing services include the ability to scale elastically. In cloud speak, that means delivering the right amount of IT resources-for example, more or less computing power, storage, bandwidth-right when they're needed, and from the right geographic location. Productivity On-site datacenters typically require a lot of "racking and stacking"-hardware setup, software patching, and other time-consuming IT management chores. Cloud computing removes the need for many of these tasks, so IT teams can spend time on achieving more important business goals. Performance The biggest cloud computing services run on a worldwide network of secure datacenters, which are regularly upgraded to the latest generation of fast and efficient computing hardware. This offers several benefits over a single corporate datacenter, including reduced network latency for applications and greater economies of scale. Reliability Cloud computing makes data backup, disaster recovery, and business continuity easier and less expensive because data can be mirrored at multiple redundant sites on the cloud provider's network. Security Many cloud providers offer a broad set of policies, technologies, and c
Lymaris Collazo

REPORT: STATE OF HOTEL INDUSTRY SIX MONTHS INTO COVID PANDEMIC | AHLA - 0 views

www.ahla.com/...stry-six-months-covid-pandemic

industry hotel pandemic research Technology hospitality travel economy

shared by Lymaris Collazo on 27 Sep 20 - No Cached
  • The American Hotel & Lodging Association (AHLA) today released an analysis on the economic and human struggle  of the hotel industry six months into the COVID-19 pandemic, with millions of employees still furloughed or laid off and travel demand lagging far behind normal levels.  
  • Key findings of the report include: Four out of 10 hotel employees are still not working. Almost two-thirds (65%) of hotels remain at or below 50 percent occupancy, which is below the threshold at which most hotels can break even and pay debt. Consumer travel remains at all-time low, with only 33 percent of Americans reporting they have traveled overnight for leisure or vacation since March and just 38 percent saying they are likely to travel by the end of the year. Urban hotels are suffering the most and facing collapse with cripplingly low occupancies of 38 percent, significantly below the national average. COVID-19 has left hotels in major cities across the country struggling to stay in business, resulting in massive job loss and dramatically reducing state and local tax revenue for 2020 and beyond.
  • “While hotels have seen an uptick in demand during the summer compared to where we were in April, occupancy rates are nowhere near where they were a year ago. Thousands of hotels can’t afford to pay their mortgages and are facing the possibility of foreclosure and closing their doors permanently,” said Rogers.
  • ...1 more annotation...
  • As a result of the sharp and sustained drop in travel demand, industry leaders say hotels are now facing the harsh reality of deciding whether to close their doors permanently.
  • Lymaris Collazo on 27 Sep 20
     
    In this article you will find a analysis released by The American Hotel & Lodging Association (AHLA) which states the crisis of the hotel industry during this past 6 months and how sales have been declining and the results of this in the Amercian economy.
kelseybarton

Coronavirus - Considerations for Hospitality Accounting | PKF O'Connor Davies - 2 views

www.pkfod.com/...ons-for-hospitality-accounting

hospitality accounting

shared by kelseybarton on 24 Sep 20 - No Cached
  • kelseybarton on 24 Sep 20
     
    (1 of 2) PKF O'Connor and Davies published an article at the beginning of the pandemic laying out how important hospitality accounting is and what accounting teams need to be cognizant of during a time that is very uncertain. The article states, "The COVID-19 pandemic has resulted in substantial volatility in the global economy. The coronavirus outbreak has had ‒ and will continue to have ‒ an adverse effect on the results of operations of those companies operating in the hospitality and tourism industry." The article warns that as more information emerges about the disease, the industry will continue to be impacted in everyday decisions and operations. The article also states, "a company's management should be considering the possible effects on future results of operations, cash flows, and financial condition," along with many other important operating items. A business owner needs to be concerned with the "going concern" and making sure that they can keep their financials stable enough to continue business. Businesses also need to worry about the effect of the closure on their long-lived assets and being able to continually comply with loan and mortgage covenants. While many businesses are relying on the ability to work from home, the hospitality industry needs to make sure they are taking a look at internal controls over financial reporting as well. Finally, businesses need to be thinking about the future and subsequent event disclosures.
  • kelseybarton on 24 Sep 20
     
    (2 of 2) We are in very uncertain times right now with the Covid-19 crisis. PKF is making sure businesses are looking at the bigger picture and considering their businesses as a whole, while also taking into consideration what a business may need to do to preserve operation for the future. Unfortunately, the hospitality industry has been devastated because of the effects that the virus has had on the economy and many businesses have had to close their doors. Other businesses have gotten very creative in the way they are functioning, and if businesses can continue to adapt and introduce new ideas, they may be able to settle their accounts and make it through this terrible time.
lwu014

Technology in 2025: Prepare for the fourth industrial revolution | Pluralsight - 0 views

www.pluralsight.com/...tech-in-2025

technology hotel hospitality

shared by lwu014 on 26 Oct 20 - No Cached
  • lwu014 on 26 Oct 20
     
    10 technologies that will transform the global economy by 2025
teresastas

5 Reasons Why You Need A Travel Agent - More Than Ever - 0 views

www.forbes.com/...d-a-travel-agentmore-than-ever

shared by teresastas on 09 Sep 21 - No Cached
  • The major search sites routinely leave out flights (lots of them) and even entire airlines. A lot of the flights they do show are ones you don’t want, starting with “basic economy” fares that hit you with tons of restrictions and fees, so the price you see isn’t the one you end up paying, along with connections way too short or way too long, ones that no responsible travel agent would let you book.
    • teresastas
      teresastas on 09 Sep 21
       
      This is a very good point that is often overlooked. Southwest Airlines is one of those who do not publish their fairs on most of these OTA searches.
  • The reality is that while it was widely predicted that the internet was going to kill off travel agents when digital tools were placed at every traveler’s disposal, that just hasn’t happened, for several good reasons.
  • “They can find crazy deals”; “They will be your advocate”; “They’ll take care of the little things”; “They’re true experts” and “They don’t usually cost extra.”
    • teresastas
      teresastas on 09 Sep 21
       
      I think that the general public believe that TA's cost extra to use. For the most part that isn't true...unless it's a cooperate travel.
  • ...15 more annotations...
  • Travel agents are a thing of the past - they primarily booked tickets and beds. Travel advisors have taken on a much more complex role - part psychologist, life coach, executive producer, concierge, fixer, dream maker, and ‘Blink Blink’ genie, with the multitude of services that they provide.
  • Anything that causes cancelled flights (or cruises, etc.) means hassles, but the people who get through this process the most smoothly and the ones who get rebooked first and get the few available seats out of Dodge are usually the ones who used a travel agent. It’s that simple. First off, you actually have someone to call, versus long lines at banks of airport phones masquerading as “help desks.” But good agencies are constantly monitoring their clients’ flights and they usually know about your problem before you do - and often have a resolution before you even call them.
    • teresastas
      teresastas on 09 Sep 21
       
      They make a good point about having someone to call.
  • Expertise: No one knows everything about travel, no matter how deeply they are involved in the industry.
    • teresastas
      teresastas on 09 Sep 21
       
      Reason #2: Expertise
  • Emergencies: This is the one most applicable to the average occasional travel.
    • teresastas
      teresastas on 09 Sep 21
       
      Reason #2: Expertise
  • It is important to remember that these advantages are not just for luxury travelers. Good travel advisors do not just know what the best hotel is, they know what the best hotel is for you and your budget and can help you find the right fit.
  • Connections: Whether you are trying to book space at a coveted 8-villa safari lodge in Africa or get a room in a top Paris hotel during Fashion Week, most hoteliers keep emergency inventory and guess who gets it? The travel advisors they have known for years who book a lot of guests and send them a lot of business.
    • teresastas
      teresastas on 09 Sep 21
       
      Reason #3: Connections
  • “Travel advisors provide our clients with access: access to people, places, and experiences that could never be replicated, much less imagined. A great travel advisor has invested time and relationships in creating their ‘black book’ of contacts and relationships, so that when their clients travel, they are treated as a VIPs, not just a credit card number.” In my experience, everyone likes being treated like a VIP.
    • teresastas
      teresastas on 09 Sep 21
       
      I think this lends itself to who your travel agent is and what they are most experienced in. I couldn't agree that all travel agents are going to give their clients VIP experiences.
  • “Information overload, thousands of new hotels on the scene, all sorts of new cruise ships, passport and visa issues, weather, transit strikes, political unrest, natural disasters, travel insurance, travel providers going out of business, it’s never ending. How does one navigate all of this? To avoid the travel landmines that lay in front of you, you need to get a great travel advisor!
  • Extras: When you get more than you expected for the same price, that’s a great deal, and with travel advisors this happens all the time.
    • teresastas
      teresastas on 13 Sep 21
       
      Reason #4: Extras
  • “The millennial generation specifically may have seen their parents use a travel advisor, but don’t feel like they need one - until they are deep in the spiral of research. By shifting gears to planning with an expert, they feel liberated from the immense pressure of choosing the ‘best’ resort - because we’re cutting through the noise of all the conflicting opinions they’re seeing online.
    • teresastas
      teresastas on 13 Sep 21
       
      This is a great point. I know first hand that when booking an actual vacation it can be so much easier to have an expert weed out the options they know won't work for you.
  • Air: If you are trying to buy the cheapest round-trip economy ticket from New York to Dallas, even the best advisors probably can’t get it for less than you can buy it online, though you still have to deal with all the pitfalls of the online travel sites and you will lose the safety net advisors provide when things go wrong. But in a couple of other cases, buying your air through an agent can actually save you money, or miles, or both.
    • teresastas
      teresastas on 13 Sep 21
       
      Reason 5: Air Fare You will usually be able to find the cheapest economy online but there are times when a travel agent might be able to save you fees on airlines.
  • It just doesn’t seem possible, but it is, real tickets, same airline, better seats, less money. I don’t know how they do it, and frankly I don’t care, but if you know who to call this happens all the time (if you are not a client of SmartFlyer booking your vacation or business trip, they will charge you a fee to do the legwork and find you great deals on premium and mileage tickets, but in almost every case I’ve seen, it still saves you money).
    • teresastas
      teresastas on 13 Sep 21
       
      This is a great travel tip!
  • Better Trips! At the end of the day this is the bottom line, the big win you get with a good travel advisor. They know more than you do, they are better connected, they have access to benefits you can’t get yourself, and they can match and often beat any prices you find. They plan a better trip and then provide a safety net.
    • teresastas
      teresastas on 13 Sep 21
       
      Reason number 6: Better Trips Your trip is better all around when you use a good travel advisor!
  • Travel advisors take the overwhelming amount of information out there and distill it into the key points that apply to you - the best hotel/destination/tour for your interests, your budget, and your time frame.
  • 5 Reasons Why You Need A Travel Agent - More Than Ever
    • teresastas
      teresastas on 13 Sep 21
       
      We have been discussing a lot about the role of GDS's and OTA's it has become clear that the role of the traditional travel agent has evolved. The question of what is the role of a travel agent and why should we still use them has come up a lot and this article breaks down the answer giving 5 reasons why we still need travel agents. The reasons are listed as emergencies, expertise, connections, airfare and extras. All of these reason collectively make a better trip all around. After reading this it makes me want to book my next vacation through a travel agent!
sherylehlers

AI in Hospitality: The Impact of Artificial Intelligence on the Hotel Industry - 1 views

hoteltechreport.com/...ai-in-hospitality

intelligence hospitality technology

shared by sherylehlers on 01 Feb 23 - No Cached
  • AI in Hospitality: The Impact of Artificial Intelligence on the Hotel Industry By Hotel Tech Report Last updated January 25, 2023 9 min read Revenue Management Systems Livechat & Chatbots TABLE OF CONTENTS Hotel Operations Hotel Revenue Management Hotel Marketing Hotel Sales & MICE Guest Experience Human Resources and Labor Large Chains
  • estimated that 14% of jobs across 21 countries are at high risk of automation.
  • rtificial intelligence (AI) can greatly improve hotel operations by automating repetitive tasks such as booking and contactless check-in processes, freeing up staff to focus on providing personalized service to guests.
  • ...21 more annotations...
  • AI can also assist in setting dynamic pricing based on demand, occupancy and other factors, increasing revenue by charging more for rooms during peak periods and less during off-peak periods.
  • AI will play a role in identifying and targeting the most effective influencers for hotel campaigns, and assist hotels in monitoring social media platforms and identifying customer feedback, sentiment, and brand mentions to respond promptly and improve the guest experience
  • Hoteliers who do not educate themselves about artificial intelligence (AI) risk falling behind in the hospitality industry.
  • will also enhance safety and security by monitoring for potential threats and proactively providing guests with the services and amenities they desire. Additionally, AI will be integrated with virtual reality and augmented reality to provide guests with immersive experiences such as virtual tours, virtual room selection, and virtual events.
  • AI could potentially double annual economic growth rates by 2035
  • 800 million jobs could be displaced by automation by 2030,
  • AI can automate repetitive tasks, allowing hotel staff to focus on more strategic activities such as building relationships with key clients and providing personalized service to guests
  • Hoteliers who understand how to leverage AI tools to become more efficient and effective will become more valuable than ever
  • AI can identify opportunities for upselling and cross-selling to guests
  • AI-powered chatbots and virtual assistants will allow hotel staff to interact with guests in real-time and provide personalized recommendations and assistance
  • bring in more business travelers by leveraging predictive analytics to forecast future demand for group sales
  • AI can assist in real-time analytics to track the performance of group sales and identify areas for improvement, and in optimization by making real-time decisions based on market conditions, guest behavior, and other factors, and identify new revenue opportunities
  • AI can be used to enhance the safety and security of employees, by monitoring for potential threats and alerting hotel management in case of emergency
  • develop more effective marketing strategies and make data-driven decisions
  • Personalization
  • Smart room technology will be integrated with AI
  • Predictive maintenance
  • Inventory management
  • Automation will be one of the key areas where AI will be implemented, as it can automate repetitive tasks such as data entry, inventory management, and customer service, freeing up hotel staff to focus on more strategic activities such as building relationships with key clients and providing personalized service to guests
  • optimize energy efficiency by managing lighting, heating, and cooling systems, resulting in reduced energy consumption and costs
  • increased profitability, improved guest experience, and a competitive advantage over other hotels
  • mabbate on 01 Feb 23
     
    AI will be a major focus in the hospitality industry within the coming years. This article describes the many benefits and few troubles with this technology. Keeping up with technology as a hotelier is a must in the coming years.
  • shineal on 05 Feb 23
     
    This is quite an insightful article, for example, Al could potentially double annual economic growth rates by 2035 thus adding $15.7 trillion to the global economy by 2030. The world is changing, technology is rapidly advancing; therefore, it is paramount that companies try to remain updated, otherwise customers would always choose the property which renders the most efficient and best experience. A very strong point was made concerning hoteliers; if they do not understand how to leverage AL tools to improve their business operations, they would find themselves in very challenging situations.
  • sherylehlers on 29 May 23
     
    The capabilities of AI in the hotel industry are significant in both large hotel chains and small independent ones. If your hotel is not thinking about how to use AI in the near future for revenue management, marketing, personalization, and automation of repetitive tasks then it's going to get left behind. The studies show that AI is going to play a significant role in the economic growth of the global economy with potentially adding $15.7 trillion by 2030.
anonymous

How the Cloud is Changing the Hospitality Industry | Virtasant - 0 views

www.virtasant.com/...nging-the-hospitality-industry

cloud changing hospitality hotel

shared by anonymous on 04 Jul 22 - No Cached
  • With the hospitality sector bound to expand now that vaccinations are available, the travel industry has taken advantage of cloud apps to welcome the influx of travelers who will be worried about health and safety.
  • Hotels are likely to go fully contactless. They’re already beginning to depend on cloud apps for contactless check-ins and check-outs
  • Marriott International recently announced the debut of its contactless arrival kiosk pilot program. As part of their Commitment to Clean Initiative—an industry-wide project spearheaded by the American Hotel & Lodging Association—hotel guests will experience a fully contactless experience for safety reasons.
  • ...6 more annotations...
  • A recent report from the Travel Technology Association said that 65% of travelers say they only feel safe staying at accommodations that have the latest technology
  • Many hotel operators have already taken the next step, using cloud apps to support check-in, housekeeping, sales, distribution, and data warehousing. Cloud technology avoids the upheaval often associated with IT replacement; it also eliminates the cost of upgrades
  • But how can independent hotels keep up with this massive upgrade system run by hotel chains? Some are partnering with these hotels like Magnuson Hotels in the UK with its Magnuson Cloud platform.
  • “Our view is that today, technology is the hospitality engine room and a key differentiator toward profitability for hotel owners.
  • “the Covid economy.”
  • “With our new platform, we can integrate with new business segments and offset high OTA commissions through an alternative suite of channels to drive a 52-week foundation of predictable revenue for any hotel.”
  • anonymous on 04 Jul 22
     
    In the emerging "post-COVID-19 economy" hoteliers are having to make serious changes to current operations in order to make guests feel safe to travel again. The biggest tool in this is the reliance on cloud computing for a more contactless hotel experience. Hotels are now working directly with cloud computing companies to create seamless apps for the best hotel stay experience.
anonymous

Royal Caribbean Cruises Ltd. and O3b Networks Expand Business Partnership to Provide Guests onboard Allure of the Seas Cruise Ship with Ultra-Fast and Affordable Internet Access - MarketWatch - 1 views

www.marketwatch.com/...ble-internet-access-2013-01-14

royal caribbean cruises networks partnership cruise ship internet hospitality technology

shared by anonymous on 21 Jan 13 - No Cached
  • Royal Caribbean was the first to enlist O3b's new maritime offering O3bMaritime aboard, Allure of the Seas' sister ship, Oasis of the Seas when they signed a contract last summer. Now guests and crew aboard Allure of the Seas will be able to enjoy lightning fast download speeds and performance that is anticipated to also be four times more responsive than existing and planned GEO satellite systems. O3bMaritime will be the only satellite system capable of enabling cruise line guests and crew broadband services on par with onshore telecommunication standards.
  • Royal Caribbean was the first to enlist O3b's new maritime offering O3bMaritime aboard, Allure of the Seas' sister ship, Oasis of the Seas when they signed a contract last summer. Now guests and crew aboard Allure of the Seas will be able to enjoy lightning fast download speeds and performance that is anticipated to also be four times more responsive than existing and planned GEO satellite systems. O3bMaritime will be the only satellite system capable of enabling cruise line guests and crew broadband services on par with onshore telecommunication standards.
  • O3b Networks has signed a second historic, multi-year deal with Royal Caribbean Cruises Ltd. to provide high-speed satellite-delivered broadband service
  • ...1 more annotation...
  • "The partnership between O3b Networks and Royal Caribbean Cruises Ltd. continues to expand, and the real winners are the guests and crew aboard the most innovative ships at sea. The alliance is based on a shared mission built on the belief that the Internet should always be within reach - on land and at sea."
  • anonymous on 21 Jan 13
     
    Royal Caribbean and O3b Networks have again signed a multi-year contract. O3b will once again be providing "high-speed satellite-delivered broadband service" to the Allure of the Seas. The system used is O3bMaritime and Royal Caribbean was one of the first cruise lines to use this system. This system will be on their two largest ships the Oasis and the Allure based in the Caribbean. It is also the only system that is on par with telecommunication standards on land. Soon O3b will deliver more bandwidth on these two ships than on all other cruise ships in the Caribbean. I personally feel internet access really lacks on many of the cruise lines right now and feel Royal Caribbean is taking a step in the right direction with O3b. My family and I like to cruise a lot and have received very spotty internet access around the globe. In today's world many people still have to check up on work while on vacation or keep in contact with family, it only makes sense for cruise lines to start working on faster internet comparable to on land. I read various cruise line message boards and this is a common complaint about slow internet access or virtually none. In the current economy where all the various lines are in competition against one another, this gives Royal Caribbean a leg up in the competition. Additionally, my understanding the only region where satellite internet is unavailable is off the coast of Japan due to government regulations. This system makes sense to have available one day in more regions.
  • marylauren1717 on 22 Jan 13
     
    I for one am very happy to hear this news. I too have experienced the snail-paced internet "access" on cruise ships. With the high cost per minute and slow speeds, cruisers can't help but feel that they wasted their money. This definitely gives Royal Caribbean an advantage over Carnival, NCL and other large cruise lines. By implementing O3b networks on their two largest and most popular ships, they will reach their target consumer and help spread the word.
Ashley Mullins

International tourism to continue robust growth in 2013 | World Tourism Organization UNWTO - 0 views

media.unwto.org/...sm-continue-robust-growth-2013

shared by Ashley Mullins on 28 May 13 - No Cached
  • Tourism is thus one of the pillars that should be supported by governments around the world as part of the solution to stimulating economic growth,
  • Among the top ten tourist destinations, receipts were up significantly in Hong Kong (China) (+16%), the USA (+10%), the UK (+6%) and Germany (+5%).
  • On the other hand, France (-7%) and Italy (-2%) registered declines in travel expenditure.
  • Ashley Mullins on 28 May 13
     
    Moving into the sixth month of the year, this article seems to hold true to the growth of international tourism. In relating articles you will find that tourism has hit an all time high so far this year. With the economies slowly bouncing back from the recession people are starting to jump back into traveling. I must agree with the UNWTO Secretary- General, Taleb Rifai, when he stated that tourism should be supported by all governments around the world for economic growth. Tourism is a business in itself and there is always room for growth and potential money gain.
lamia elachchabi

Comprehensive IT in Tourism - 0 views

www.sp.uconn.edu/...38inftec.htm

shared by lamia elachchabi on 01 Jun 13 - No Cached
  • lamia elachchabi on 01 Jun 13
     
    There is an information technology revolution that changed not only the economies of countries but also companies of all sizes everywhere. The development of information technology has become a very important component for the competitiveness of companies. The IT revolution has a big impact on the tourism industry and its management. Services are bought before time of their use and away from the place of consumption. Easy access to information and marketing are keys to the success of companies in the tourism industry. Computerized networks and electronic distributions have caused structural changes in the tourism industry. Computer Reservation System (CRS) is a data base program that helps tourism organizations to manage their inventory and make it accessible to their distribution channels partners. Airlines, hotels chains and tour operators are examples of users of the Centralize Reserve System. The growth of tourism demand has only been possible with the use of powerful CRSs. It has helped with: * Easy access for consumers * Transparency of information * Easy to compare information and choices * Greater degree of flexibility * Travelers can book reservations at the last time The growth of tourism supply has also benefited from Computer Reservation System: * CRS is used to manage inventory * Expansion of tourism enterprises globally * Sell products globally * Flexibility in prices * Improve competitive advantage Internet has increased the interactivity between consumers and suppliers. It enables businesses to custom make and facilitates services. The World Wide Web helps distribution of multimedia information. Tourism enterprises will be able to communicate directly to their consumers and custom made the product according to their needs.
Paulette Grant

Sabre and United Airlines sign new distribution and merchandising agreement « Media Releases « SabreNews - 1 views

www.sabre.com/...on-and-merchandising-agreement

GDS technology airline

shared by Paulette Grant on 06 Jun 13 - No Cached
  • Sabre and United will co-develop solutions using next-generation technology that will permit United to offer more relevant personalized offers to their loyal customers.  These advancements will also better promote and disclose the unique value of the airline’s different fare and ancillary products and services to travel agents with additional descriptive text and graphics for enhanced on-screen merchandising within the Sabre Red Workspace and through Sabre Web Services.
  • Paulette Grant on 06 Jun 13
     
    Sabre, one of the three largest Global Distribution System signs a long-term agreement with United Airlines. This agreement would allow customers to provide ancillary products and services to customers through the Sabre market place. With United airlines and Sabre joining forces they will use the latest technology allowing both companies to provide more personalize products and services to customers. Sabre will market United Airline ancillary products including air fares and economy plus seats to passengers that buy products and services from Sabre in a way that would differentiate United Airlines products from that of its competitors. Other Global Distribution systems such as Amadeus and Travelport are presently making it a standard policy, mandating airlines to provide ancillary products and services to GDS. American airline one of the major airline who for a long time was reluctant to market its ancillary products through GDS is now one of the many airlines that are presently jumping aboard the GDS wagon. The airlines are beginning to see the benefit of expanding their brand globally through GDS and reaping substantial revenue beyond the sale of air fares.
Charlesque Moses

Are "Green Initiatives" in Hotels Bogus? Hotel Workers Think So : TreeHugger - 0 views

www.treehugger.com/...us-hotel-workers-think-so.html

shared by Charlesque Moses on 16 Jun 13 - No Cached
  • The hotel users get a few bucks back because they are not paying for services that they don't feel they need; the hotel saves a few bucks and a lot of water and electricity; everybody wins except the guys at the bottom who do the dirty work.
  • Charlesque Moses on 16 Jun 13
     
    This article contains the belief that the "green initiatives" of the hotels are more for saving the company money than saving our planet. The article continues to tell how some hotels give their customers rewards for not requiring housekeeping assistance. This leaves the question of whether this initiative is actually saving the company money or harming the employment of the housekeeping staff. I believe that going green is a proper step to take, especially looking at today's economy. Going green could improve our environment. However, this is not what I am seeing in today's companies. The companies are too reliant on profit. So, they use the green initiative as a way to actually cut costs, without actually going green. Companies should focus more on how the green initiative will affect the world as a whole in the future instead of completely focusing on profiting for now. Focusing on profit and covering it with the supposed green initiative will only drive up unemployment and create more problems with today's economy.
Yongjoon Ji

IT Investment, Emerging Markets Key to Business Growth - 0 views

www.eweek.com/...markets-key-to-business-growth

shared by Yongjoon Ji on 23 Oct 12 - No Cached
  • A survey sponsored by SAP suggests businesses are looking to make investments in IT and their workforce but struggle to find lenders
  • Effective use of technology was seen as a key priority in achieving growth, and according to respondents, the three main internal obstacles to growth were finding and keeping new customers (79 percent), hiring and retaining people with the right skills (78 percent) and operating the business efficiently (76 percent).
  • Effective use of technology was seen as a key priority in achieving growth
  • ...3 more annotations...
  • When it comes to technology, becoming more efficient and using IT more effectively over the next year is among the top three priorities of those surveyed, with 46 percent saying using technology more effectively was a top business priority.
  • The survey indicated this was especially important in emerging countries, including India (72 percent), Brazil (75 percent), Russia (33 percent), China (44 percent) and Mexico (33 percent).
  • In addition, 60 percent of respondents said they are automating more tasks and functions now than three years ago.
  • Shiyuan Peng on 23 Oct 12
     
    According to the article, a survey sponsored by SAP suggests that businesses are looking to make investments in IT and effective use of technology is seen as a key priority in achieving growth. When it comes to technology, becoming more efficient and using IT more effectively over the next year is among the top three priorities of those surveyed, with 46 percent saying using technology more effectively was a top business priority. The survey indicated this was especially important in emerging countries, including India (72 percent), Brazil (75 percent), Russia (33 percent), China (44 percent) and Mexico (33 percent). In addition, 60 percent of respondents said they are automating more tasks and functions now than three years ago.
  • Yongjoon Ji on 24 Oct 12
     
    According to an Economist Intelligence Unit survey, the survey of more than 1,000 SMEs included businesses from the developed economies of France, Germany, Japan, the UK, and the United States. 53 percent of those in developed markets said growth were a top business priority. Effective use of technology was seen as a key priority in achieving growth, and according to respondents, the three main internal obstacles to growth were finding and keeping new customers, hiring and retaining people with the right skills and operating the business efficiently. When it comes to technology, becoming more efficient and using IT more effectively over the next year is among the top three priorities of those surveyed, with 46 percent saying using technology more effectively was a top business priority. The hotel industry usually does not invest enough to grow compared to other industries. I believe it is because they consider being a technological leader in this industry does not bring more profit than they invest. Investing on technology might not bring instant profits but it can be one of ways to become a top business priority.
anonymous

Investing in the IT That Makes a Competitive Difference - 0 views

hbr.org/...makes-a-competitive-difference

shared by anonymous on 22 Oct 16 - No Cached
  • To better understand when and where IT confers competitive advantage in today’s economy, we studied all publicly traded U.S. companies in all industries from the 1960s through 2005, looking at relevant performance indicators from each (including sales, earnings, profitability, and market capitalization) and found some striking patterns:
  • Most industries have historically been fairly immune from this kind of Schumpeterian competition. However, our findings show that the internet and enterprise IT are now accelerating competition within traditional industries in the broader U.S. economy. Why? Not because more products are becoming digital but because more processes are
  • One interpretation of our findings might be that IT is, indeed, inducing the intensified competition we’ve documented—but that the change in dynamics is only temporary.
  • ...2 more annotations...
  • To survive, or better yet thrive, in this more competitive environment, the mantra for any CEO should be, “Deploy, innovate, and propagate”: First, deploy a consistent technology platform.
  • As corporate IT facilitates the implementation and monitoring of processes, the value of simply carrying out rote instructions will fall while the value of inventing better methods will rise.
  • anonymous on 22 Oct 16
     
    This article talks about how accelerated competition has coincided with an increase in the quantity and quality of IT investment. A lot of companies have change the operating model that they have with the Internet and enterprise software. I learned that the link between competition and technology has become much stronger. In 2008 it was projected that the worldwide enterprise software revenue would approach $190 billion. We learn that it is not easy for most companies to deploy enterprise IT successfully. The technologies themselves are complicated to configure and test, and changing people's behavior and attitudes toward technology is even more challenging. The IT has changed dramatically for a long time and it is still growing and developing.
anonymous

Hotels and the hospitality industry investments: sensitive but sound for the recovery. - 0 views

www.canadianbusiness.com/...an-investment-with-a-view

hotels systems investments index

shared by anonymous on 08 Feb 17 - No Cached
  • If there was any one sector to avoid during the recession it was hotel companies
  • anonymous on 08 Feb 17
     
    This article summarize "An investment with a few". In 2009 during the great recession the hospitality industry suffered the most the saw revenues go downhill as many people spent their vacations at home while companies cut back travel. Eight years later the hotel occupancy rates are where they were pre-recession about 65%full versus 55% In 2009 the cash flow is coming back in. Many investors who survived those bad years are now being rewarded by the Bloomberg REIT hotels index is up 10.7% year to date. Now that the economy is improving there are still more gains to be had.
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