Technology and innovation help in accelerating operational excellence in hotels by taking over the mundane, time-consuming and error-prone manual processes that hinder maximum performance. Humans can now dedicate more of their precious time towards far more meaningful tasks such as better data analysis and guest interaction. For example, having the tool that standardizes planning and reporting of actual revenue, costs and payroll in addition to automatic consolidation, workflow management and collaboration, each department could be operationally excellent as they could consistently execute their financial plan based on quality data and with high levels of success. Business strategies are proactively aligned with real-time demands, employee satisfaction and productivity are improved, and lastly, customer engagement – the valuable, irreplaceable human touch and differentiating factor from competition – is increased. Achieving all three ultimately result in the hotel’s financial success and gain of significant market share.
Every change in the market affects how a hotel business operates and performs. Adapting to the changing market conditions – the ability and speed - is the most significant challenge. Factors that drive change and influence the future of “tech-driven” hotels include increasing competition, rising customer expectations, expanding markets, digitalization and the rapid emergence of new business models (AirBnB, OTAs, etc.) that also fuel the growing customer needs. Knowledge is power. Knowing your market and your competition through constant benchmarking and revenue monitoring, plus how they affect your hotel’s performance are essential in adjusting your business strategy to adapt accordingly – to stay significant, if not ahead.
As a Berlin-based company, we in Fairmas envision ourselves to be the trusted and preferred partner of the hospitality industry in the world - supporting hotel businesses of any type and size, in maximizing their performance and achieving financial success through the continuous advancement of our financial planning and management reporting software.
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