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Time to Stop Hugging the Bear?
2023 Economic Outlook for the US Hotel Industry. By R. Mark Woodworth
Thinking back over this past year, many important economic indicators (the rate of inflation, elevated energy costs, Federal Reserve rate increases, labor scarcity leading to higher wages, etc.) were suggesting that a recession in the near-to-mid-term bordered on being inevitable. Certainly, a bearish outlook.
Newest Developments in Hotel Business Intelligence and Financial Management
2022 was a year of growth and expansion for HIA, as HIA continues to be recognized by leading hotel management companies as the most advanced and complete hotel ERP & accounting software on the market. HIA also delivered numerous new developments and enhancements to what is already the most modern hotel ERP technology available.
The Real Cost of a Downed Accounting System
There are many tools that we count on every day, and we assume that they should always be working. But what happens when that is not the case? Take accounting software, which forms the backbone of any business. It is used every day, all day, to pay bills, record revenue, and generate financial reports. It is vital to the success of a hotel business, and if the accounting software is not performing reliably, it affects not just your employees’ frustration level, but it has a real cost to your business.
HRP Technology Disrupts the Hotel Industry – What You Need to Know
As the hotel management landscape becomes increasingly competitive and economic uncertainty reigns, more management companies are looking to technology to harness their data and inform decisions from cash flow to staffing. Additionally, the hospitality back-of-house is getting increasingly complicated. Hotel companies have more software providers than ever before, each doing small pieces in the management puzzle.
Hoteliers are looking to technology to turn the tables and give themselves a competitive advantage.
Outperform your Budgets with a Single System of Record, Engagement, and Intelligence
As you make your budgets and update your forecasts, you are probably considering current hospitality OCC and ADR predictions, economic outlook, and past performance at your hotels. It’s a mixed bag with continued pent-up travel demand and possible recession headwinds. If you are looking for strategies to make the most of the opportunities, there is nothing more powerful you could do for your hotel business than consolidate your various systems of record, engagement, and intelligence onto a single back-office platform.
The Number One Thing You Can do to Control Labor Expense at your Hotel Company
Perhaps there is no topic more talked about in the hotel industry right now than the labor shortage. And there is no shortage of input on how you can address this challenge. Most advice focuses on front of house labor with solutions from robots and self-check in kiosks to cross training and sharing employees between hotels. But are you doing all you can on the back end to manage your labor expense, drive accountability down to the manager level, and even retain employees?