Finance, Op Planning & Forecasting

Planning for the future of your hotel business has never been more challenging or vital. Delve into key insights and resources for smarter forecasting.

Unlocking Potential — The Advantages of Hiring “The Right” Third-Party Management Company

In today’s business landscape, the role of third-party management companies has emerged as a cornerstone of operational success. These entities specialize in offering comprehensive solutions that streamline operations, enhance efficiency, and drive profitability across various industries. From hospitality to real estate and beyond, their impact is profound and multifaceted.

AI’s Flight Path: The Emergence of the Chief AI Officer (CAIO) in the Hotel and Airline Industries

The "Chief AI Officer"—or CAIO—is one of the hottest new job titles in the corporate circuit, and both the hotel and airline industries are embracing this role to stay competitive in the digital era. LinkedIn reports that the number of companies with a “Head of AI” position has more than tripled in the last five years. When IBM and Dell cut the ribbon for their Chief AI Officers last year, the race was on, and it wasn’t long before Accenture, Arizona’s renowned Mayo Clinic, and WPP heard the call and announced their very own CAIOs.

Should restaurant owners encourage customers to pay by credit cards?

A recent discussion on LinkedIn prompted this post. There is a noticeable and growing trend to charge customers paying by credit card an additional fee. Yesterday, the restaurant I had lunch at, had a 4% surcharge if you paid by credit card. Last week, a popular barbecue place I visit, had a printed menu with two price columns: one for cash and the other for credit card payments. The difference was 11.75% - guess which column was more expensive!

From Chaos to Control: Why P2P Software Is a Must for Efficient Hospitality Contract Management

Maintaining strong, equitable vendor relationships is key to any successful hotel enterprise, especially during periods of economic uncertainty. When done effectively, these partnerships ensure that hotels can navigate supply disruptions, provide consistent, high-quality amenities, develop unique and competitive offerings for guests, and meet industry standards and regulations. For many hotels, cooperation with suppliers was essential for surviving the pandemic and continues to help set them apart from competitors.

Assessing The Digital Infrastructure Of Your Hotels

In 2023, U.S. hotels saw their operating efficiency decline as operating expenses increased at a pace greater than revenue growth, resulting in a decline in profit margins. With forecasts of moderate revenue gains for the next few years, hotel owners and operators are very focused on controlling costs.

The Top 10 Accounts Receivable Controls

“AR” as we commonly refer to the sub department of the accounting function is a mainstay in any larger group-based hotel. In these juggernauts the importance of efficiently collecting your money is mission critical. Not only do we take the chance that the group will come and stay after we hold all those rooms, but we also roll the dice and give them credit.

It’s Never Been Better for Investment in the Hotel Technology Industry

Just as the hospitality industry evolves, so too must the format of its conventions, especially one as influential to the hospitality industry as HITEC. This year, the senior team at HFTP has expanded the tradeshow’s depth and impact with the inaugural HITEC Technology Investment Conference, taking place immediately after the main event on Thursday, June 27 and Friday, June 29. While it’s been in the making for a long time, we couldn’t have hoped for a better year to debut this addition.

Myth busting: CSRD and, Small and Medium Enterprises (SMEs)

There’s a prevalent misconception that SMEs must comply with the Corporate Social Responsibility Directive (CSRD); in other words, they must prepare long and “complicated” standardised ESG and/or sustainability reports. However, this is far from the truth (Table 1). So, what is the actual scope of the CSRD?

3 Guest Experience Tips from Award-Winning Hoteliers

If you’re looking for ways to improve guest experience at your hotel, who better to get advice from than hoteliers who’ve won awards thanks to the fantastic experiences that they provide their guests?

Empowering Great Hospitality: Hospitality Tech Pioneer Dexter McKenzie Shares His Entrepreneurial Journey and Secrets to Over 3 Decades of Success

Most of us look back on our first job with a mix of nostalgia and relief; after all, the traditional entry points into the job market are typically far from glamorous. From serving fast food to stocking shelves, bagging groceries, babysitting, or summer hours spent running a paper route and cutting grass, these jobs typically require no shortage of elbow grease in exchange for a modest paycheck, a small taste of independence, and a life lesson (or many).

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