When you’re managing a large hotel or resort, your day-to-day job requires you to juggle countless moving pieces. From tracking KPIs to producing financial reports, running a sizeable hotel or resort is practically impossible today without the help of advanced hotel performance management software. Fortunately, there are many solutions on the market designed to accommodate the unique needs of the hospitality industry.
When you’re dealing with guests, hotel staff, changing rates, renovations and countless other challenges, it’s crucial that you have a CPM system in place with all of the features you need to keep business thriving. Learn more about the ins and outs of resort financial management software below.
Challenges Hotels and Resorts Face Using CPM Software
Finding the right CPM software for your hotel or resort is essential to managing your business performance processes with efficiency. Because hotels and resorts need to do their budgeting and forecasting from a seasonal standpoint, it’s important that they have the tools to keep up with an ever-changing market.
Common challenges hospitality businesses face can include:
An Unpredictable Local Market
Keeping up with local competition is critical for successful hotel management. When other hotels open, close, change their rates or rebrand, the local economy shifts and forces other hotels to shift with it. You need a reliable method for gleaning economic data as well as data from your own hotel or resort’s performance in order to keep up with ever-changing economic factors.
Keeping Track of Reports
When you run a hotel, you need to have a solid report generation structure in place due to the sheer volume of data you need to document from multiple sources. Financial and operational reports require a substantial amount of upkeep that becomes difficult without CPM automation software.
Flexing With Change
Hotels need to keep track of many different revenue variables at once. Anything from a hotel opening next door to a handful of bad reviews could affect revenue in both short-term and long-term scopes. When this happens, hotels need the ability to bounce back from changes they can’t control and manage factors they have power over.
Keeping Up With Data Sources
Today, hotels and resorts need to keep up with metrics from a wide range of sources in order to properly adjust and plan their business strategies. Keeping up with local economic data and their own performance data — and having an efficient data storage solution — can be challenging tasks for hospitality managers.
Advantages of Implementing CPM Software for Hotels and Resorts
The right CPM software can make a world of difference for a hotel or resort. CPM software can help hotel and resort managers better manage data, create financial reports, analyze metrics from multiple sources, accurately track performance and much more.
Implementing CPM software in the hospitality industry can positively affect hotels and resorts in the following ways. You can:
- Track hotel performance by monitoring metrics from room revenue, food and beverage revenue, conference room rentals, spa services and other applicable factors
- Produce financial and operational reports with more accuracy and efficiency for multiple business units
- Integrate your CPM software with existing booking systems and enterprise resource planning (ERP) software to consolidate hotel data for easy access
- Perform budgeting and forecasting tasks with ease thanks to automation features
- Perform tasks related to seasonal performance prediction to stay on top of the market and plan accordingly
- Consolidate hotel metrics automatically and access them in one place
- Create benchmarks for your hotel or resort and monitor them consistently
- Automate time-consuming tasks so you can be free to work on higher-level duties
When you implement CPM software into your hotel or resort’s existing systems, the difference can be night and day. Surprisingly, even many major hotel chains are lagging behind other industries in their utilization of CPM software solutions. But the benefits of incorporating CPM software into hotel and resort management processes are too invaluable to overlook.
CPM software can help improve your hotel performance and streamline financial planning processes exponentially — in both the short and long term.
Long-Term Benefits of CPM Software for Hotels and Resorts
A brand new CPM software solution may seem intimidating at first, but once you get over the learning curve, you’ll start to see the benefits of implementing CPM into your hotel or resort almost immediately. The hospitality industry benefits from CPM software integration in a variety of ways — and many long term benefits come from this integration.
Resort reporting and budgeting software helps hotel managers and operators view their hotel or resort’s performance in detail and from multiple angles. It can also help automate processes that would otherwise take valuable time away from management while providing comprehensive analytic information and data organization services.
When a hotel or resort implements CPM software, the long-term benefits typically include:
- Having a better handle on hotel performance and local economic factors
- Increased revenue due to better revenue and expenditure tracking capabilities
- An improved ability to predict market trends and hotel performance
- An improved ability to adapt to internal and external change
- Streamlined financial reporting processes and automated financial and operational reporting
- Increased ability to manage hotel performance driven by seasonal demand and other economic factors
- Improved return on investment (ROI) thanks to increased efficiency and better operational tactics
- Access to more precise metrics, all in one central hub
Implementing resort financial management software into your hotel’s existing system fosters significant ROI for years to come if utilized optimally.
Contact Solver Global to Learn How CPM Software Can Improve Your Hotel or Resort
Solver is an international leader in providing businesses in all industries with state-of-the-art CPM solutions. To find out more about how we can help increase your hotel or resort’s ROI, contact our friendly team of experts today. With cutting-edge, cloud-based CPM technology, we can help you rise above the competition and generate long term results.