In the modern business culture, Business Intelligence (BI) analysis is becoming increasingly important because it translates your company data into informed decisions about the future of your hotels or restaurants. But whether you’re new to BI analytics or not, today’s software offerings can be confusing and overwhelming in regard to how you can plug the functionality into your industry-specific objectives. Recently, I spoke with an accountant in the hospitality industry, and we commiserated over the overwhelming task of seeking the right technology to specifically help hotel and restaurant management to better do their job. Therefore, this article will zoom in on the premier features and functionalities you should be aware of in today’s reporting and planning tools, with a special focus on the ways you can manage and evaluate your information when managing your hotel or restaurant.
Dashboards are the current leading Business Intelligence (BI) tool in the marketplace, according to a recent study by Software Advice, a comparison site for business intelligence tools. In 2013, Gartner’s study on Financial Executive International CFO Technology found that dashboards, scorecards, and performance management software is the top priority for executive teams these days. Today, managing a hotel or a restaurant is a more fast-paced task than ever, and dashboards provide business user friendly, powerful analytics. Moreover, dashboards are graphs, charts, and scorecards that demonstrate company trajectories, opportunities, and challenges using key performance indicators (KPIs), whether you’re analyzing the success of a project, a department, or the entire organization.