Rick Yvanovich/Founder & CEO/
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Put yourself in the shoes of CIMA member CM. CM recently took up the role of accountant at a small food production and processing company based in the UK. As she settled into her role she noticed some practices that did not seem right to her.
During the economic downturn, many families decided that the prudent thing was to downsize their lives by purchasing smaller homes and vehicles, but most importantly, by simplifying their lives. Similarly, hotel companies also downsized, frequently letting staff go, which created additional pressure on remaining staff to hold the company and its underlying technology together.
Now that you have completed the initial stage of building a KPI template , it is time to evaluate their validity or ask the question “How well are they measuring performance?” You should also determine the methods of KPI reporting.
After considering how Key Performance Indicators link to corporate objectives, now we come to the process of writing down KPIs in a KPI template.
In our last two blog entries on top hotel industry trends (part 1, part 2), we outlined a number of factors that are shaping how the hospitality sector operates. Hoteliers in Vietnam are advised to “be alert to new opportunities during tough economic times by changing their business strategies and researching the market” (*) . We believe four areas should be tackled to tremendously improve the Vietnamese hotel sector’s performance.
(Ho Chi Minh) – TRG Event – 8:00am, 16 April, 2013 at New World Hotel, Ho Chi Minh City, Vietnam
In our previous blog article, we discussed some notable hotel industry trends regarding economic/financial factors and technology. Now, what is happening in terms of customers and hotel management techniques?
In the last post, we have touched on KPI definition and examples , now we will show you how to design a KPI template.
According to Vietnam National Administration of Tourism (VNAT), the total number of international tourists in 2012 reached 6,847,678, representing a 13.86% growth year on year. This year, the Vietnamese tourism industry “planned to welcome 7.2 million international visitors and 35 million domestic passengers, and is targeting a total revenue of VND190 trillion (equivalent to US$9.5 billion).” Not too long ago, we discussed some competitive criteria necessary for hospitality businesses to stay ahead in the game. Now we will zoom in on the hotel industry and take a closer look at trends in Vietnam and around the world.
Key Performance Indicators (KPIs) have emerged to be the most significant source of business performance information that helps guide businesses to the right track. However, many companies trip right on the first step, which is understanding what KPIs really are.
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