Digital transformation has huge and positive impacts on traditional businesses. The hotel industry is not an exception. In this article, we will look at 5 digital transformation trends in the hotel industry and how they benefit customers and business owners.
Topics: Hospitality solutions
Since the early days, Management Accounting has played a critical role in helping executives to make impactful decisions. However, many people have easily mistaken Management Accounting for "Financial Accounting". When you clearly understand these two concepts, you will see that they have obvious fundamental differences.
In today’s modern business environment, accounting is not solely about getting the numbers right anymore. It is how the data generated from accounting can contribute to decision-making, and thus drive growth. The same applies to accounting for hotels.
In today’s ‘VUCA’ world—characterised by volatility, uncertainty, complexity and ambiguity— it is becoming harder and harder to get right. As discontinuity becomes the norm and the most established business models come under threat, business leaders may need to adapt their models or develop new ones. How can organisations achieve sustainable success in a constantly changing environment?
The first simple hotel management system was introduced back in the 1970s, allowing hoteliers to confirm on-site reservations. By the early 1990s, the first database management system was marketed, allowing for digital records, which made accessing information much easier than Excel spreadsheets. Now, the hospitality industry is amidst the "cloud computing boom". The impact of cloud-based solutions is enormous: it revolutionises how the managers run their hotels/restaurants and interact with the customers.
As the world is heading towards an uncertain future, businesses can expect some unexpected events along the way. Therefore, agility needs to be embedded in every business process, including corporate financial planning.
Shortcomings associated with the traditional budgeting approach can undermine the true value of the process. Budgeting should be less cost-driven and more investment-based, i.e. all forecasted costs of a department should be attached to deliverables—the products and services that department delivers to other departments or to the clients. Doing so will make budget decisions investment decisions.
When confronted with a problem, have you ever stopped and asked “why” five times? If you do not ask the right question, you will not get the right answer. The Five Whys is a simple question-asking technique that explores the cause-and-effect relationships underlying problems.
Topics: Technology trends
Known as the technology behind Bitcoin, blockchain can be applied in a wide array of applications for business, not just limited to only the cryptocurrency arena. Even though still in its infancy, blockchain technology is believed to redefine the finance function.
The Seventh-day Adventist Church’s objective was to find a flexible financial solution for use in a nonprofit setting in more than 1,500 sites around the world, and to stay up-to-date with current platforms, operating systems, and databases.