Following TRG's seminar entitled "Office of the CFO for Hospitality: A new way of working to maximise profits", Ho Chi Minh Television broadcast a short story about the event in their news bulletin called "Market Connections" (Ket Noi Thi Truong) on April 22nd, 2013.
A screenshot of TRG's CEO in the story
The news story on HTV7 channel includes a brief summary of the lessons drawn from the seminar, as well as quotes from two of the event speakers: Rick Yvanovich - TRG's CEO and Kenneth Atkinson - Managing Partner at Grant Thornton Vietnam. The most prominent message is hospitality businesses need to have the right information even before they need it in order to outrun rivals in this increasingly competitive sector.
During the seminar, experts have agreed that to maintain a competitive edge is one of the most critical tasks that CFOs and top-level managers in this industry need to fulfil. As a steward, operator, strategist and catalyst, CFOs nowadays have to drive down costs, raise profits while growing the business and keep guests coming back for more. They need a complete financial management, corporate performance management, business insight, business process management as well as integrated asset management system.
One of the points Rick discussed at the event was corporate performance. He pointed out that excellent corporate performance involved building a robust business model, aligning the 4 Rs and implementing an effective performance management system. The 4 Rs: Relationships, Risks, Resources and Routines need to be configured to answer 3 questions: 1/ How do we create value? 2/ How do we deliver value? 3/ How do we retain some of the value? A performance management system ensures performance planning, execution and reporting is a closed-loop process that makes things happen.
Rick also talked about the importance of a solution framework linking all hospitality business processes. Without it, CFOs and high-level management will have a hard time checking each system one by one. On the other hand, they can achieve speed with a solution framework that brings knowledge together and expedites action
To summarise, businesses should make use of market changes, promote technology’s sociability and mobility in order to adapt, control and grow.
Below is the news clip on HTV7 in Vietnamese: