There is a powerful quote that holds true in every regard when it comes to the value of a great hotel dashboard tool:
“If you can’t measure it, then you can’t improve it.” — Peter Drucker
We bring it up because it’s a common problem to something that hotels experience daily. Hotels deal with numbers every day of the week. It’s the nature of the business. But many are spending time putting combining together those key statistics form disparate systems, when those moments could be better spent making key decisions. There is a better path in dashboard reporting.
Here are four reasons why your hotels should use a dashboard reporting tool for their daily flash:
- Enhanced Visibility – A dashboard report provides you with a real-time pulse on the performance of your property or group of properties. When you have visibility, you have an opportunity to better react to challenges or celebrate successes with the teams on the front lines of the property.
- Standardized Reporting – This is a HUGE deal. If you standardize the way you report, then you make things downstream easier. Consolidating daily stats is made possible. Comparing one property to another in your portfolio is readily available. Your teams have access to the same information. Best of all – it’s consistent.
- Metrics that Matter – The role of the GMs and associated teams are continually expanding. This limits the amount of time they’re able to spend in any given area. A dashboard helps equip your teams with the right metrics and key performance indicators (KPIs) in a timely manner. It also creates a “proactive” environment rather than a “reactive” one. Metrics tell a story and help make impactful decisions when they matter.
- Intuitive Trend Tracking – A dashboard that is setup to meet the needs of your business allows you and your teams to monitor trends. Without having to ask someone directly at the property, how valuable would it be to have more insight into your standard metrics like Occupancy, ADR and RevPAR, as well as others, such as GOP PAR, % of BAR and Market Segmentation?
Where does our dashboard tool, myPerspective, fit in?
It’s Timely Hotel Dashboard
Using Business on the Books and Pace Reports to project Occupancy is one thing. But let’s say your occupancy for tomorrow or later in the week is lower than anticipated. Tracking these trends will give you the opportunity to adjust staffing requirements – saving you money.
It’s Mobile Hotel Dashboard
Think about it: If you’re on the hotel golf course, opening a spreadsheet on your smart phone isn’t very user-friendly. Logging into your dashboard tool can be – if you have the right dashboard tool. This is an on-demand world with always-on guests and customers. There’s a reason why you need your information when you need it – especially when it affects your decision-making abilities.
It’s a Dashboard View to Your Hotel Portfolio
Your PMS provider might give you a dashboard to review your metrics, but it’s likely specific to the brand or the property. What if you own multiple brands? Does it make sense to have multiple dashboards? Maybe.
What if you’re a management group? You’ll know that spending time looking at multiple dashboards is difficult. Spreadsheets help, but many of them are setup to be updated manually – meaning they’re prone to human-error, aren’t delivered in a timely manner due, or subject to other constraints.