The hospitality industry has been significantly impacted by the recent economic downturn, forcing properties to reduce their expenses to offset lower occupancy rates and revenues. While the industry has developed specific software solutions to optimize room sales and manage revenues, the same cannot be said for managing operating expense and driving cost savings.
Most operating companies with multiple properties lack the visibility into the specific costs and contract terms of each property’s buy-side and sell-side agreements. Moreover, these companies lack the ability and resources to search both electronic and manual documents repositories to get a real sense of the legal and financial risks. As a result, the industry is missing an opportunity to achieve the efficiencies needed to improve operating profits. Many companies cannot answer these basic questions regarding the properties they own or manage: