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To explore industry attitudes toward the back office and other business issues, Accenture conducted in-depth interviews with executives of large hotel chains, owners and hotel management companies.
Although the majority of respondents acknowledge that shared services could provide cost efficiencies and help with compliance, there are a number of obstacles preventing them from transforming their finance and accounting function.
The majority of executives interviewed cite high costs and the ability to keep up with technology among the main complaints associated with existing hospitality finance and accounting operations.
Although most acknowledge that shared services can help address the challenges they face, they perceive the industry as being too complex for a centralized operation with the speed to recognizing value long.
Working with a partner that has an existing, industry-specific shared services solution can mitigate risk, provide a shorter return cycle, lower management costs for owners and address complexities—helping hotel companies address the obstacles that are unique to the industry while capitalizing on the opportunities.
With first-movers already making strides, the greater risk could be no risk at all.
August 6, 2014
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