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Creating efficient hospitality operations

How to reduce costs, add value and increase agility for better guest services.

Overview

Growth is on the agenda for businesses across sectors—even as market volatility remains at an all-time high. In light of the growing competition, increasing globalization and rising costs in a complex business environment, hotel companies need to look for opportunities to operate more efficiently. However, gaining the agility to compete in the hospitality industry is not a one-time exercise, and it is not just about reducing costs. Success comes from reinvesting those savings in improving guest experiences, which will, in turn, add value and drive growth.

Hotel companies can gain the agility to compete by taking the following steps:

  • Creating a more efficient operating model that frees up resources to invest in growth

  • Embedding process excellence throughout the organization to drive effectiveness

  • Building leading-edge capabilities to differentiate from competitors

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Closed-loop cost management

Closed-loop cost management – an engine for growth

This approach helps companies build the finance and procurement capabilities they need to sustain and improve savings over the long term. Closed-loop cost management involves helping to achieve full visibility on all operating spend—across business units, categories and geographies to a detailed level—and exploring how the money can be spent more wisely to add value and help drive growth. Three essential components are needed:

  • Transparency

  • Accountability

  • Agility

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Source-to-pay procurement

Is your hospitality company leaving millions on the table?

Hotel companies can create efficient hospitality operations by implementing steps to strengthen their management of the entire source-to-pay (S2P) flow. Hospitality companies are losing out on millions of dollars in potential cost savings because of lack of category management, insufficient market intelligence and fragmented processes across the S2P continuum. Accenture recommends streamlining S2P processes to derive more savings. Doing so will allow hotel companies to invest more in leading edge capabilities to increase performance visibility, guide managers toward more effective business options and gain agility to respond more quickly to changing guest preferences.

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FINANCE AND ACCOUNTING SHARED SERVICES

Breaking through the barriers: hospitality finance and accounting shared services

Many leaders in the hospitality industry recognize the benefits of shared services in providing cost efficiencies and ensuring compliance. However, hotel companies face a number of obstacles that prevent them from transforming their finance and accounting operations. These barriers include high costs, technology needs and perceptions that the industry is too complex for a centralized operation of value. By working with a knowledgeable partner, hotel companies can mitigate risk and capitalize on the opportunities of shared services to create a truly efficient hospitality operation.

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