Superior hospitality experiences start with sophisticated underlying technology.
Hoteliers must leverage technology for more accurate customer demand forecasts, better planning for capturing new opportunities and better integration between functions. With the right tools, hoteliers can radically improve visibility, efficiency and productivity across their business operations.
Cubewise and IBM Planning Analytics / TM1 offer the right tool – a highly flexible and sophisticated Financial Planning & Analysis (FP&A) solution that can scale with you as you grow and allow you to harness the unique complexity of your business.
Common challenges
Excel paralysis
Microsoft Excel isn’t set up for integrated driver-based budgeting and other key data transformations.
Not set up for collaboration
Many hoteliers use Microsoft Excel for their budgeting and planning functions but find it doesn’t efficiently integrate into the rest of the technology stack. Passing versions of spreadsheets around manually can introduce errors and it gets in the way of effective collaboration between teams. It also makes it difficult to maintain and update formulas, and creates a rift between finance and operations, something that hospitality operators can’t afford to do.
Data becomes out of date
Without purpose-built tools for collaboration, budgets can take a long time to prepare and may contain static information collected months ago. This means the final result is likely out of date and not reflective of current business conditions and forecasts. In addition, it can be difficult to identify problems because you don’t have the granularity or detail you need for proper diagnoses.
A dynamic database approach
Cubewise and IBM Planning Analytics / TM1 provides a single source of truth with a highly sophisticated dynamic database that can house all of your data in one place. By integrating financial and operational planning in a real-time environment, you can achieve powerful driver-based budgeting that enables better decision-making. Combine this with ad hoc self-service reporting and any stakeholder can make timely, informed decisions with all the information they need at their fingertips.
Flash reporting
Closing and consolidation
Not set up for collaboration
Many hoteliers use Microsoft Excel for their budgeting and planning functions but find it doesn’t efficiently integrate into the rest of the technology stack. Passing versions of spreadsheets around manually can introduce errors and it gets in the way of effective collaboration between teams. It also makes it difficult to maintain and update formulas, and creates a rift between finance and operations, something that hospitality operators can’t afford to do.
Data becomes out of date
Without purpose-built tools for collaboration, budgets can take a long time to prepare and may contain static information collected months ago. This means the final result is likely out of date and not reflective of current business conditions and forecasts. In addition, it can be difficult to identify problems because you don’t have the granularity or detail you need for proper diagnoses.
A dynamic database approach
Cubewise and IBM Planning Analytics / TM1 provides a single source of truth with a highly sophisticated dynamic database that can house all of your data in one place. By integrating financial and operational planning in a real-time environment, you can achieve powerful driver-based budgeting that enables better decision-making. Combine this with ad hoc self-service reporting and any stakeholder can make timely, informed decisions with all the information they need at their fingertips.
Unified planning, financial consolidation, and flash reporting for hoteliers.
Stop relying on Excel templates that ignore the complexity of your business and are inflexible to changing market conditions. Here at Cubewise, we can help you leverage the power of IBM Planning Analytics / TM1 to implement a unified planning approach that allows you to pull data from the bottom up, while still maintaining tremendous drill-down granularity and control.
Improve your data integrity, support your company’s growth and free up your staff to focus on higher-value tasks thanks to strategically aligned reporting, hospitality-focused budgets and easy-to-use administrative solutions. If you’re a hotelier looking for a reliable, traceable and scalable planning, consolidation and reporting solution, look no further. We’re here to help.
Amazon Web Services case study
We came up with a solution for Amazon Web Services that allows them to plan more efficiently.
Talk to us today and let’s overcome the challenge together.
When a system is unable to adapt to changing business circumstances, it can be tremendously frustrating for all who work with it. Things must go on, of course, and so users will resort to building tedious workarounds, simplifications and shortcuts that only serve to kick the can down the road.
Don’t accept that your business processes are incapable of adapting to fast-moving market changes. Contact us to find out how easy it can be to implement efficient and practical planning, reporting and forecasting workflows.
