Efficient and accurate data management is crucial for hotel asset managers and owners to make informed decisions. The Data Management for Hotel Assets solution and Fairmas services offer robust and impressive features and capabilities to meet these specific needs. In this blog, we will discuss the features and capabilities of Data Management for Hotel Assets by Fairmas.  

Q: How does Fairmas expedite the initial implementation and ensure project success?

A: Fairmas provides a standard USALI reporting setup with predetermined hotel-specific KPI reports, which accelerates the setup process. With our experienced hotel finance professionals, we offer consultancy and project management services. This experience and guidance help focusing on crucial topics and ensure accurate initial data collection, which is essential for the initial interface setup and overall speed to deliver the solution to the customer. Moreover, we lead the setup process and map all different local reporting to the customer’s standard Chart of Accounts (COA), ensuring a smooth transition and accurate data integration. We support the initial hotel cluster setup for internal benchmarking and finally provide dedicated user training, helping users to learn quickly the application functionalities and reporting. 

Data Accuracy 

Q: How does Fairmas’ Data Management for Hotel Assets ensure data accuracy from various formats? 

A: We process data from different machine-readable formats like Excel, PDF, HTML, JSON or other provided sources and ensure they are accurately reflected in the Data Management for Hotel Assets. Our data processing capabilities include collecting data on behalf of customers, saving them a lot of time. Using the outstanding system mapping and validation functionality during data imports, we ensure source data provided and processed matches the data in our solution. We also use check rules to identify new data (e.g., account combinations) in the source file, always ensuring all source data is mapped and the reporting is accurate down to Net Income results. 

Flexibility in Reporting 

Q: Can Data Management for Hotel Assets handle different time periods for data import and reporting? 

A: Yes, Data Management for Hotel Assets can process different time periods, such as monthly, quarterly, or full-year data, using various import rules. Also, Year-to-Date (YTD) can be processed on a monthly basis. With the impressive system import features, the system does calculate monthly amounts based on provided YTD data, enhancing data quality and providing accurate monthly reports for better analysis by asset managers. 

Q: Does Data Management for Hotel Assets support reporting beyond financial P&L data? 

A: Absolutely. Data Management for Hotel Assets offers a flexible reporting structure that includes balance sheet data and statistical tracking. Additionally, it integrates key data from the STR benchmarking system, providing a comprehensive view beyond just financial performance.  

Customization and Specific KPI Calculations 

Q: Can Data Management for Hotel Assets customize reports to include specific KPIs required by customers? 

A: Yes, Data Management for Hotel Assets is highly flexible and can be easily customized to meet individual customer KPI calculation needs. This ensures that all necessary metrics are accurately reflected in the customer reporting. 

Consolidation and Benchmarking 

Q: How does Data Management for Hotel Assets support cluster consolidation and internal benchmarking for multiple hotels? 

A: Data Management for Hotel Assets automatically consolidates data from multiple hotel P&Ls into desired cluster reports, whether by brands, owners, operators, chain scale, or asset managers. It also converts data from different local reporting currencies into a single currency for easy comparison. The system includes off-the-shelf reports for internal benchmarking, featuring comparison ratios like Per Occupied Room (POR) and Per Available Room (PAR). 

Conclusion 

The Data Management for Hotel Assets solution combined with the Fairmas services expert knowledge offer a comprehensive product that significantly enhances data reporting for hotel asset managers and owners. By providing guidance and quick implementation, ensuring data accuracy, supporting various reporting formats and time periods, allowing extensive customization and facilitating cluster consolidation and benchmarking, these solutions save time and costs and improve the overall efficiency and effectiveness of hotel data management. Ultimately, they empower stakeholders with the insights needed to make informed, strategic decisions and grow their assets.