New Castle Hotels Benefits from Data Management Efficiency, Transparency
ProfitSword, a developer of business intelligence and data integration software, has been credited with maximizing operational decision-making efficiency at New Castle Hotels & Resorts, a hotel management company that, since partnering with ProfitSword, has gone on to adopt its full suite of data management solutions. Having partnered with ProfitSword since its founding and originally implementing ProfitSage as a stand-alone solution, the hotel management company now boasts maximum efficiency in all data management processes as a result of the implementation of additional ProfitSword solutions, including ProfitPace, ProfitPlan and ProfitWizard.
Like many companies, New Castle Hotels & Resorts previously relied on a time-consuming spreadsheet process, which required data to be entered manually, often leaving room for human error and increasing the potential for a negative impact on productivity. Since implementing the ProfitSword suite, company managers have noted an enhanced ability to work quickly and efficiently, while benefitting from information provided in real time that ensures any decisions made are based on accurate and actionable data.
One of the four solutions implemented, ProfitPace allows managers to see trends in sales team productivity by analyzing prior year activity and comparing sales pace to forecast or budget accordingly. ProfitPace also works to ensure that sales goals are on track to be met consistently. Additionally, with ProfitPlan, New Castle Hotels & Resorts staff gains the ability to monitor the success of annual plans or monthly and weekly progress with access to data that includes market overview, demand outlook and analysis of key competitors. Standardized web-based reports and customizable templates allow ProfitPlan to provide business owners and partners with the visibility needed to connect them to their business, improving not only efficiency but also communication and transparency.
"As an organization responsible for overseeing the performance of multiple properties and brands, the ability to quickly access and share data is critical to ensuring business success and maintaining a high level of trust with property owners," says Gerry Chase, strategic advisor and former president and COO at New Castle Hotels & Resorts. "Since the beginning of our relationship with ProfitSword, we have been able to implement an effective data management strategy that ensures all information is always readily available and comprehensible, and that all relevant parties have access to the exact same information, further enhancing efficiency while serving as proof to owners that we have their best interests in mind."
By also implementing ProfitSage, New Castle Hotels & Resorts further gains the ability to automate accounting functions such as income journals and accounts payable, along with budgeting and forecasting functionality using the entirety of a financial statement. With the ability to integrate data from disparate third-party systems into one centralized data warehouse, ProfitSage provides a user-friendly dashboard where staff can instantly access reports such as daily revenue, daily labor analysis, cash handling and profit and loss statements. With ProfitWizard, New Castle Hotels & Resorts can further combine business intelligence, decision support, performance management and ad-hoc reporting for an even greater in-depth analysis of data.
"We are in an age where transferring and translating data into something that is useful is an absolute must," continues Chase. "Hoteliers simply don't have the time to outsource data anymore, yet we nonetheless require the means to implement strategies that maximize our potential for revenue growth. ProfitSword delivers on this precise need and in a way allows us to act instantly, using data that is still relevant and that paints a complete picture of business performance at the time that a decision is required to be made."