This Hotel Management exclusive article shares the expert opinion of Charles “Chip” Fritsch, COO/ Co-Founder of Hotel Investor Apps, on tech strategies that top management companies are using to differentiate themselves.
In “How Management Companies Are Winning With Consolidated Data,” Fritsch notes how the most innovative management companies he sees are laying a strategic foundation for growth. This includes adopting cloud-native, integration-friendly technology as the scalable back office foundation, then consolidating and standardizing financial data to get richer insights.
The data wins can range from implementing a standardized global vendor list across the portfolio for better vendor spend insights, to better cross-portfolio analysis with reporting across divisions such as hotels, restaurants, entertainment, retail outlets, etc. And of course, these innovative companies are adding their own secret sauce, such as custom reporting packages, owner-specific dashboards, or real-time mobile access to financials for better transparency to owners.
