How Asset Tracking
Improves Your Hotel's
Revenue Management Strategy
When most people think of hotel assets, they think of products like sheets, bathrobes, mini bar drinks and snacks, and even those Bibles found in every hotel room’s nightstand drawers. But as a hospitality industry employee, you know there are far more assets which hotels are responsible for beyond these simple room items.
Hotel assets cover everything from items in guest rooms, to the paintings lining the hallways of each floor, to the products for sale in the gift shop, to even more areas of the hotel. For example, hotels which run their own continental breakfast need to make sure they have enough food and serving supplies to feed guests each morning. Hotels which also run their own restaurants must ensure that kitchen is fully stocked to meet demand. Additionally, any establishment that might offer guest services like a business center, spa, gym, pool/sauna, etc. needs to track every single asset these separate areas require to function.
Get White Paper
What happens, though, when a hotel isn’t proactively monitoring all the assets needed to keep its establishment running smoothly? In the case of a hotel shop, for example, if inventory isn’t up-to-date, guests won’t be able to purchase those items until they’re restocked and put back on display. Likewise, if the management team doesn’t routinely conduct audits of items like towels and bathrobes, it won’t be able to know if the hotel is short on these items due to theft or misplacement.
These scenarios are all too common, and result in not just the loss of sales for the hotel as a whole, but they also decrease consumer satisfaction with the hotel’s professionalism and customer service. While tracking hotel assets is undoubtedly a massive undertaking, the benefits of doing so are well worth the effort and help hospitality establishments avoid problems like those outlined above.
In fact, hotels that properly track and manage their assets have a far greater chance of stabilizing, correcting, and even improving their revenue than those who don’t. When hotels can use asset management to deter pitfalls like theft and non-compliance, they’re more likely to avoid unnecessary financial losses and grow their income in the long run.