Hospitality Reporting: the importance of hindsight
The importance of reporting cannot be overstated. Otherwise how do you know what’s working and what’s not? Looking back can be a painful experience as there are always things you could have changed or could have done differently. But hindsight can also arm you for the future – showing what you should do more of and highlighting things you can do differently.
But reporting can be a challenge, especially if you’re drawing information together from multiple sources. In the recent CGA Peach Business Leaders survey we found that, on average, data is being drawn from 4 different systems to create KPI reports for hospitality businesses, and in the worst cases more than 10.
The survey also suggested that many operators are manually collating information, with 66% of respondents using Excel for reporting across their business. And manual creation can be very time consuming. The survey showed that, on average, 8.8 hours per week is being spent on preparing weekly KPI reports, and 1 in 4 predict more than 15 hours per week are spent creating them.
And time and resource for manual collation isn’t the only issue here. Any manual process brings in the risk of error, which can be misleading and impact the quality of decisions. And errors look like they may be common place with only 42% of respondents trusting their figures and reports all of the time.
Reporting in Excel can also mean spreadsheets quickly become unwieldy which means people are less likely to review the important information they hold. It also makes it difficult to find correlations between data sets to uncover not just what is happening, but also why.
With the current high levels of uncertainty in our industry, timely, accurate reporting can’t be a nice to have. You need to be able to quickly and easily draw multiple streams of information into one place, so you get a birds-eye view of how you’re performing against KPIs on a day-to-day basis, but also be able to drill down into the detail to get the why behind the what. You’ll then be able to make better decisions more quickly, that can have a big impact on your business performance.
If these issues and statistics resonate with you and your business, talk to us about how Fourth Analytics can help you get all the insight you need, without the usual cost and complexity.