With no near end in sight for the COVID-19 pandemic, it’s no secret that the hotel industry has experienced strain throughout the past 2 years. While the workforce is the industry’s greatest resource, hotel jobs are down nearly 20 percent since 2019 according to the American Hotel and Lodging Association (AHLA). In addition, hotels have had a $44 billon decline in room revenue since 2019. The AHLA predicts that hotel jobs will increase, but not to pre-COVID numbers. In today’s world, hotels can’t afford to lose more staff and revenue, which is why it is more important than ever to have a hotel asset management plan.
The Role of a Hotel Asset Management Plan
Hotel asset management plans exist to help hospitality owners and managers maintain the security of their assets, which include staff, operations, and the physical property which all impact and influence hotel revenue, and have been known to have many benefits. Hotel asset management plans allow hotel owners and management to keep track of their staff and assets in a way that not only protects themselves, but also protects the employees and provides an overall “peace of mind” in the workplace.
Patrick Landman, CEO of international hotel management and consulting company Xotels, suggests that hotels can improve operational efficiency with advanced technology and computer software systems, one of those being the use of a hotel asset management plan. Landman recommends that hotels use computer systems for property management, points of sale, customer relationship management, and revenue management. This software can also be used to keep track of all hotel operations, and using automated technology makes record keeping more accurate and secure. Additionally, using a software that supports a real time locating system is the most ideal way to achieve optimal asset management. By having your hotel asset management plan supported by a secure computer software, in real time, you are able to access and analyze the data with ease – including flow of traffic and use of assets.
How to Manage Hotel Assets
Computer programs can be used for hotel asset management plans including staff safety and inventory. Staff can be managed using embedded badges that are used to access and “check in” to various operations or locations throughout the property. This is beneficial for employees as it provides them with protections which corroborate the events of their shift, and records their time history automatically. This management system is also beneficial for facility owners and management, because it helps to properly gauge employee traffic and maintain workforce accountability. Management can also use it to accurately predict what type of staff will be needed for each shift, and can use the data to optimize operational capacity.
Certain software, such as Secure Care’s ENVisionIT® real-time locating system, are preferred for the use of hotel asset management, because they allow for real-time tracking and data collection. This system allows hotel managers to instantly know where staff and inventory are located instead of wasting time searching for a housekeeper or a spare towel cart. With a hotel asset management plan, management is able to efficiently communicate with and dispatch employees throughout the property.
In addition to keeping assets and staff safe and accounted for, maintaining asset security within your management plan is crucial. Certain real time locating systems, such as those offered by Secure Care, also include panic buttons for staff members to press in case of an emergency. These panic buttons can be worn on a lanyard, clip, or adhered to existing ID badges. A staff member can discretely push the panic button for immediate assistance without further aggravating a disgruntled guest or sounding a noisy alarm that could disrupt other guests. This allows management to problem solve efficiently, without interrupting normal hotel operations.
With the hotel industry continuing to face staff shortages and lost revenue, it’s more important than ever to have a hotel asset management plan in place to maximize hotel operational efficiency and help to retain staff. Having a hotel asset management plan in place allows your management to be able to locate, contact, and dispatch staff and assets throughout your hotel facility in the most optimal way. Hotels are able to maximize their reach of current assets and are able to account for a smaller margin of error when it comes to assets “walking off” or being lost. Hotel asset management plans allow you to be able to focus on offering a high-quality experience for your guests, without having to focus your efforts and budget on recovering from lost assets.
About Secure Care Products, LLC
For over 35 years, Secure Care Products, LLC has been committed to providing improved safety, security, and locating solutions through best-in-class service and innovative design for your most valuable assets. As the first company in the world to design and manufacture electronic monitoring equipment for wander-prone residents, we empower long-term care and healthcare facilities around the world. Using state-of-the-art, cutting-edge technologies, we keep people and things protected. Let us know how we can help you by calling 1.800.451.7917 or contact us.