PM Hotel Group Partners With ProfitSword to Implement Customized Forecasting and Budgeting Platform
Founded in 1996 and currently managing a diverse portfolio of more than 50 properties, PM Hotel Group is a Top-15 hotel management company recognized for their ability to deliver outstanding financial returns for hotel owners nationwide while operating luxury, lifestyle, full-service and upscale hotels across a variety of markets. As an operator, PM Hotel Group is committed to its core values including respect for one another, their guests and the planet. They manage with a tradition of teamwork and a passion for innovation and entrepreneurship.
Recently recognized as a Best Place to Work in the hospitality industry according to a report sponsored by Beekeeper, PM Hotel Group is helping change the face of hotel management and the workplace experience. Their people-first mentality is a central part of their unique corporate DNA and their focus on excellence and innovation sets them apart.
PM Hotel Group identified a need for a robust budgeting and forecasting platform that could meet their specific needs, leverage their existing data and technology systems and keep pace with the company’s growth and increasing complexity. Because the gathering, sharing, and analysis of data can be time consuming and prone to human error, PM Hotel Group specifically sought out an innovative partner who could deliver a solution that could analyze data from multiple systems and deliver real-time reporting and analytics to maximize efficiencies across the portfolio.
Solution and Results
ProfitSword together with PM Hotel Group implemented The Edge, a customized ProfitSage solution, which has evolved into a critical differentiator for the company. Central to The Edge’s benefits is its ability to provide real-time performance data on every hotel managed by PM Hotel Group. The bespoke platform integrates with multiple systems including PMS and POS platforms, accounting, labor management and online purchasing.
Together with PM Hotel Group, ProfitSword developed a specialized system that automates the data gathering process to meet unique requirements. The web-based user interface provides detailed, flexible reports and dashboards that can be viewed by their team in any browser or be preset to be delivered to designated team members and stakeholders on specific days and times. These reports are customized to meet their needs ensuring that hotel leadership have a 360-degree view of their financial commitments. With real-time access to each hotel’s income statements, The Edge powered by ProfitSage also provides PM Hotel Group leadership with the ability to review the performance of individual properties, regions, or the entire portfolio over specific timeframes, and drill into transaction level details all in the same environment.
As a comprehensive data management and business intelligence platform, The Edge also offers a multitude of other significant features and functionalities that can prove essential in identifying operational strengths and inefficiencies, as well as opportunities to further enhance market growth. These include the ability to evaluate the success of annual plans or weekly and monthly progress, along with access to detailed insight on market overview, demand outlook and an analysis of key competitors. Other features provide the option to gather future on-the-books data across multiple sales platforms, as well as standardizing both individual and multi-property pace and productivity reporting. This allows the company to automate, integrate and visualize their sales performance data. With additional options to combine business intelligence, decision support, performance management and ad-hoc reporting depending on specific user needs, The Edge further ensures that PM Hotel Group can always obtain an even greater level of in-depth data analysis no matter what performance segment needs to be assessed.
Key to PM Hotel Group’s decision to partner with ProfitSword on a custom solution was the ability to deliver a platform that updates and shares data along with any staff notes instantaneously across the organization. This not only ensures full informational accuracy, but also provides for greater clarity and efficiency when team members at different locations are reviewing data together. In today’s environment, their ability to leverage technology in creating such efficiencies has been a game changer for them in maximizing company growth, revenue and market competitiveness.