Archive for the ‘News’ Category

ProfitSword Takes Hotel Financial Performance Visibility Global With Instant and Fully Automated Currency Conversion

Leading business intelligence provider for hospitality implements advanced currency conversion capabilities for its full suite of hotel performance management and forecasting solutions.

Alpharetta, Ga. – (September 24, 2021) – ProfitSword, a premier developer of business intelligence and data integration software, has today announced the unveiling of a robust, fully comprehensive and automated currency conversion enhancement to its performance management and forecasting solution for the hospitality industry. The new enhancement will ensure that hoteliers with properties located within various countries can instantly view financial performance data in any currency desired for consistent and comprehensive reporting accuracy leading to informed decisions that are always in an organization’s best interests.

Ideally suited for hotel brands and management companies, the new currency conversion platform significantly offers maximum flexibility by allowing users to select an exchange rate based on the specific reporting data being analyzed. Examples include being able to convert balance sheets with a month-end exchange rate as well as accounting data with a monthly average, or budgets with an annual exchange rate. Each rate can further be included in a single comprehensive report for the seamless sharing and digesting of information.

“Hospitality is undeniably a global industry where businesses must be able to manage and monitor the performance of their operations in different currencies, which if performed using unreliable manual methods, can lead to otherwise avoidable financial challenges and hardships,” said John Crutchfield, COO at ProfitSword. “Our new service offering leverages our team’s decades of data intelligence expertise to empower hoteliers with the ability to sidestep painstaking and time-consuming rate exchange processes which don’t just vary by country, but can also be influenced by the type of data being analyzed. Instead, organizations with a global footprint can now look forward to the complete rate exchange standardization of their performance reporting data with little to no effort on their part and with real-time insights that always point the way to optimal business success.”

ProfitSword’s automated currency conversion enhancement further features the ability for hoteliers to apply exchange rates based on the latest international accounting standard rules. To ensure ultimate flexibility and ease-of-use, the solution also equips hoteliers with the ability to determine their own reporting currencies as well as options to convert property assets and liabilities into either local or international currencies for maximum business performance transparency.       

About ProfitSword, LLC Founded in 2001, ProfitSword’s mission is to provide exceptional business intelligence tools to the business community, specializing in data collection and integration, data analytics, operational functionality and reporting at all levels of the organization. The ProfitSword Suite is now in use by more than 50,000 users across 3,000+ business units. ProfitSword’s award-winning SaaS solutions provide the end user with applications for consolidated, real-time reporting and data management. ProfitSword uses various available methods of gathering data from disparate sources to create a powerful data warehouse. The suite of applications is accessible to all levels of users throughout the organization.

ProfitSword Inspires Hotelier Success With Empowering Insights into Business Intelligence Technology Trends During HITEC Dallas 2021

Hospitality’s leading business intelligence innovator to showcase how hoteliers can leverage new advancements to ensure the success of recovery efforts and maintain profitability.

Alpharetta, Ga. – (September 23, 2021) – ProfitSword, a premier developer of business intelligence and data integration software, is thrilled to be returning to this year’s HITEC Dallas as one of the industry’s leading technology providers committed to providing hoteliers with the advanced tools they need to effectively reduce costs and optimize performance during recovery. From September 27 – 30, ProfitSword representatives at booth #3018 will offer attendees the opportunity to discover the latest trends and best practices in business intelligence that are proven to lead to more efficient, adaptive and competitive hotel operations regardless of external market performance.

ProfitSword’s key goal for HITEC Dallas is to educate attendees on how recent innovations in business intelligence can transform operations by saving critical labor resources while still delivering powerful performance-measuring analytics. Booth demonstrations will include showcasing how today’s hoteliers can leverage new solutions to fully automate data-gathering processes, resulting in a substantial decrease in the need for labor and representing thousands of dollars saved in overhead expenses. Attendees visiting the ProfitSword booth can also significantly discover how the latest tools can boost both property and portfolio-wide communication, visibility and accountability for real-time and always accurate insight into an organization’s evolving business needs and priorities. With human error in manual data management always a risk representing countless hours and revenue lost, ProfitSword will provide vital insights into how hoteliers can adopt an alternative approach that will provide them with complete confidence in their budgeting, planning and reporting abilities.    

“So much has changed since the last physically held HITEC, both for our company and as an industry overall, making this year’s event especially significant as hoteliers look for the latest updates over how they can shield their businesses from financial risks while maximizing any available opportunities,” said Paul Bennie, VP of Sales and Marketing at ProfitSword. “Throughout the pandemic, ProfitSword has remained steadfast in its commitment to ensuring ongoing innovation and we are thrilled to now showcase how our enhanced business intelligence platform addresses hospitality’s current and future needs.”

Featuring a larger booth at HITEC this year to accommodate the industry’s growing demand for Business Intelligence innovation, ProfitSword representatives will also be on hand to demonstrate the latest in artificial intelligence and machine-learning capabilities. Attendees will be able to learn how such advanced tools can save time by proactively alerting staff to any performance fluctuations requiring immediate attention. ProfitSword’s tools allow hoteliers to simplify operations and data integration processes, break down inefficient data silos with over 200 automated interfaces, and instantly generate reliable, actionable insights that point the way to a hotel’s best path towards achieving the full potential of the business.

For further details on ProfitSword’s full range of business intelligence solutions that are available to the hospitality industry, please visit www.profitsword.com. To schedule a demo during HITEC Dallas at booth #3018, please contact Michele Mott at mmott@profitsword.com.

About ProfitSword, LLC Founded in 2001, ProfitSword’s mission is to provide exceptional business intelligence tools to the business community, specializing in data collection and integration, data analytics, operational functionality and reporting at all levels of the organization. The ProfitSword Suite is now in use by more than 50,000 users across 3,000+ business units. ProfitSword’s award-winning SaaS solutions provide the end user with applications for consolidated, real-time reporting and data management. ProfitSword uses various available methods of gathering data from disparate sources to create a powerful data warehouse. The suite of applications is accessible to all levels of users throughout the organization.

ProfitSword and Duetto Partner to Provide Hotels With Latest in Time-Saving Revenue and Performance Forecasting Accuracy

Leading innovators of business intelligence and revenue management technology announce an integration offering hoteliers access to revenue projections for seamless budgeting and business performance analysis.

Alpharetta, Ga. and San Francisco, Calif. – (September 21, 2021) – ProfitSword, a premier developer of business intelligence and data integration software, is proud to announce the integration of its BI platform with Duetto, a leading innovator of advanced revenue management technology for the hospitality industry. Properties of any size and market segment type can now take advantage of this integration that eliminates the time-consuming process of compiling projected hotel performance data and instead ensures that users can instantly skip to making informed decisions that lead to maximized efficiency, profitability and market growth potential.

Key advantages of the integration include the ability for properties to automatically upload data pointing to a hotel’s projected revenue from the Duetto ScoreBoard application to the ProfitSword database. Analytics include estimated room occupancy and average daily rate by market segment, including groups or transient retail. Such data, while essential to a revenue manager’s ability to anticipate available revenue and determine business profitability, has long been associated with a laborious compiling process prone to human error. With such data easily accessible through Duetto and now able to be combined with the performance analytics generated by ProfitSword, hospitality professionals can effortlessly and instantly determine exactly how much revenue needs to go towards meeting expenses and other upcoming hotel needs. By integrating data from Duetto into ProfitSword’s forecasting and budgeting module, hoteliers can further streamline dataflows for a specific segment or account for enhanced forecast benchmarking and financial reporting accuracy.    

“We consistently hear from customers that they have significantly less resources available these days, which requires hotel staff to rely a little more heavily on technology than they have in the past. This is especially true when it comes to aggregating the substantial volume of data required to accurately determine a hotel’s overall health,” says Lloyd Biddle, Director of Enterprise Solutions, Duetto. “Feedback from Duetto customers indicates that one surefire way to save time and ensure financial reporting consistency is to leverage the integration between Duetto and ProfitSword to facilitate automated updates of budgets and forecasts from Duetto ScoreBoard to the ProfitSword BI dashboard. Duetto customers estimate an average of 2.5 hours saved per property per week. Thus, over the course of a year, average time savings would be equivalent to 162 days per year for a portfolio of 10 hotels. This automation enables hotel staff to focus on strategies to improve performance rather than just measuring it.”

Via the integration, hoteliers can also determine which amenities and services generate the most revenue and demand. This ensures that hotel businesses can always maintain adequate inventory levels to meet guest expectations without unexpectedly cutting into profit margins.

“Being able to instantly understand and predict financial performance in real-time is so central to the success a hotel’s development and growth strategy that many organizations simply accept the complexities and time-consumption as an unavoidable, yet necessary part of the planning process,” said Paul Bennie, Director Business Development at ProfitSword. “Customers who have already experienced the advantages of our integration with Duetto serve as proof that a more streamlined and time-efficient, yet always fully accurate alternative does indeed exist. We look forward to seeing even more customers take advantage of our integration to instead focus on the tasks and responsibilities that actually do lead to greater guest satisfaction, loyalty and revenue growth.”  

About ProfitSword, LLC

Founded in 2001, ProfitSword’s mission is to provide exceptional business intelligence tools to the business community, specializing in data collection and integration, data analytics, operational functionality and reporting at all levels of the organization. The ProfitSword Suite is now in use by more than 50,000 users across 3,000+ business units. ProfitSword’s award-winning SaaS solutions provide the end user with applications for consolidated, real-time reporting and data management. ProfitSword uses various available methods of gathering data from disparate sources to create a powerful data warehouse. The suite of applications is accessible to all levels of users throughout the organization

About Duetto

Duetto delivers a suite of cloud applications to simplify hospitality revenue decisions and allow hoteliers to work smarter, increasing organizational efficiency, revenue, and profitability. The unique combination of hospitality experience and technology leadership drives Duetto to look for innovative solutions to industry challenges. The software as a service platform allows hotels and casino resorts to leverage real-time dynamic data sources and actionable insights into pricing and demand across the enterprise. More than 4,000 hotel and casino resort properties in more than 60 countries have partnered to use Duetto’s applications, which include GameChanger for pricing, ScoreBoard for intelligent reporting, and BlockBuster for contracted-business optimization. Duetto is backed by investors Warburg Pincus, Icon Ventures, Accel Partners, Battery Ventures, and Spectrum 28. For more information, please visit https://www.duettocloud.com/.