13 best practices for financial transformation in the hospitality industry

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Financial transformation has become an increasingly necessary process for the hospitality industry. It’s no longer enough to conduct business as usual and those that fail to change, risk obsolescence. The industry is faced with an increasingly demanding customer base who’ve come to anticipate that hotels and restaurants will not only meet but exceed their expectations.

Companies must undergo major financial management changes if they’re to keep up with escalating operations costs, industry-wide technological disruption, and high staff turnovers. It’s not enough to outsource the shift as all transformations on this scale require cultural changes.

Build a financial backbone for sustainable expansion with these 13 best practices:

  • Understand your position on the digital maturity scale
  • Audit financial management workflows and processes thoroughly
  • Update data management and security practices and protocols
  • Educate your team on common financial transformation challenges
  • Define what success means and set realistic KPIs
  • Prepare your leadership team to drive internal change
  • Choose a financial transformation framework
  • Amplify efforts with internal communications campaigns
  • Invest in managing what will be a significant cultural change
  • Source scalable financial management solutions
  • Focus on cloud-based solutions that integrate
  • Adopt agile processes that are specific to your industry’s demands
  • Create meaningful ways to measure the success of transformation

For the full blog on how to build a financial backbone for hospitality expansion, click here.

 

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