Solve your Hospitality Planning, Reporting & Analysis Challenges with Workday Adaptive Planning
In the world of hospitality, FP&A teams have a lot on their plates. They deal with changing guest numbers due to seasons, the economy, or unexpected events. Costs for things like food or energy can change frequently, making planning tough. Big spending decisions, like renovating a hotel or updating technology, need careful thought. And with competitors like Airbnb gaining market share and guests’ expectations expanding , staying ahead is a constant challenge.
In this complex landscape, you need clear, quick insights to make smart decisions. That’s why finance teams choose Workday Adaptive Planning.
To learn more about our FP&A Solutions for Hospitality companies with Workday Adaptive Planning, arrange a call with one of our Consultants.
Helping you address the key FP&A challenges in Hospitality
Demand Uncertainty
The hospitality industry is highly sensitive to seasonal shifts, economic conditions, geopolitical events, and even unpredictable factors like weather. FP&A teams face the daunting task of forecasting demand amidst these uncertainties to ensure optimal pricing, staffing, and inventory management. Workday Adaptive Planning can actively manage capacity planning and help travel and hospitality companies optimise the utilisation of valuable resources, across the business.
Operational Cost Volatility
Fluctuations in costs related to food, beverages, energy, and labour, coupled with varying occupancy rates, make budgeting and expense management challenging. FP&A teams need to anticipate these fluctuations and devise strategies to maintain profitability. Using Workday Adaptive Planning companies can manage complex granular costs and expenses centrally in a single, secure platform, saving time and improving visibility & control.
Capital Expenditure Decisions
The hospitality sector often requires significant investments in property maintenance, renovations, and technology upgrades to stay competitive and meet customer expectations. Determining when, where, and how much to invest, while ensuring a return on investment, poses a significant challenge for FP&A professionals. With Workday Adaptive Planning new what-if scenarios can be created on-the-fly in minutes. Businesses can effectively model the impact of changes to future investment plans and improve decision making.
Dynamic Competitive Landscape
With the rise of alternative lodging options like Airbnb and evolving consumer preferences, traditional hospitality businesses face increased competition. FP&A teams must continuously analyse market trends, competitor strategies, and guest feedback to inform business decisions and ensure sustained growth. Workday Adaptive Planning allows the FP&A team to spend more time with business partners, understanding market dynamics and providing the insights the business needs to make the right strategic decisions.
Why Workday Adaptive Planning is the Best Choice for Hospitality companies
- Adaptable Forecasting – Given the demand fluctuations in hospitality due to various unpredictable factors, Workday’s dynamic forecasting capabilities allow companies to adjust their financial plans quickly. By capturing real-time data, it helps businesses respond swiftly to changes, ensuring optimal staffing, inventory, and pricing.
- Unified Data Platform – Seamlessly integrate with existing ERP, HRMS, and CRM systems, thereby providing a unified view of all business operations.
- User-Friendly Interface – Workday consolidates data across various departments, from food and beverage sales to room bookings. This integrated view provides a holistic picture, helping FP&A teams make more informed decisions about budgeting and resource allocation.
- Scenario Planning – Hosted on a cloud-based infrastructure fortified with industry-leading security protocols to ensure data integrity and confidentiality.
- Unmatched Support – The tool’s advanced modelling allows businesses to prepare for different situations, such as a dip in occupancy rates or a spike in operational costs. This foresight ensures that companies are better equipped to navigate financial uncertainties.
- Collaborative Budgeting – Workday promotes collaboration across departments, ensuring that financial plans are aligned with operational strategies. Whether it’s a decision about a property renovation or a promotional offer, the platform enables cohesive, data-driven decision-making.
- Real-time Reporting – The ability to pull real-time reports helps FP&A teams track performance metrics instantly, from revenue per available room (RevPAR) to average daily rates (ADR). This real-time insight is crucial for quick strategy adjustments in the ever-changing hospitality landscape.
- Cloud-based Flexibility – Being a cloud solution, Workday Adaptive Planning offers scalability, catering to hospitality businesses of all sizes, from boutique hotels to large chains. Plus, the data can be accessed from anywhere, anytime, which is essential for a global industry.
- User-friendly Interface – The intuitive design of Workday ensures that even non-finance professionals in the hospitality sector, such as hotel managers or F&B heads, can leverage its capabilities. This widespread accessibility promotes company-wide financial awareness and engagement.
