Unlock Hidden Revenue with RPA: How Automation Saves Hotels Thousands
In the fast-paced world of hospitality, managing finances can be a daunting task. From OTA payments to bed bank reconciliations, hotels often rely on manual processes to ensure accuracy. However, this approach can lead to significant revenue loss. In a recent video, Stephen Burke, the founder and CEO of RobosizeME, highlighted a common yet costly practice in the industry. Let’s break it down.
Did You Know?
- Manual reconciliation of payments can cost large hotel groups tens of thousands of dollars monthly due to unchecked discrepancies.
- Automating payment reconciliations with RPA can recover lost revenue and pay for itself within the first month of implementation.
- Process Automation can automatically adjust menu prices in real time based on changes in supply costs, helping hotels stay profitable.
- Hotels can automate the uploading of loyalty points and travel agent commissions, saving valuable time for staff.
- By automating repetitive tasks, hotels can allow their staff to focus more on enhancing guest experiences and improving satisfaction.
The Hidden Cost of Manual Payment Processing
Many hotels have a practice of paying invoices from OTAs and bed banks if they are within a small percentage, typically 1.5% to 2%, of an expected amount. Due to limited manpower, these payments often go unchecked. Unfortunately, this can result in hotels losing tens of thousands of dollars each month. The root cause? Overpayments and missed opportunities for corrections due to manual errors.
The Power of Automation in Payment Reconciliation
Robotic Process Automation (RPA) offers a powerful solution to this issue. By automating the reconciliation of payments, hotels can ensure accuracy and recover lost revenue. Some of our customers have seen these automations pay for themselves within the first month of implementation. This is a game-changer for large hotel groups, where the scale of operations magnifies the impact of these discrepancies.
Beyond Payments: Additional Benefits of RPA
Automation doesn't just stop at payment reconciliations. It can also streamline other repetitive tasks, such as uploading data to extranets or handling loyalty points. For instance, when supply costs fluctuate, our digital workers can adjust menu item prices accordingly in the point-of-sale system. This ensures that pricing remains competitive and aligns with current costs, protecting the hotel's bottom line.
Additionally, automation can manage complex tasks like downloading and filing multiple bank statements daily. This not only frees up staff from mundane tasks but also allows them to focus on more meaningful work, such as enhancing guest experiences and improving customer satisfaction.
Conclusion: Transforming Operations with RPA
Implementing RPA in hotels can transform their operations, making processes more efficient and reducing human error. By automating repetitive tasks, hotels can redirect their staff to more value-added activities, ultimately improving operational efficiency and guest satisfaction.
If you're looking to optimise your hotel's operations and unlock hidden revenue, consider integrating Process Automation solutions. The initial investment is quickly outweighed by the benefits, with cost savings and operational improvements evident within the first few months.
For more insights on how Process Automation and RobosizeME's Digital Workers can revolutionise your hotel's operations, check out the full video with Stephen Burke.
