Unleash the power of NetSuite as the Hospitality Management System
NetSuite Hospitality Management System
The top priority of any player in the hospitality industry is customer experience. The sector focuses on creating unique experiences for its guests in terms of:
- Good food and drinks
- Good ambience to stay and relax
- Comfortable facilities to travel and tour
- Fun activity options as per interests
The hospitality industry’s extensive customised services make their guests’ experiences fabulous. But they need feature-rich hospitality management systems to enable the provision of these services. Hospitality management system software can streamline workflows, leading to improved productivity.
With online ordering and bookings on the rise, focusing on technology becomes all the more critical. Business owners need a solution to manage inventory, supply chain, and customer experience. You need business intelligence from automated systems to take decisions.
Let’s discover the purpose of hospitality management systems in your hospitality business. Later, we focus on the features and benefits of the NetSuite solution for the hospitality sector.
The need for a hospitality management solution
The hospitality industry thrives on customer experiences. If you give good experiences to customers, you get word-of-mouth publicity, a better reputation, and more customers.
To deliver these experiences to customers, you need a hospitality management system. Such a system must have the basic features of an ERP plus some customisations for the sector. You need such a system to manage the following:
24/7 business monitoring
You need to keep a close eye on every aspect of your business. And it must not include going everywhere to see if everyone is working or things are in place. You must have restaurant management software to supervise:
- Cooking in the kitchen
- Cleaning of utensils
- Servers doing their duty
- Availability of all raw materials on time and in good quality
- Accurate bookkeeping and accounting of materials and consumables
- Making payments and receiving money
You must watch each activity to ensure they run on time and as expected. With continuous monitoring, you can identify problems or roadblocks at the right time to correct them. Thus, a restaurant management system can make your operations a success with 24/7 tracking.
Operational supervision
Suppose you run an Airbnb or a hotel. You need to manage many things, including:
- Guest booking
- Room facilities
- Check-ins and check-outs
- Room prices and offers
- Inclusions and exclusions
- Food options
- Support with cab or transport
You can manage all these effortlessly by having hospitality management software. You must have details on all factors to serve your guests better. If you do not have information on room booking and allocate a booked room to another guest, it may create problems. So, it is necessary to have real-time details on all the above factors.
With a hospitality management system, just click the button to have all the information. It helps you manage your business in a straightforward manner with no confusion. Also, customers are happy with the incredible experience. Thus, it helps you improve credibility, reputation, and customer retention.
Make quick decisions
How would a cafe know if it is a success or not? There are metrics to measure and analyse. Something along the lines of:
- How many customers turn up in a day?
- How many repeat customers?
- What are the café’s peak times?
- What is the most sold dish/drink?
- What are the demographics of customers?
It would help if you had answers to these questions. They are the business intelligence you need to devise future strategies. A restaurant management system can give you insightful analytics in real-time. These analytics helps you identify your business positives, detect problems, and prepare improvement plans.
Based on these analytics, you can create reports to share with management. Even the customised dashboards are a great help to get an insight into your operations. Thus, restaurant management software serves you daily insights to help in decision-making.
Managing payments
An entity in the hospitality sector engages in small and big monetary transactions daily. Restaurants accept payments for food bills. They pay for raw materials daily. Hotels accept payments from tourists. Airlines accept payments for flights.
If you do manual accounting for these transactions, there are chances of making errors. Or, you may forget to account for a transaction or make duplicate entries.
The best option to resolve these possible loopholes is using hospitality management systems. These systems automate your transaction, creating online proof for every transaction. You get error-free, accurate, and complete accounting details for all transactions. Also, you get a complete picture of all transactions in a year or month on the dashboard.
The hospitality management systems integrate several payment gateways to increase customers’ convenience. It secures monetary transactions and stores complete details for future reference and analysis.
Handling guests and their requests
A restaurant needs to manage the incoming guests and their requests for food and drinks. Likewise, airlines must handle all passengers and ensure a safe journey. Even event management companies aim to give participants a ‘value-for-money’ experience.
All these requests need an enterprise resource planning system. The ERP capabilities of hospitality management systems manage your services. ERP features help automate your processes to make them smoother and faster.
You can set up alerts for your incoming guests during hotel stays. You can send personalised offers to your customers to retain them. You can even target potential customers with advertising campaigns.
The hospitality management system manages human resources for you. You can define roles and responsibilities, track their timings, and assess their performance. You can also analyse their action plans when something goes wrong in customer handling.
The restaurant management system helps you with purchasing and procurement as well. You can store vendor details – location, pricing, products, and services. When you want to order products, you can create quotes from templates, send them automatically, analyse their offers, and get approval on the finalised order. You can even track the delivery of the product from the vendor’s location to your warehouse or store.
Thus, hospitality management systems enable the effective handling of your guests and their requests.
Features of NetSuite hospitality management system
If you are into the hospitality business and want to:
- Integrate your back office with customer-facing processes
- Respond to guests’ preferences
- Make loyal customers and improve retention
- Make your processes efficient and productive
- Get complete visibility of your operations
- Improve the service value to customers
- Reduce wastage of resources and materials
- Scale and expand fast
- Comply with necessary regulations
Buy the NetSuite hospitality management system because it helps you achieve the above. NetSuite manages all your processes efficiently so that you focus on creating excellent customer experiences. It helps you in the following:
Inventory management
- Supervise inventory movement with accurate calculations of stock levels and lead times.
- Setting re-order alerts helps you order inventory as soon as it reaches a pre-defined level.
- Manage to get the right amount of inventory at the right time to ensure demand-supply balance.
- Track raw material inventory from purchase to sale with details on units of measure, quantity, and recipes.
Operations management
- Eliminate manual entries and processes with POS integration to ensure data integrity.
- Consolidate data from many units and locations to provide a complete group-level view.
- Create unique KPIs and performance measures for your business.
- Handle franchises, business units, global offices, and offline and online operations.
- Track inbound orders of raw materials and outbound customer deliveries in real time.
- Manage your fixed assets throughout their lifecycle for maximum use, including calculating their depreciation and non-depreciation.
- Monitor asset warranties, maintenance schedules, and relevant accounting entries.
- Maintain a list of vendors with offer details and negotiate for better prices and terms and conditions.
Financial management and legal compliance
- Get visibility of revenue streams, expenses, and cash on hand.
- Forecast financials, customer demands, and menus based on historical records and current trends.
- Run several franchises, restaurants, and stores without worrying about financial consolidation.
- Follow local and headquarter levels’ financial, taxation, and legal requirements.
- Understand the bottom-line costs for quick account closing and financial management.
- Prepare budgets and allocate expenses for different sections seamlessly.
360-degree operational visibility
- Complete information on employees, payrolls, compensation, and performance measures at a single data source.
- Create role-based and customised dashboards with details on all data you want to see.
- Have complete visibility of stocks and sales to forecast demand and reduce wastage.
- Produce insightful financial and operational reports to gauge business performance.
Customer relationship management
- Track orders and payments with several payment options for customers’ convenience.
- Incorporate offers and discounts on gift cards, loyalty points, and online orders.
- Get customer feedback from several sources and use them for different strategies.
- Use case management features to track customer complaints and resolve and manage them.
Cloudiotech - NetSuite consultant to make your journey fruitful
Thus, NetSuite is a single, unified solution for the successful operations of your hospitality business. It gives you a single source of business data to analyse and devise strategies for the future. It helps you create unique customer experiences based on forecasts and customer preferences.
But you need to ensure that you take full advantage of the solution. For this, you must partner with a NetSuite hospitality management solution consultant. The consultant can help you identify your requirements and suggest the best customisation. Cloudiotech, a leading provider of NetSuite services, is an excellent NetSuite consultant for your business.
We are your NetSuite partner committed to achieving success for your hospitality business. Our years of experience and expertise in NetSuite implementations in all sectors make us a reliable NetSuite implementation partner. We help clients with implementation, NetSuite integration Services, NetSuite customisation, and training services.
We understand your hospitality business needs and challenges and suggest solutions and services. We help with NetSuite implementation and provide complete support services. We help you harness the most from the solution with our expertise over the years. You can drive innovation in your business and gain more wallet share with our NetSuite services.
Get the taste of automated processes, real-time visibility, and the creation of better customer experiences
with Cloudiotech’s hospitality management solution.
