GHACP stands for the Global Hospitality Accounting Common Practices. The goal of this initiative is to provide a searchable database of detailed operating financial reporting practices used at lodging properties around the world, along with guidance on industry standards, and commentary and analysis from industry experts.
The users of financial information come in many forms, from owners to investors, from controllers to CFOs, from financial professionals to academic constituents. Thus any benchmarking information services that can be used by these groups to compare common practices for hotel management reporting from region to region would prove to be very useful.
As with any benchmarking services, in order to stay relevant, it is imperative that the GHACP is a fluid product requiring continuous updating and development. The project leaders started by collecting information from Europe and Asia with the assistance of industry practitioners and university students. For North America, HFTP CEO Frank Wolfe gained the permission of the Financial Management Committee of the American Hotel & Lodging Association (AH&LA) to include the 10th and 11th editions of the Uniform System of Accounts for the Lodging Industry (USALI) in the GHACP. To-date, the database hosts approximately 5,000 items. Read More »
Big Data is omnipresent. Statements such as “Data is the new oil,” and “Data is the salt of modern merchants,” show how valuable data has become. But what is so important about this data? The majority of hotel managers will have no answer to these questions, although they should.
Big Data is more than the rapid increase of data, although it builds the foundation. According to forecasts the amount of data will increase 50-times from 2010 to 2020.
In business context the question is how data can be used to enhance the products and services offered or to even develop new products, also how Big Data will change the way hotels interact with their customers on and off-site. Read More »
It is really exciting to be in Los Angeles for this year’s HITEC and so far so good. Monday evening’s opening party at the Belasco Theater was quite sensational. Good music, good food and drinks, and good conversations. Not to mention the elegance of the venue.
HITEC itself has been running quite smoothly. The registration and badge pick-up processes have been less cumbersome this year, thanks to the producers, HFTP. I was unable to attend Monday’s opening keynote. However, Tuesday’s keynote session on “The Collaborative Economy” presented by Rachel Botsman was very good. If you’ve never heard Rachel speak, you should check out her presentations on TedTalks and YouTube. You’ll not be disappointed. Read More »
The first session of the day was also my favorite, “Building a Better Hotel Infrastructure” led by Robin Koetje, Ken Barnes and James Lingle. It was the sort of block-and-tackle information that I come to HITEC for. Here are a few of the many great points made:
- You’ve got to start with the environment. what are the brand standards and other decisions that are already made for you? What is the owner’s vision and mindset? Are they in it for the long haul, or to flip? Do they want to push the envelope in terms of technology and guest services, or play to the low denominator? What are the local requirements; for example is water abundant or scarce? Read More »
With HITEC 2014 just a few short weeks away, I thought it would be timely to go ahead and update the industry on the latest progress HFTP has made concerning the CHTP Certification Program since the CHTP Task Force meeting earlier this year.
At the HFTP March council meetings, the Certification Advisory Council and a few members from the CHTP Task Force, revisited where the CHTP is today. The group then took an in-depth look at the current CHTP certification program examination questions. The group eliminated several more subjective and for lack of a better term, ‘dated’ exam questions from the pool. As a result of that review, the exam question pool was also significantly reduced, leaving approximately 242 usable questions that can be applied toward the new CHTP exam that is currently being developed. Read More »
As we lead up to HITEC 2014, HFTP Connect will be talking to industry experts and keynote speakers about their expertise and how it relates to the hospitality industry through the Ask the Experts column.
An expert view on the revolutionary Collaborative Economy and the hospitality industry
Rachel Botsman is a global thought leader on the power of collaboration and sharing through digital technologies to transform the way we live, work and consume. She has inspired a new consumer economy with her influential book What’s Mine is Yours: How Collaborative Consumption is Changing the Way We Live. TIME Magazine recently called Collaborative Consumption one of the “10 Ideas That Will Change the World.” Rachel is the founder of Collaborative Lab, the leading source of expertise for businesses and governments that want to embrace the collaborative economy to revolutionize business and society.
1. How did collaborative consumption theory become your brain child?
Five years ago, I started to wonder how ideas such as eBay, Zipcar and Airbnb were connected. What I recognized, was the early stages of a transformation in how technology could match ‘needs’ and ‘wants’ changing not just what we would consume but how we would consume through collaborative models and marketplaces; hence the term ‘collaborative consumption.’ Read More »
Editors Note: Since the publication of this article, movement to regulate e-cigarettes by the FDA has progressed. On the local government level and in other countries e-cigarettes have been banned in public places or banned all together. Recently, the European Parliament rejected a proposal to regulate e-cigarettes as medical devices.
The 2014 Consumer Electronics Show (CES) boasted the largest show floor in its history featuring more than 3,200 exhibitors. It was a sight to see, with a lot of improvements on things we have been hearing about in the industry for quite a while.
One trend that really stood out to me was the proliferation of e-cigarette vendors and users. The growth in sales of the e-cigarette will likely make it a habit that’s here to stay. Many large tobacco companies seem to think so, including R.J. Reynolds, Lorillard and Altria (think Marlboro).
Over the past few years, the Certification Advisory Council (CAC) and the HFTP Board of Directors have been discussing the Certified Hospitality Technology Professional (CHTP) Program. The question of how do we keep a technology certification relevant, is obviously one of the biggest questions we are faced with every time we meet.
As we all know, technology is evolving rapidly these days. The evolution and innovation of technology has also impacted the hospitality industry as well as the CHTP certification program. HFTP was aware that the CHTP exam was dated in some of the sub-section content areas that were tested on the exam. The study materials reflected this information as well. The perception of the CHTP program, from the industry’s point of view, is simply that the exam has some issues that needed to be addressed. HFTP is on a mission to fix these issues and the industry’s perception of the certification program as a whole. At our best efforts, HFTP has removed dated and subjective questions that were on the current CHTP exam.
Are you still using the default password that came with your point of sale (POS) or payment system? Or, using 12345 or password1? If so, you need to change it right away to help protect card holder data. Passwords are one of the easiest ways for criminals to sneak in to access information if not updated from the default or, if passwords are too simple, it can also make it easy for data thieves to break in. And we all know the low hanging fruit always gets tapped first. Read More »
I left HITEC sensing mobile and the resulting real-time communication was a dominant theme this year and the future of our business, but barely scratching the surface of overall impact. With the lightening pace of change, the role of the IT manager has never been more difficult; opening the mind to embrace new high-impact technology, while continuing to protect against constantly emerging threats (PCI, malware, phishing, and other malevolent activity). It’s not an easy balance to achieve, but some organizations have been aligning a few technology resources with marketing to ensure new market realities are quickly leveraged by current technologies. Read More »