[Part 1] 2011 Year in Review for Hospitality Technology
As we look forward to 2012, we here at HFTP Connect are reflecting on highlights we saw from the previous year to maybe see where we will go in the coming year. This three part series will include the latest happenings in hospitality technology, hospitality finance and with HFTP.
The 3 Biggest Hospitality Finance Topics for 2011
This time we look into what hospitality finance subjects were buzzed about in 2011. And from the looks of things, some of these topics will be big in 2012 as well. So make sure to tell us your thoughts on these topics and what you think it going to be important this year.
Here’s the list.
1. PCI Compliance
Look familiar? Yes, we talked about this in [Part 1] but it’s important to mention PCI compliance here as well. PCI compliance is not just a technology professional’s concern, it affects financial professionals too. But a lot of financial professionals aren’t sure where to begin with PCI compliance so the year was spent learning how it affects their job and company.
HFTP provided a lot of resources – from the HFTP PCI Compliance Task Force, the PCI Compliance repository, through special PCI Compliance articles in each issue of the Bottomline magazine and through special education sessions at various HFTP conferences.
All these resources will continue to grow in 2012. So what do you want to learn about with PCI compliance this year?
2. Asset Management
With the economy still recovering and change in the air, asset management is more important than ever. Knowing what you have, who has it and where it’s located allows you to figure out how much your assets are worth. Then you’ll know if it’s the right time to make improvements and know how much profit you’re making.
A major theme of HFTP’s Annual Convention in 2011 was change. The world is changing at a rapid pace and it’s important to know what’s happening so you don’t fall behind the curve. Asset management is changing too thanks to the Internet. Now there are new ways to report your property’s profitability that could change asset management for good.
How is your property managing its assets?
3. Health Care Reform
Even though the Affordable Care Act was passed in 2010, the hospitality industry was feeling the affects in 2011 as the changes took place. Many saw a rise in premiums so it was essential to not only learn how the reform affected the company, but also how to educate employees about the changes in hopes of keeping the company’s costs down.
As we begin a new year, some believe 2012 will be a much quieter year for health care now that the changes have already gone into affect. How do you feel about it?
Continue This Finance Discussion in Person
Want to continue the discussion on these and other hospitality finance topics? Consider attending the HFTP Knowledge Exchange March 21-22 in Dallas, Texas. It’s an educational meet-up designed with longer breaks and dedicated networking sessions so attendees can actively participate in exchanging ideas on hospitality finance issues. Learn more>
Katy Walterscheidt is the PR & social media manager for HFTP. She is also the editor of HFTP Connect, the hospitality professional blog. You can reach her by e-mail at katy.walterscheidt@hftp.org.
