How much time and money can industries in manual data processes?
Across the hospitality asset landscape, decision-makers have continuously asked themselves how they can drive change within the industry and have circled back to the dire need for digitalisation, innovation and technological advancements. Processes need to be made smoother, and less time-consuming in order to produce the desired results and focus on what truly matters: paying attention to insights for a more profitable future. Data-driven decisions are at the forefront of any industry, but the question stands: If time is money, how much time and money can industries invest in manual data processes?
At Invesco Real Estate, a global real estate investment manager, it is customary to focus on result-driven investments worldwide. With that thought in mind, data-driven technological breakthroughs and insights have been the backbone for growth and future investments. Decision makers such as investors and asset managers have highlighted the need for automated processes. Due to a lack of standardization in reporting from hotel operators, a variety of Chart of Accounts, different file formats in excel, and an overall data jungle, it has been a mammoth task to say the least.
Asset Managers have found themselves investing more time trying to handle the manual processes of data management than focusing on investigating key insights. However, with great distress comes great innovation. After spending countless hours trying to manage manual data processes, Invesco Real Estate sought out to find a permanent solution to the problem.
As Fairmas had been a trusted hospitality BI Solution provider for Invesco Real Estate since 2014, the equation was made simple: Can Fairmas jump in and create a solution that connects investors and operators, making the life of an Asset Manager much simpler? Upon mutually discovering the need for such a solution in 2019, amidst the pandemic, Fairmas sought out to resolve the problem and further strengthen Invesco Real Estate’s relationship as a long-term client. A Data Management for Hotel Assets solution was the way forward.
Did you know?
Due to the pandemic, the need for reliable financial data became more important than ever. A small lapse in data could be a make or break point for investors and operators. Paying rent (MGR) became relative to many other factors during the pandemic. Rents were discounted or special agreements were made between investors and operators which needed to be reflected in FairPlanner, the hotel financial planning and reporting BI solution by Fairmas. The pandemic further solidified the need for standardization of reporting, including subjective factors such as rent during a pandemic or unforeseen circumstances.
Fairmas decided to create a service that takes over the manual processes of data management while the asset manager focuses on the analysis of the data and takes actions accordingly, that are therefore, fruitful to the investors. The Data Management for Hotel Assets solution created by Fairmas provides customized KPI reporting that is available 24/7. Furthermore, the quarterly analytics prepared by Fairmas have been a key element that support Invesco and Asset Managers in creating fund reporting. As a leading BI Solution made by hoteliers, for hoteliers, Fairmas can understand the needs of both, the hoteliers and the investors, therefore bridging the gap aptly.
“Digitalization is the future of the hospitality industry and its financial processes. Our successful partnership with Fairmas has reduced our Asset Managers’ workload by 80% and we can wholeheartedly recommend it to everyone. With the help of Fairmas, Invesco Real Estate can truly focus on future opportunities and growth in the hotel industry to create value for our investors.”
Senior Director, Hotel Investment Management, Europe
Invesco Real Estate
A win-win solution for operators, investors and asset managers, Data Management for Hotel Assets reduces workload and allows everyone to focus on what really matters – a future of growth and profit.