When we transitioned to Execuvue it made our financial processes much easier. We saved about two staff hours a day.
(PRWEB) June 04, 2014
The Simon Konover Company is a growing enterprise with a reputation for innovation and success. The company develops, builds, owns, and manages an extensive portfolio of hotels, office buildings, and residential properties. Konover Hotel Corporation, a subsidiary of The Simon Konover Co., was an early adopter of business intelligence (BI) before the systems were widely accepted in hospitality. Today, Konover Hotel Corp. (KHC) uses BI to give its GMs comprehensive performance data reports that make them better managers.
“Konover Hotel Corporation first applied BI technology in 2007. We added 15 properties to our hotel group and immediately saw that our existing systems were not up to the daily job of data gathering, analysis, and reporting,” said Linda Valvo, corporate controller for The Simon Konover Co. “At the time, we used Excel and other generic business software. We researched systems as we grew and installed Aptech’s Execuvue® Business intelligence to automate property data collection and analysis. We also use Aptech’s Webvue ® enterprise back office for all our hotels. Property management based on accurate, timely operating data is essential for KHC. Now we have this information in our managers’ hands every day.”
Execuvue Automatically Generates Comprehensive Flash Reports for Properties by 8:00 A.M.
Taking on 15 new properties was a huge challenge for KHC’s team. “Our larger portfolio instantly impacted accounting, payroll, IT staff, nearly every management area,” Valvo said. “When we transitioned to Execuvue it made our financial processes much easier. We saved about two staff hours a day. The system collects a wide variety of data from diverse systems at each property, then tracks and analyzes it. Execuvue automatically generates multiple reports which the accountants distribute to our properties and KHC management. Our GMs have a daily flash report in their hands by 8:00 a.m. to help them manage by the numbers.”
one Point of Access Delivers 'performance Picture' for Entire Portfolio
KHC placed all its properties on one financial platform for a single point of data access. Execuvue provides one version of the ‘performance picture’ for the entire portfolio. “Our hotels were on different systems originally,” Valvo said. “Now all our properties are on a common platform with a simplified template for data gathering and performance tracking. Execuvue’s daily reporting is in one location, so we can send prior day activity to our GMs. Our Executive Vice President, Peter H. Mason, CHA, gives them daily, weekly, and monthly property performance goals. The first thing they see each morning is their numbers benchmarked against budget to keep them on track.”
Property Performance Comparisons Prove 'Friendly Competition is a Good Thing'
The company also periodically shares property performance information between its GMs. “Two times a month, we send an ‘analysis by flag’ report to our managers so they can compare their performance. We use our BI and Profitvue back office systems to track how properties manage guest service expenses, guest supplies, and other factors to measure property success,” Valvo said. “I think a small amount of friendly competition is a good thing.”
Execuvue, Profitvue 'Gold Standard' Reports Help Maintain Profitability
Valvo taps KHC’s centralized BI and back office systems for ‘gold standard’ reports and analysis that keeps the properties and company healthy. “We created a number of reports that give us information essential to maintaining profitability. The standard P&L’s from our Profitvue enterprise back office are excellent. Execuvue’s report options do anything we want. We expanded our P&L’s for prior year reporting to make budgeting easier for GMs. We also put properties side-by-side for instant comparisons. Centralizing BI and accounting make our operation more efficient. Our GMs have solid performance data to manage successfully.”
Aptech’s Execuvue BI, PVNG Accounting System, Profitvue, and Targetvue Enterprise Planning and Budgeting will be at HITEC 2014, June 23 – 26 at Los Angeles Convention Center. Come by Booth 501 to meet the Aptech team.
About The Simon Konover Company
The Simon Konover Company is a fully integrated real estate organization nationally recognized as one of the premier real estate entities operating throughout the Midwest and Eastern United States. Established more than 50 years ago, The Simon Konover Company excels in real estate development, property acquisition, asset management, property management, construction, leasing, and ownership. The Simon Konover Company is a full‐service organization providing superior service and expertise to Konover‐related entities as well as third party owners and investors. Through its diverse operating companies, The Simon Konover Company serves many market segments, including hotel, residential, office, industrial, retail, mixed‐use, and specialty properties.
Aptech Computer Systems
Aptech Computer Systems, Inc.., based in Pittsburgh, PA, leads the hospitality industry in leveraging change by valuing human relationships and applying technology to solve business problems for people. The company is renowned for introducing business intelligence into the hotel industry, and offers a solid resource of hospitality professionals. Aptech is an IBM Software Value Plus partner and Premier Solution Provider.
Incorporated in 1970, Aptech is a hospitality financial and operations technology solutions and service company. Aptech’s state-of-the-art back office, business intelligence, and enterprise planning products include Profitvue®, Execuvue®, Webvue®, and Targetvue. Clients comprise more than 3,200 properties, including large chains, multiple-property management companies, and single-site hotels. Aptech’s solutions help customers understand their financial and operational data to lower expenses or increase profitability. Execuvue and Profitvue are registered to Aptech Computer Systems, Inc. All other trademarks are owned by their respective holders. For more information please visit http://www.aptech-inc.com.