|EUGENE, OREGON – February 15, 2005 – InnSight Hotel Management Group,
Inc., a prominent, northwest-based hotel management firm, has teamed with
ProfitSword, LLC, an innovator in web-based intelligence tools for the
The move will enable property managers at InnSight hotels to gather, interpret and share detailed, real-time accounting information with the corporate office and each other, with the ultimate goal of providing superior results to hotel owners.
This month, InnSight began using ProfitSword's ProfitSage Financial Suite as its business intelligence tool. Introduced in June 2003, the web-based ProfitSage software consists of six modules that interface with the property management system, back office accounting, sales automation and payroll systems in order to warehouse data. The information is then used within the different modules to produce revenue reports, detailed forecasts, line-by-line budgets and hundreds of customized reports. ProfitSage also interfaces with Smith Travel reporting to provide comprehensive comparisons to the competitive set. 'ProfitSage will provide us with more timely, accurate and accessible management information in both single property and consolidated formats for property managers, corporate staff and owners," says Greg Hoard, Controller for InnSight. 'The interfacing of property management system data, ‘flash' reporting of daily revenue, and operating statistics will improve management practices and create a new level of accountability. Eliminating data re-keying with interfaces to our current sales, reservations, and back office systems will streamline weekly and monthly financial reporting, and reduce manual intervention with no need for capital outlay. Forecasting and budgeting processes will be much easier and more accurate with the increase in the amount of comparative and historical data available."
ProfitSage provides modules for tracking daily revenue, forecasting, budgeting, journal, purchasing and marketing. Each module can interface with the others, and since the entire system is web-based, users can view information in real time. This empowers managers with information to make solid decisions that will positively impact the profitability of the hotel. And because the program is custom designed around a company's chart of accounts, managers can use it to generate consistent, standardized reports across a variety of brands and property types. 'The hotels and the corporate office will have hundreds of customized, informative reports and graphs at their fingertips," says Mike Patton, vice president of software development for ProfitSword. 'Likewise, data is presented in standard industry formats, so that reports are consistent across hotel brands. This has been increasingly important at the corporate and ownership levels that are involved in multi-brand management."
InnSight is migrating all its hotels to ProfitSage, and plans to bring each new management contract under the ProfitSage umbrella. Hoard anticipates an immediate positive impact at the properties. 'We informed our general managers late last year of our intentions to install ProfitSage in stages over the course of the year," he says. 'They were so excited that they didn't want to wait. When the on-site management supports a project of this magnitude, it is sure to succeed. With help from the team at ProfitSword, I am confident we will see positive results on the bottom line and our investment will pay for itself in short order."
President of InnSight Richard Boyles adds, 'With a constantly growing portfolio, InnSight needed to find a way to better manage information. Now, we'll be giving our hotel managers a tool that can provide information instantly so they can get back to managing people and not the process. We strongly believe our investment in this type of technology will help us achieve our goals, not only for the next year, but for many years to come."
Founded in 2001, ProfitSword is an innovator in web-based business intelligence software for the hospitality industry. The ProfitSage software provides seamless integration of data and real-time information to enhance hotel managers' decision-making process. ProfitSword is headquartered in Orlando, Florida. For additional information on the company and its products, contact Mike Patton at (407) 909-8822.
InnSight manages a growing portfolio of a variety of hotel brands in the United States, and is one of only a handful of Northwest-based management firms approved to manage Marriott hotels. Contact Executive VP Patrick McShane at (541) 746-8444 x29, or [email protected] to learn more.
|Also See:||ProfitSword, LLC Introduces New Web-based Business Intelligence Software Suite for Hospitality / July 2003|