The Travel, Hospitality and Leisure Industry is expecting robust growth in 2016 (Deloitte). Global hotel investment is on the rise with an up to eight percent year over year increase from 2014 to 2015 (Ernst & Young’s Global Hospitality Insights 2015). More than $54.5 billion was pumped into the hotel industry in 2014.
If you consider that for every $1 billion an organization invests in programs and projects, $109 million of that is lost to project failure (Project Management Institute), that means out of the $54.5 billion spent on hotel investment, almost $6 billion went down the drain.
Combine that with the rise of industry disruptive markets like Airbnb, and that foretells an uphill challenge for hotel developers and owners if they want to keep up with competition, while taking advantage of new and growing capital investment from emerging regions like Asia.
The market fittest that will survive, will be companies that employ technology as a means of innovation, according to global knowledge management firm Ernst & Young. Staying competitive means employing tech savvy tools that save time, money and increase performance.
PM Software: A Boon to Hospitality Project Managers
Almost half of all project managers use no software, even though several studies have found the use of PM software increases performance and satisfaction (Pricewaterhouse Coopers). According to software review giant Capterra’s Project Management User Research Report 2015, project management software like Taskworld improved team communication by 52 percent.
In addition to more clarity in discussions, PM software was found to improve the quality of work, number of projects completed under budget and on time and customer satisfaction by 40 percent or more. This difference is what separates the high performers from organizations that are struggling. According to a study by the Project Management Institute (PMI), project completion rates were 89 percent for high performers and only 36 percent for low performing organizations.
Project management software is revolutionizing the way we work and allowing managers and businesses a chance to stop time and money from falling into the precipice of failed projects.
Hospitality managers and developers who employ project management software will maintain a competitive advantage in the race for a growing number of investment dollars by not only completing more projects on time and under budget, but having the record to show it.
Project managers in hospitality can use Taskworld to organize and execute projects both large and small. Here is an example of running a hotel opening using Taskworld.
Organize Projects & Tasks
This project could be for one aspect of the hotel’s opening such as Sales, Distribution, Marketing & Communications.
Inside the project, you can begin creating Tasklists for the first group of to dos, like creating the Hotel Business Plan.
Under this Tasklist, you can assign Tasks to team members such as create Hotel’s Vision and Mission Statement, Supply & Demand Analysis and Executive Summary.
Set due dates, tag tasks with colors and labels to indicate priority or choose followers who can stay in the loop. You can drag and drop tasks to different Tasklists in case something changes. It is a flexible, real-time picture to keep the project on track.
Communication Made Easy & Nothing Falls through the Cracks
Reduce email by up to 40 percent, or stop using email all together. You can chat with the whole team, with a department or one on one to the answers you need to move forward. Share and store unlimited files within chat for edits, or inside of tasks for items related to a to do. Haven’t heard from Tim about the Executive summary he was assigned? He’ll receive a smart notification and you can also check in with him via chat.
Save Time on Repetitive Work & Run Multiple Projects
Running multiple hotel openings with the same procedure? Set repeating tasks for recurring work or copy a whole project as a template, so you only have to do the work once. For larger hospitality development companies, you can use project groups to run hundreds of projects at the same time while keeping an eye on the big picture.
Overview & Analytics
To stick to deadlines and stay on budget, hospitality managers need to see how projects are progressing. With Taskworld’s Overview & Analytics capabilities, you can keep an eye on the big picture.
Filter workspace information, check due dates and track performance by checking on how many tasks were completed. Use calendar view to schedule ahead, and drag and drop tasks or important deadlines. Check the project health status and see critical areas that need your attention before they fall behind.
With more investment dollars and business up for grabs in the hospitality industry, developers and managers who adopt technology that increases the efficiency of their teams will maintain a competitive advantage.
Be amongst the clever half of project managers who have better performance, and start your free trial of Taskworld now.