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Property Management System
Property Management Systems (PMS) or Hotel Operating System (HOS), under business, terms may be used in real estate, manufacturing, logistics, intellectual property, government, or hospitality accommodation management. They are computerized systems that facilitate the management of properties, personal property, equipment, including maintenance, legalities and personnel all through a single piece of software. They replaced old-fashioned, paper-based methods that tended to be both cumbersome and inefficient. They are often deployed as client/server configurations. Today, most next-generation property management systems favor a software as a service (SaaS) model sustained by web and cloud technologies. Hospitality industry The first property management systems in the hospitality industry appeared on the market in the 1980s. Today, they are considered the most important piece of hotel technology. In hotels, a property management system, also known as a PMS, is a comprehensive so ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Software As A Service
Software as a service (SaaS ) is a software licensing and delivery model in which software is licensed on a subscription basis and is centrally hosted. SaaS is also known as "on-demand software" and Web-based/Web-hosted software. SaaS is considered to be part of cloud computing, along with infrastructure as a service (IaaS), platform as a service (PaaS), desktop as a service (DaaS), managed software as a service (MSaaS), mobile backend as a service (MBaaS), data center as a service (DCaaS), integration platform as a service (iPaaS), and information technology management as a service (ITMaaS). SaaS apps are typically accessed by users of a web browser (a thin client). SaaS became a common delivery model for many business applications, including office software, messaging software, payroll processing software, DBMS software, management software, CAD software, development software, gamification, virtualization, accounting, collaboration, customer relationship management (CR ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
World Wide Web
The World Wide Web (WWW), commonly known as the Web, is an information system enabling documents and other web resources to be accessed over the Internet. Documents and downloadable media are made available to the network through web servers and can be accessed by programs such as web browsers. Servers and resources on the World Wide Web are identified and located through character strings called uniform resource locators (URLs). The original and still very common document type is a web page formatted in Hypertext Markup Language (HTML). This markup language supports plain text, images, embedded video and audio contents, and scripts (short programs) that implement complex user interaction. The HTML language also supports hyperlinks (embedded URLs) which provide immediate access to other web resources. Web navigation, or web surfing, is the common practice of following such hyperlinks across multiple websites. Web applications are web pages that function as application s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cloud Computing
Cloud computing is the on-demand availability of computer system resources, especially data storage ( cloud storage) and computing power, without direct active management by the user. Large clouds often have functions distributed over multiple locations, each of which is a data center. Cloud computing relies on sharing of resources to achieve coherence and typically uses a "pay as you go" model, which can help in reducing capital expenses but may also lead to unexpected operating expenses for users. Value proposition Advocates of public and hybrid clouds claim that cloud computing allows companies to avoid or minimize up-front IT infrastructure costs. Proponents also claim that cloud computing allows enterprises to get their applications up and running faster, with improved manageability and less maintenance, and that it enables IT teams to more rapidly adjust resources to meet fluctuating and unpredictable demand, providing burst computing capability: high computing p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hospitality Industry
The hospitality industry is a broad category of fields within the service industry that includes lodging, food and drink service, event planning, theme parks, travel and tourism. It includes hotels, tourism agencies, restaurants and bars. Sectors According to the Cambridge Business English Dictionary the "hospitality industry" consists of hotels and food service, equivalent to NAICS code 72, "Accommodation and Food Service". Definition in the United States In 2020, the United States Department of Labor Standard Industrial Classification (SIC) defines the hospitality industry more broadly, including: * 701 Hotels and Motels, including auto courts, bed and breakfast inns, cabins and cottages, casino hotels, hostels, hotels (except residential ones), inns furnishing food and lodging, motels, recreational hotels, resort hotels, seasonal hotels, ski lodges and resorts, tourist cabins and tourist courts * 704 Organization Hotels and Lodging Houses, On a Membership Basis * 58 Eating an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Yield Management
Yield management is a variable pricing strategy, based on understanding, anticipating and influencing consumer behavior in order to maximize revenue or profits from a fixed, time-limited resource (such as airline seats or hotel room reservations or advertising inventory).Netessine, S. and R. Shumsky (2002),Introduction to the Theory and Practice of Yield Management INFORMS Transactions on Education, Vol. 3, No. 1 As a specific, inventory-focused branch of revenue management, yield management involves strategic control of inventory to sell the right product to the right customer at the right time for the right price. This process can result in price discrimination, in which customers consuming identical goods or services are charged different prices. Yield management is a large revenue generator for several major industries; Robert Crandall, former Chairman and CEO of American Airlines, gave yield management its name and has called it "the single most important technical developme ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Back Office
A back office in most corporations is where work that supports ''front office'' work is done. The front office is the "face" of the company and is all the resources of the company that are used to make sales and interact with customers and clients. The back office is all the resources of the company that are devoted to actually producing a product or service such as data entry, payroll, accounting and all the other labor that is not seen by customers, such as administration or logistics. Broadly speaking, back office work includes roles that affect the costs side of a business's trading statement and front office work includes roles that affect the income side of a business's trading statement. Although the operations of a back office are seldom prominent, they are a major contributor to a business's success. They can include functions such as accounting, planning, inventory management, supply-chain management, human resources and logistics. Back offices are often located somew ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Point Of Sale
The point of sale (POS) or point of purchase (POP) is the time and place at which a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice for the customer (which may be a cash register printout), and indicates the options for the customer to make payment. It is also the point at which a customer makes a payment to the merchant in exchange for goods or after provision of a service. After receiving payment, the merchant may issue a receipt for the transaction, which is usually printed but can also be dispensed with or sent electronically. To calculate the amount owed by a customer, the merchant may use various devices such as weighing scales, barcode scanners, and cash registers (or the more advanced "POS cash registers", which are sometimes also called "POS systems"). To make a payment, payment terminals, touch screens, and other hardware and software options are available. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
T-commerce
T-Commerce is a term describing trade via a (smart) digital TV-set which – besides its main functionality – acts as a marketing channel enabling bidirectional communication enabling interactive advertising and addressable advertising. It is part of Electronic Business and e-Commerce which themselves are the most prominent parts of u-Commerce. The promise of T-commerce is to enhance shopping channels as well as regular TV ads by offering consumers a "One-Click" "Buy It" possibility. "Television" or "Tablet"? An alternative reading of T-Commerce expands the "T" to tablet which would – owing to the fact that tablet computers are predominantly mobile devices -then belong to the realm of mobile commerce. Irrespective of the interpretation of the "T", the extra value of the marketing channel lies in the direct interactivity the devices offer. Examples Interactive television with pre-built-in T-commerce app that allows buying online through the television remote control was int ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Average Daily Rate
Average Daily Rate (commonly referred to as ADR) is a statistical unit that is often used in the lodging industry. The number represents the average rental income per paid occupied room in a given time period. ADR along with the property's occupancy are the foundations for the property's financial performance. ADR is one of the commonly used financial indicators in hotel industry used to measure how well a hotel performs compared to its competitors and itself (year over year). It is common in the hotel industry for the ADR to gradually increase year over year bringing in more revenue. However, ADR itself is not enough to measure the performance of the hotel. One should combine ADR, occupancy and RevPAR (revenue In accounting, revenue is the total amount of income generated by the sale of goods and services related to the primary operations of the business. Commercial revenue may also be referred to as sales or as turnover. Some companies receive reven ... per available room) to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
RevPAR
RevPAR, or revenue per available room, is a performance metric in the hotel industry that is calculated by dividing a hotel's total guestroom revenue by the room count and the number of days in the period being measured.Mauri, A. G. (2012), ''Hotel Revenue Management: Principles and Practices'', Pearson, , pp. 27-38. However, if the calculation uses total hotel revenue instead of guestroom revenue it equals TRevPAR (Total Revenue Per Available Room). TRevPAR is another closely related performance metric in the hotel industry. Since RevPAR is only a measurement for a point in time (say a day, or month or year) it is most often compared to the same time frame. It is often used in comparison to competitors within a custom defined market, trading area, or advertising region or a self-selected competitive set as defined by the hotel's owner or manager, which is referred to as RevPAR Index or RGI (Revenue Generating Index). Also, comparisons are usually best considered between hotels o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hotel Technology Next Generation
Hospitality Technology Next Generation (HTNG) is a global non-profit trade association serving hotel companies and technology providers. History The Hospitality Technology Next Generation was founded in 2002 under the name Hotel Technology Next Generation. it was officially founded by Douglas Rice. Nine hotel IT executives actually formed the core of the founding members. At that time, hotels sometimes had 50 different systems that were not inter-operable. HTNG estimated in 2005 that $25 billion was spent annually and worldwide by hotel companies in IT solutions. In 2013, HTNG released a secure payments framework for hotels, but mentioned it would be efficient only if the whole industry were to use it. Still in 2013, HTNG signed a partnership agreement with China Hospitality Technology Alliance to share data across continents. In January 2015, Smartrac joined the HTNG to work on the door lock security group of the organization. The Hospitality Finance, Revenue Management and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hotel Reservation System
Computer reservation systems, or central reservation systems (CRS), are computerized systems used to store and retrieve information and conduct transactions related to air travel, hotels, car rental, or other activities. Originally designed and operated by airlines, CRSs were later extended for use by travel agency, travel agencies, and global distribution systems (GDSs) to book and sell tickets for multiple airlines. Most airlines have outsourced their CRSs to GDS companies, which also enable consumer access through Internet gateways. Modern GDSs typically also allow users to book hotel rooms, rental cars, airline tickets as well as other activities and tours. They also provide access to railway reservations and bus reservations in some markets, although these are not always integrated with the main system. These are also used to relay computerized information for users in the hotel industry, making reservation and ensuring that the hotel is not overbooked. Airline reservations sys ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
