A hotel employee keeping track of the hotel's assets

Common Hotel Asset Tracking Issues and How to Resolve Them

 

What are some common hotel asset tracking issues?

  1. Asset Shrinkage
  2. Costly Asset Procurement
  3. Decentralized Database
  4. Uncertainty of Asset Depreciation

 

Many hotels constantly work to offer the best customer experience and services in the market. Are you looking to achieve a steady image and consistent branding? You need a comprehensive system with hotel laundry tracking to ensure all assets and expenditures are being accounted for. Proper systems that manage items necessary for smooth and efficient operation should be in place at any hotel. This is to reinforce positive customer satisfaction reviews and to encourage new visitors to stay.

Housekeeping and laundry areas in hotels consist of a variety of costly fixed assets such as laundry machines that need to be managed and maintained. From asset shrinkage to inaccessibility, here are some of the issues related to inventory tracking experienced by the hospitality industry.

Asset Shrinkage

A housekeeper folding hotel towels

Nothing drains hotel funds more than lost, misplaced, or stolen assets. Shrinkage refers to the loss of inventory within the premises of a hotel. It can be attributed to factors and incidents in the hotel related to employees’ actions or mistakes such as employee theft or cashier errors. An asset management solution can help reduce the number of items misplaced.

Apart from the previously mentioned possibilities, shoplifting is also a common issue in many hotel shops and restaurants. A comprehensive asset tracking solution can alleviate employee and customer-related thievery occurring on the premises. Asset tracking solutions consist of a software system, asset tags, trackers, and readers. With its unparalleled and complete features, you can guarantee that all of your items will be taken into account. Whether it’s the smallest item in the hotel shop, the last pen in the back office, or your linen assets in each hotel suite.

Costly Asset Procurement

A problematic hotel working computing for asset procurement budget

Many hotel businesses employ procurement processes to simplify asset acquisition. Part of this is a streamlined process in which the asset acquisition team of the hotel bargains to determine the price of a particular item. Typically, any asset purchased outside the portfolio of the preferred vendor is costly and does not reflect the discounts according to the agreement made beforehand.

With a comprehensive hotel asset tracking system, you enable your business to prevent any human errors related to purchasing outside the preferred system of vendors. The system should consist of the appropriate vendor information as well as those from past purchases. At the end of the day, streamlined operations should enable a suitable level of transparency for everyone in the company. The management will have to depend on the solutions in order to allow every employee in the company to be aligned with the ins and outs of the business.

Decentralized Database

A woman confused with a decentralized hotel database

Hotel asset management is not an easy task that you can do through the use of spreadsheets, especially for those with several branches nationwide. The hotel asset tracking system in place should tremendously help in streamlining and centralizing assets. A system with a complete set of devices, readers, trackers, and data stored in the cloud presents an ideal solution for preventing asset shrinkage.

Data should be accessible from a smartphone, tablet, computer, or any mobile device. A reliable asset management software for hotels lets your team easily access the information they need to make the overall workflow of the office more productive.

Uncertainty of Asset Depreciation

A depreciating hotel chair and walls

Hotel asset tracking software can be used to manage and track depreciation. Apart from inventory issues and tracking their current location, reliable software can also be used to be updated on the dates an asset should experience depreciation.

A straight-line depreciation method allows you to calculate depreciation on your assets as well as other features pertaining to the determination of asset inflation. Aside from that, parameters are set on a monthly, quarterly, or annual basis. Look for a hotel asset management system that is able to determine the true value of your assets by seeing when they were purchased, their purpose, and whether they are being leased or owned.

Key Takeaway

Imagine the convenience of having an all-in-one asset management solution with hotel laundry tracking. It can support you in inventory but also determine which ones are losing their value. Any data you need to understand the real value of your assets will be readily available through the cloud in one easily accessible application. Be able to man your inventory in and out of the premises through mobile devices.