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Hotel Balanced Scorecard

In: Business and Management

Submitted By LadyStar5
Words 1781
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A Balanced Scorecard Although good business decisions are a function of timely and accurate information a more important point is the timely response and actions managers take after making a decision from the data and information. Success in the hospitality industry today is determined its information and knowledge management, and especially the actions managers take resulting from their determinations to outsmart the competition and gain competitive advantages. Technology information is making vast changes in the hospitality industry which gives reasons for hotel managers to collect data and information. Considering the benefits from gathering usable information and applying the information effectively and creatively to gain hotel competitive advantages, but the benefits are only as good as they are in the hands of decision makers who have good common sense and experience with the knowledge in the context in which the information is applicable (Nyheim, McFadden, & Connolly, 2005, p.209 and 219). Technology today makes collecting information immeasurably easy but its application requires rigorous analysis with as little time as possible. The speed or time it takes to gather, interpret, and put the information to work and execute the resulting decisions produces a competitive advantage. Keeping in mind that hotels benefiting from usable information is produced by the speed in which the hotel collects and converts the information into useful measures by making good strategic decisions ultimately as the result of the competitive advantage hotel management develops new products, marketing/pricing promotions, and uses hotel business environment survival skills with a fortuitous sense to respond to opportunities and threats before anyone else to stake a claim in the hospitality industry (Nyheim, McFadden, & Connolly, 2005, p. 209 and 210). To make

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