The recovery of the travel industry and the hotels business
After 2020 kept a large part of the world population unable to move from home, and thanks to global vaccination campaigns, 2021 has seen a growth up to 40% of the tourism industry compared to the previous year, according to the World Tourism Organization. These values are very promising and seem to foresee a future with this growing trend, considering the current situation of COVID-19 is maintained or improved on a global scale.
For some actors in the tourism sector, such as the hotels industry, the numbers are even more promising. This is due to the reactivation of domestic tourism in each country which, thanks to more flexible mobility measures, have generated in some regions an average of 95% in booking & reservations, such as what happened in the region of Galicia (Spain).
In this first version of the “new normal”, when the toughest period of the pandemic seems to be left behind, the hotel reactivation faces some new challenges. One of them is the multiplicity of promotions and discounts offered to boost the growth of travels with the logical consequence of generating hundreds of tickets and invoices with different prices and discounts applied.
On the other hand, the possible rescheduling of dates in accommodation reservations also generate a greater number of returns or penalties, as well as possible differences in terms of staff costs, purchases from suppliers, etc., among other data that must be reconciled, consolidated and validated in order to have good and clean control of daily operations.
These tasks, which every day become more complex due to the variety and volume of data, can be solved by tools such as Conciliac EDM.
To achieve an efficient data management, it is necessary to have the ability to understand the logic of the processes, and design rules that allow us to have flexibility in managing data. As for flexibility, what we mean by that is that it allows us to:
- Manage different data sources
- Consolidate data even if they have different formats
- Manage tolerance on dates
- Manage tolerances in amounts
- Perform multiple reconciliations (matching 1 record with several records, many with many records, or vice versa)
- Apply Text inferences on the descriptions, concepts, IDs, among others.
These kind of features enables the User to keep their data management processes up to date efficiently and without high costs in terms of internal resources, helping all areas of the company and working with truthful information for decision making.
Contact us to learn more about the full potential of Conciliac EDM and discover how we can help your company with its reconciliation and data management processes