Over the years Quantaco have made continuous improvements to the technology hospitality venues use, in fact one of the main benefits of using NetSuite over Xero (or similar) is the way you can customise it for the industry or use case you are working with.
The Dynamic Financial Reporting Automation Programme, the next development in our technical offering for hospitality businesses, has been under the product ownership of COO Michael Vamos, for the past fifteen months. The program’s goal is to increase scale for our team, provide our venue operators with unmatched financial insights, and lower risks.
In this post we’ll be diving into more information about the capabilities of the program, how we are using automation effectively, and the impact this is already having on operations.
Quantaco’s Dynamic Financial Reporting Program
As part of the project, Michael has collaborated closely with our technology, automation, and Platform Services teams in Hyderabad and Sydney to deliver on the various projects that fall under the umbrella of the Automation Programme.
Currently, when clients start using a supplier for the first time, it triggers an array of down-stream manual work from our team that slows down our processes (especially for new clients coming on board). But we are imagining a future where a venue operator can access their key performance results like sales, GP, and EBIT in near-real time, but automating basic manual processes and completing accounting cycles more frequently than traditional practices. Luckily, this future is very near indeed.
This programme focuses on developing skills, managing change, re-engineering processes, and advancing technology. Our transition to hyper-automation, where innovation and automation are democratised, is a significant step forwards. The implications for our clients and the hospitality sector are wide-ranging. However, it’s crucial to recognise the situations in which automation makes sense and those in which it might be riskier than beneficial.
Implementing Automation with Care
Automation is not a one-size-fits-all solution and so the usage must be considered carefully, particularly in an industry like hospitality. We utilise our teams in Sydney and Hyderabad to ensure we are able to tap into different types of automation such as API’s, Robotic Process Automation (RPA or BOT’s as they are referred to) and customisation of existing applications as the needs dictate.
To ensure this is done effectively, our process starts with process mapping and building structure into how we execute tasks. This ‘Order before Automating’ process is important to understand the individual tasks and processes to automate and what the actual ‘pay-off’ will be. Michael shares an example of how they’ve implemented automation effectively for one of their client’s current projects, saying, “We used a combination of BOTs (Robotic Process Automation), API and custom coding in NetSuite so that when a venue submits an invoice from a supplier they haven’t used before, the system can now recognise it as a new supplier, create the new supplier in the system and alert the Quantaco team to conduct their due diligence on the new supplier.”
Putting this level of technology and automation into practice through these tools makes a huge impact on both the venues and the value we can bring to clients. It also streamlines our ability to work together with our team in Hyderabad to develop solutions to operational challenges and bring them to life. It also improves our ability to collaborate with our team in Hyderabad to develop and implement solutions to operational challenges.
The Impact on Hospitality
The technology being implemented means real-time, accurate data for quicker decision-making and faster results for venue operators. More so, technology also means increased data security and accuracy, which is especially beneficial for compliance. In terms of the benefits to the Quantaco team, Michael stated, “I have people in our Hyderabad team telling me that 15 months ago, they were snowed under, struggling to keep up with the workload and type of work.” They are now grateful for our commitment to automation because their jobs have improved, they are enjoying their work, and they can complete it in the time allotted.”
With the addition of automation, our team can move up the value chain, spending less time on low-value tasks like data entry and more time on creative problem-solving and strategic advantage. This is a game changer for Quantaco in terms of service delivery and value-add, and it ultimately means we can better serve our customers and the industry.
Want to learn more about how to implement technology and automation into your hospitality business? Get in touch with a member of the team here: https://www.quantaco.co/contact-us/