A Balanced Score Card

A Balanced Score Card

Daniel H Cox

Axia College of University of Phoenix

HTT-220

6/23/2011

TC Elliot

There are many important things to running and having a successful business, the most important thing is to have up to date information. If you the most up to date information it can help you to make the best possible decisions. In the hospitality industry the amount of information received on a daily basis is astronomical, and it is not possible for the entire staff to sort through it and organize it properly for anyone to understand. In the hospitality industry the IT ( Information Technologies) are the primary tools that the staff uses to sort and manage the information, and the balanced score card is just one such tool. The Balanced Score Card is a very useful tool for managers because it organizes information from the hotels different departments to create a picture of the overall hotel operations on a daily basis.A balanced score card will vary from organization to organization, but the premise of the scorecard is the same: it gives the health of the business in a easy to use and follow format. The goal is to assemble a comprehensive and integrated system that will allow managers to monitor performance on a daily basis , identify problem areas, develop strategies to overcome the problem areas, compare this year and last years figures to ascertain any marketing strategies that need to be changed.

The data collected in a balanced score card comes from many different departments an systems. The PMS(Property Management Systems), RMS(Restaurant management System) ,CRM( Customer Relationship Management) these systems incorporation with the EIS ( Executive Information System) and DSS ( Decision Support System) provide most of the information in the balanced score card. One type of information found on the balanced score card is financial information this also happens to be one of the more important types of information. Other information that can be...