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The project dashboard is a free tool that is only available to verified hoteliers to make adopting new technology easier by streamlining their research and simplifying their communication workflow.
Jordan M Hollander
CEO @ Miyako Hotel Los Angeles
Jordan is the co-founder of Hotel Tech Report, the hotel industry's app store where millions of professionals discover tech tools to transform their businesses. He was previously on the Global Partnerships team at Starwood Hotels & Resorts. Prior to his work with SPG, Jordan was Director of Business Development at MWT Hospitality and an equity analyst at Wells Capital Management. Jordan received his MBA from Northwestern’s Kellogg School of Management where he was a Zell Global Entrepreneurship Scholar and a Pritzker Group Venture Fellow.
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Reduces loss and theft: The ability to track in real-time your hotel’s electronics, appliances, tools, FF&E, and even linens means you can keep items on property and prevent theft or misplacement. Asset tracking software alerts you and your security team when items leave the property or aren’t returned at the expected time.
Manages inventory and replacements: Asset tracking technology keeps stock of your inventory on hand without needing to take manual inventory. Based on this data, you can proactively order replacements or replenish stock before it runs out.
Maximizes productivity: The use of asset tracking software can relieve your staff of inventory control responsibilities, like checking keys or equipment in or out. Plus, this software can reduce the risk of manual errors and automatically hold both employees and guests accountable for items they use.
Decreases expenses related to loss and theft. RFID technology helps you find missing items and limit the risk of theft. If guests know that the bathrobes and Nespresso machines in their guestrooms contain tracking tags, they won’t try to steal them.
Delivers insight into asset usage. Asset tracking software captures usage statistics like date, time, and duration of use, plus the individual who used the item, how many items were used at the same time, and the average lifecycle of an item.
Ensures real-time, accurate inventory data. Say goodbye to the once-per-month manual inventory project. Asset tracking software gives you an up-to-the-minute view into your inventory with minimal room for errors.
RFID stands for “radio-frequency identification,” which refers to technology that stores data in a physical tag or label and can be read by an RFID reader via radio waves.
Inventory tracking: The most important feature of asset tracking software is the ability to track the location of items in real-time.
Geofencing: Besides just tracking location within your hotel building, some asset tracking systems allow you to configure a geofence that will trigger an alert when an item leaves the premises.
Inventory management: A key time-saving feature of asset tracking software is inventory management, which enables you to get real-time insights into your inventory.
Storage management: Know where items are stored when they’re not being used, down to the specific shelf or closet.
Alert handling: If an item leaves the hotel grounds or isn’t returned on time, an asset tracking system issues an alert. Alert handling settings give you control over who receives that alert.
Activity logging: Keep track of usage statistics, alert history, loss trends, and more to proactively order replacements, implement anti-theft measures, and trim spending on items used infrequently.
Multiple users: At your hotel, more than one person will likely use the asset tracking system, so it’s critical that the system can support multiple user accounts.
Mobile-friendliness: Many hotel employees will use the asset tracking software in guestrooms, hallways, or public spaces, so it’s beneficial to choose a system that works great on both desktop computers and smartphones.
Most asset tracking systems use a sliding scale to determine pricing based on the number of items you need to track, from a couple hundred items to several thousand. Pricing is usually structured as a monthly subscription fee. Add-ons and integrations, like enhanced integration support, might cost extra.
Before you can realize all of the benefits of asset tracking software, you’ll need to set it up. Implementation can be a big task, especially if your hotel has thousands of items to track. Make sure to ask detailed questions about implementation: how exactly does it work, who is responsible for what tasks, and how long can you expect the setup to take? Knowing exactly what you’re getting into is necessary to set accurate expectations for your staff, owners, and guests.
In a retail environment, tracking systems that use barcodes might work fine, but in a hospitality setting, RFID makes much more sense. Since RFID readers can read RFID tags from as far as 250 feet away, and they don’t need to be physically scanned like barcodes do, an RFID system is more logical when working with assets like furniture, cleaning equipment, and bellcarts.
While asset tracking refers to knowing the precise location and usage of items, asset management can help you stay on top of repairs and depreciation. Asset management isn’t a must-have in asset tracking software, but for some hoteliers, it can add significant value.
Percentage of items that are lost or stolen: For example, for every 100 hair dryers at your hotel, perhaps 4 of them, or 4%, get lost or stolen over the course of a year. If asset tracking software does its job successfully, you could reduce that percentage significantly.
Replacement expenses: Asset management software should be able to help you reduce the cost of replacing items by either alerting you as soon as items go missing or by helping you estimate the average lifecycle of an item so you can proactively reorder it.
Time savings: Key features of asset tracking software like inventory management and activity logging will take repetitive, manual tasks off your employees’ plates. You can measure success by monitoring how much time less employees spend on “busy work” and by a reduction in manual errors.
A good asset tracking system for hoteliers should be able to support multiple user accounts for the utmost accountability and transparency.
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