If you need to understand how your portfolio of properties are pacing to reach your budget or forecast goals or to beat last year, you should spend 5 minutes to get familiar with this new view: Portfolio Perspective.
A quick glance at this while enjoying your morning coffee is all you need to stay on top of your game! Yes, that is a promise.
The Portfolio Perspective is an overview of the full portfolio looking at Room Revenue, Hours and Labor Cost. It gives the user oversight of the status month to date, month end, year to date and year end.
For the last three months, the page is updated every hour. For other prior months, it will be recalculated every day at 2AM
Anyone with access to Benchmarking also has access to the Portfolio Perspective.
Access to Benchmarking and the Portfolio Perspective needs to be enabled for the hotel chain.
|1a||Portfolio selection. A user can choose to display values and KPIs pertaining to the whole chain (All) or a group or an individual property. Choices made here will determine how the values and KPIs are calculated and displayed below. Note: if a property is included in the group “Not Live”, it is not included in this view.|
|1b||The time interval options: MTD (month-to-date) and YTD (year-to-date) include actual from 1st of the month or 1st of January respectively up to and including today’s date. |
ME (month-end) and YE (year-end) include 1st of the month or 1st of January respectively up to including last day of the month or 31st of December respectively.
ME = actual MTD + Live forecast (LFC) remaining days of current month while YE = YTD + LFC remaining of the days in CM + submitted FC rest of the months for the year.
E.g., we’re on April 15th when choosing…ME = actual MTD from 1/04 up to including today 15/04 + Live forecast from 16/04 up to including 30/04YE= actual from 01/01 up to including today 15/04 + Live forecast from 16/04 up to including 30/04 + submitted forecast for 1/05 – 31/12.
The month and year considered depends on what is chosen under #2. Choices made here will determine how the values and KPIs are calculated and displayed below.
|1c||Month and year determine start and end dates of the time interval (#1).|
|1d||Currency. Values and KPIs can be displayed in the different currencies which can be chosen in the View option. The currency chosen is also visible under #9.|
|2a 2b||Forecast Labor Productivity shows which properties selected are on, near or below pace as of yesterday to meet labor productivity target the current overall monthly forecast is founded on. The circle diagram is designed for a portfolio manager (e.g. for a cluster, an area or a region) to keep a regular eye on throughout the month so that corrective actions can be taken in time to meet target/commitment for the period. The number in the middle of the circle represents the total number of properties included in the portfolio selected. |
A mouse over the circle or the ranking next to it shows a hover-box with further details. If a user clicks on different parts of the circle or the ranking next to it, a table with sort function will appear showing pacing details of the relevant properties (see 2b). On the table, a user can drill-down to Management Perspective by clicking a property concerned.
|2c, 2d, 2e||Bottom RN Accuracy Act vs Fct (MAPE). Who is best at monthly forecasting? The ranking is computed based actual vs. monthly (static) forecast taking into account option chosen under #1b.|
The accuracy is displayed as total MAPE of the daily accuracy between forecast and actual room nights.
PMI calculates the daily MAPE and take the average to come up to the total MAPE between forecast and actual values.
Bottom Act vs SMART Fct Hrs. The ranking shows who is the WORST at staffing as measured by the productivity norm on which the monthly forecast is founded on. See color logic below.If a bar is GREEN, the actual productivity is HIGHER than that of the monthly forecast; If a bar is AMBER, the actual productivity is 0 – (-5%) LOWER than that of the monthly forecast; andIf a bar is RED, the actual productivity is LOWER than -5% than that of the monthly forecast
Top Act vs SMART Fct Hrs. The ranking shows who is the BEST at staffing as measured by the productivity norm on which the monthly forecast is founded on. Same color logic as aforementioned.Typically, the bottom and the top rankings are best considered in relation to RN accuracy.
|3||Data set. To understand relative performance, a user can view actual (and forecast) in relation to Static Forecast, Static Budget or Last Year (LY)|
|4||Value or %. The switch allows actual pace (represented by a bar below) to be shown in monetary values or in %.|
|5a||Expand/collapse. At group level, a user can expand or collapse. Drill-down to Management Perspective. A user can click a property to access Management Perspective for the property concerned. Sorting. On each column (except for RevPolu chart), a user can sort the values in ascending or descending order within a group.|
|5b||Freeze pane. The lock/unlock feature enables a user to freeze headers while scrolling down to view more properties.|
|6||RevPOLU values computed according to the time interval choice made under #1b. A user can mouseover to see actual, Live forecast and Static. Color coding. If actual RevPolu value compared to the static value (chosen under #3) is: Greater, then the value is set to GREEN Equal (within 0 – (-5%)), then the value is set to AMBER Less (than -5%), then the value is set to RED|
|7a, 7b||RevPOLU trend chart. When choosing MTD or ME (#1b), the unit is a week (divided into 5 weeks); when choosing YTD and YE, the unit is a month (divided into 12 months – see 7b). The Color coding is the same as that described under #6. A user can mouseover to see actual, Live forecast and Static. |
The calculation of Static Forecast/Budget is as follows: Daily Live forecast is used as basis since this according to PMI best practice ought to be the hotel’s best guess about the days ahead. Monthly Forecast/Budget hour is apportioned based on number of MTD days relative to total number of days in a month, e.g. MTD 14. Sep would be 14/30*monthly hour lump sum.
|8a, 8b||Total Revenue Bar. Color coding logic on the bar is the same as that described under #6.|
The solid black line indicates pace relative to static data set (see under #3 – Static Forecast/Static Budget/LY).
If the line is red, it signifies that the difference is greater than 10%.
If a bar is grey, it signifies that only Live forecast is available and that there is no Static Forecast/Static Budget in PMI.
If a bar is “blank” (white), it signifies that no actual revenue data available in PMI.
Unlike hours and labor cost, there is no SMART forecast for revenue. Hence, there is no dotted line.
|9||Total Hours Bar. Same description as described under #8 except for the following:|
Dotted line signifies SMART forecast. Like the solid line, if the dotted line is red it signifies that the difference is greater than 10%
Amber triangle with a question mark (?) in the corner signifies that yesterday’s hours are missing or not fully updated in PMI.
The color logic works the opposite way since spending fewer hours than SMART forecast a good thing.
“Grey” and “blank” signify the same logic as described under #8.
|10||Total Labor Cost Bar. Same description as described under #9.|
User Preferred Groups
When this is done Benchmarking will add a group at the bottom called User Preferred Group.
Top of the page ability to choose MTD, ME, YTD and YE (month to date, month end, year to date, year end).
To the left possible to choose months. Also change to Year view.
In the Tool Box you are able to export with the following choices:
Ability to switch between currencies in the View Option.