The overall aim of the study was to examine the relevance of the hotel financial controllers’ role in luxury hotel chains today and especially in the future. The impact of new technology, as well as trends and new business approaches are general issues in the luxury hotel industry and affects the hotel financial controller as well.
This thesis seeks to answer the question, if there is a requirement for hotel financial controller and which are potential mid-and long term threats for them. In addition, this work analyzed and identified which skills are necessary to manage the position as a hotel financial controller. The primary research approach, adopted in this dissertation, involves in-depth interviews with seven authorized professionals from the international luxury hotel industry. The conclusion of this study is that the hotel financial controller will be ...
Table of Contents
1. Thesis introduction
1.1. Introduction
1.2. Aims and objectives
2. Literature review
2.1. Financial management
2.2. Financial controlling
2.3. Characteristic and special attributes of hotels and hotel controlling
2.4. Current role of the financial controller within the luxury hospitality industry
2.5. Qualifications, skills and education
2.6. Challenges for the financial controller
2.6.1. New technology
2.6.2. Outsourcing and centralization
2.7. Conclusion from the literature
3. Methodology
3.1. Secondary research
3.2. Primary research
4. Analysis of the primary research
4.1. Current tasks of the hotel financial controller
4.2. Current requirement of an hotel financial controller
4.3. Current and potential future trends
4.4. Technology and the hotel financial controller
4.5. Outsourcing of the financial controller
4.6. Centralizing and clustering
4.7. Changing skills of the hotel financial controller
5. Conclusion
6. Bibliography
Research Objectives & Themes
This dissertation examines the evolving role of the hotel financial controller within luxury hotel chains, investigating whether the position remains indispensable or faces obsolescence due to emerging technological and management trends. The research aims to identify essential skill sets required for future financial controllers to maintain their strategic importance.
- The shifting role of financial controllers in luxury hotels from accounting clerks to strategic business advisors.
- The impact of new technologies and automation on financial reporting and decision-making processes.
- The evaluation of strategic management alternatives such as outsourcing and centralization versus local on-property controlling.
- Identifying the necessary qualifications, specialized skills, and education required for future industry leadership.
Excerpt from the Book
2.6.1. New technology
‘Keeping up with technology is no longer an optional decision for the industry; technology and the business are inseparable’ (Deloitte, 2010, p. 34). Already in 1995, the IHA (International Hotel Association) mention that ‘technology is identified as being a key influence on all aspects of life and will increase in importance ever further’, cites Burgess (2000). In recent years, technological advances have a fundamental impact on the operation and strategic management of hotels. However, Deloitte (2010) emphasizes that ‘technology spend is still behind other sectors and is forecast to remain so in the upcoming years’. Many basic tasks have become computerized and automated. On the one hand a major drawback of new technology is the high investment costs of purchasing and the difficulties in assessing how technology affects returns on investments and as well as share prices (Hospitalitynet.org, 2010). In addition, major threats of the technological difficulties arise, due to the technological complexity, because the ‘thing about technology is that many hotel employees do not realize they have it’, and how to handle with this (Deloitte, 2010, p.33).
On the other hand, key benefits of new technologies are that hotels could minimize their costs, for instance, less employees and consequential less labor costs, because computers can replace staff in performing many tasks, including forecasting, revenue management or other ‘self-healing technology’ (Burgess, 2000 and Deloitte, 2010, p.33). Indeed, through technology, hotels cannot only safe money but also rise profit. Another important benefit is to increase the hotel’s revenues, for example, with systems like Global Distribution Systems (GDS), Property Management Systems (PMS) or particular computer management accounting software, by raising the overall operational efficiency.
Summary of Chapters
1. Thesis introduction: Outlines the scope of the thesis, the shift in the financial controller's role within the hotel industry, and the research objectives.
2. Literature review: Defines key terms like financial management and controlling, and evaluates existing research on the challenges and attributes of luxury hotel controllers.
3. Methodology: Details the primary and secondary research approaches, focusing on qualitative in-depth interviews with industry professionals.
4. Analysis of the primary research: Presents the findings from interviews regarding tasks, requirements, future trends, and the impacts of technology, outsourcing, and centralization.
5. Conclusion: Synthesizes the study’s findings, confirming that the financial controller remains an indispensable, strategic asset for luxury hotels.
6. Bibliography: Lists all academic and professional sources consulted throughout the research process.
Keywords
Financial Controller, Luxury Hotel Management, Hospitality Industry, Strategic Management, Management Accounting, Technology, Outsourcing, Centralization, Business Advisor, Professional Skills, Financial Reporting, Profitability, Forecasting, Decision Making, Operational Efficiency
Frequently Asked Questions
What is the core focus of this research?
The research focuses on the evolving professional role of the hotel financial controller in the luxury hospitality sector, specifically whether they remain an essential management figure or if they are becoming replaceable.
What are the central themes of the work?
Central themes include the impact of new technologies, the effects of outsourcing and centralization, the necessity of evolving skill sets, and the shift from traditional accounting towards strategic advisory roles.
What is the primary objective of this thesis?
The primary objective is to evaluate how current and future business trends influence the position of the financial controller and to determine the skills necessary for success in this role.
Which scientific methodology was applied?
The study utilized a qualitative approach, combining a comprehensive review of existing academic literature with in-depth interviews conducted with seven authorized professionals from the luxury hospitality industry.
What does the main body of the work cover?
The main body critically reviews literature on hotel accounting, analyzes current trends such as technology adoption and management approaches, and presents findings from empirical research conducted with industry experts.
What keywords characterize the research?
Keywords include Financial Controller, Luxury Hotel Management, Strategic Management, Technology, Outsourcing, and Business Advisor.
Why is the hotel financial controller considered indispensable in this study?
The study concludes that because of the unique complexity of five-star hotel operations, the controller provides critical, localized interpretation and strategic recommendations that automated systems cannot yet fully replicate.
How do the researchers define the impact of outsourcing on hotel controllers?
The findings suggest that while certain administrative tasks can be outsourced, the core functions of financial leadership and strategic support are too essential to the management team to be fully externalized.
What role does technology play according to the experts?
Experts view technology as a supportive function that increases efficiency and reduces costs, but emphasize that it lacks the 'common sense' and interpretative capabilities required for high-level strategic decision-making.
Is clustering or centralization recommended?
The study suggests that clustering can be an effective strategy for small chains in limited geographic areas to create synergies, provided the controller maintains deep, localized knowledge of each hotel.
- Citar trabajo
- Anonym (Autor), 2011, The Future Of The Financial Controller Within Luxury Hotel Chains, Múnich, GRIN Verlag, https://www.grin.com/document/176182
