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Performance Benchmarking Tools in the Croatian Hotel Industry (CROSBI ID 583018)

Prilog sa skupa u zborniku | izvorni znanstveni rad | međunarodna recenzija

Janković, Sandra ; Peršić, Milena Performance Benchmarking Tools in the Croatian Hotel Industry // Passion for Hospitality Excellence / Trea van der Vecht (ur.). Amsterdam: EuroCHRIE, 2010. str. 1-9

Podaci o odgovornosti

Janković, Sandra ; Peršić, Milena

engleski

Performance Benchmarking Tools in the Croatian Hotel Industry

This paper develops framework for performance benchmarking in the Croatian hospitality industry. The framework consists of financial and nonfinancial performance measures, based on Uniform System of Accounts for the Lodging Industry (USALI) and International Financial Reporting Standard 8 (IFRS 8). They provide the possibility for comparing performance of specific business processes and operating segments in hotel on the national and worldwide level. Based on the adage, “what gets measured, gets managed”, in hospitality industry is also very important environmental performance evaluation to improve environmental performance, provide a basis for performance benchmarking, demonstrate compliance to regulations and increase operational efficiency. Benchmarking is defined as a set of activities that use performance indicators to assess and manage the performance of organizations. Benchmarking based on the USALI and MSFI 8 provides a snapshot of the performance of hotel business, and helps understanding their position and quality within same category and type of hotels. The possibilities of applying new IFRS 8 and USALI standards for external comparing of the internal results assess overall hotel competitiveness and productivity. The experiences of the segment reporting system used in worldwide hotel industry are also undoubtedly valuable to estimating the impact of IFRS 8 and USALI in the process of presenting internal information to the external users. Hotel segment reporting requires higher degree of harmonization of financial and management accounting. It is a process that abandons some traditional management accounting tools, and adopts different techniques in internal reporting. Segment reporting offers the possibility for comparing segment results with those of target firms, or in order to make improvements in relation to the best practice in Croatian and worldwide hotel industry. Application of benchmarking based on USALI and MSFI 8 standards involves understanding of existing business processes, comparing with own business performance, with goal to implement the steps necessary to close the performance gap. Environmental performance evaluation (ISO 14031) is a formal process of measuring, analyzing, reporting, and communicating an organization’s environmental performance against criteria set by its management. The process involves collecting information and measuring how effectively an organization manages its environmental aspects on an ongoing basis, and on identification and selection of environmental performance indicators, for use by all organizations, regardless of type, size, location and complexity. Based on the case study method, the aim of this paper is to develop a benchmarking methodology for monitoring hotel business operations on the national and international level. Performance benchmarking will be examined in the framework of globalization and advances of increasing needs of information technology, and based on the researched experience of application of USALI standards in Croatian’s hospitality industry, to help organizations in trespassing business crisis. The objectives of implementing an EPE program include better understanding of an organization’s impacts on the environment, providing a basis for benchmarking management, operational and environmental performance, identifying opportunities for improving efficiency of energy and resource usage, determining whether environmental objectives and targets are being met, demonstrating compliance with regulations, determining proper allocation of resources, increasing the awareness of employees and improving community and customer relations. Today's hospitality industry business owner is regularly confronted with new business problems and opportunities. Running a hotel requires the ability to look outside the business for solutions, ideas, and best practices. It allows hotel managers to develop plans on how to make improvements or adapt specific best practices, usually with the aim of increasing some aspects of performance. That included identifying appropriate criteria from environmental performance evaluation on national and international level on the hospitality industry comparing with the “best industry practices” and to fund the cost-effective ways of improving performance. Benchmarking may be a one-off event, but is often treated as a continuous process that provide basis for making business decisions, improve profitability of hotel operations, and ensure surviving in global economic crisis.

performance measurement; environment performance; benchmarking; IFRS 8; USALI; ISO 14031; hospitality industry

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Podaci o prilogu

1-9.

2010.

objavljeno

Podaci o matičnoj publikaciji

Passion for Hospitality Excellence

Trea van der Vecht

Amsterdam: EuroCHRIE

Podaci o skupu

Passion for Hospitality Excellence

predavanje

25.10.2010-28.10.2010

Amsterdam, Nizozemska

Povezanost rada

Ekonomija