Summit has been a customer of M3 since 2018 and currently utilizes the full M3 product suite: Accounting Core, Insight, and Labor Management. Summit finds that having all back-office software applications under one platform streamlines its processes and makes the company more efficient. With that, Summit utilizes M3’s Labor Management and Modeling tool to its fullest capability and has seen money and time savings from doing so.
Summit was looking for better ways to get real-time and accurate insight into its business expenses, labor costs being number one, so that it could make crucial business decisions on demand. Summit was also frustrated with the lack of hospitality knowledge and integration its old platform provided.
In addition, Summit was unable to monitor labor standards and minimally monitor labor. It could not easily customize its labor management dashboards, which caused more time and effort to use the tool than needed or wanted – also resulting in time and money wasted.
When on the look for new labor management platforms for Summit, Glenn Young, Risk & Financial Officer stated, “The integrations M3 offered were a huge value add we saw that would help us with data integrity, and the fact that M3 was hospitality specific gave us peace of mind that we would be in good hands.”
M3’s Labor Management would enable Summit to identify overtime hours before they happen, eliminate unnecessary hours, and ensure that every penny is money well spent. In addition, the platform would drive Summit’s bottom line through customized reporting that would allow them to reign in labor expenses and act on real-time data and the ability to have automated processes to save hours at each property.
The ability to monitor labor standards and dynamic scheduling added functionality Summit was previously missing. The company wanted to be able to have access to actionable labor standards for the hospitality industry so they could be tracked against and easily create and maintain schedules for hotel employees.
Summit also saw the value in coupling Labor Management with M3’s robust and state-of-the-art business intelligence platform, Insight. The two platforms combined would assist the company in having personalized dashboards that provide real-time insight into daily labor costs and customization to see the data that is most important in managing its portfolio of hotels.
Over the past four years, M3 has aided Summit Hospitality to be more efficient in managing labor; although, Summit has yet to utilize Labor Management to its fullest capability across its entire portfolio. Summit is now seeing the benefits of using the M3 product suite and plans to implement M3 at all properties as its portfolio grows. Having real-time and accurate labor data has been extremely beneficial and has reduced Summit’s overtime costs – adding time and money back into the company’s pocket.
“We have been able to hand our hotel General Managers a tool to see their labor costs versus their budget on a daily, weekly, bi-weekly, bi-monthly, and monthly basis,” said Young.
The ability to monitor labor standards versus actuals within Labor Management has also been a pivotal part of the success of Summit. The company is able to create a strong business strategy driven by principles that will help them do more with less. Having lean operations will help improve day-to-day processes by staying efficient while also increasing productivity.
However, the biggest benefit of all for Summit is the ability to use Accounting Core, Labor Management, and Insight in conjunction with each other. M3 has solved Summit Hospitality’s issues by having multiple platforms and data points condensed to one hospitality technology provider. One Company. One Brand. One Platform.
“Being able to integrate multiple data sources into one place is very helpful,” says Young. He continues, “Having accounting, labor, GSS, STR, and PMS feeds all in one place is not an easy thing to do, and M3 does it well.”
Moving forward, Summit plans to start utilizing the M3 Labor Management mobile application, M3 Labor, to its fullest potential. Through the M3 Labor App, Summit will be able to see labor variances, true up punches for labor accuracy, and manage time off requests all from the palm of their hands. Soon, Summit will be able to use geofencing to ensure employees are clocking in where they should be, and in turn, decrease human error in the time punch process.
The benefits Summit Hospitality are experiencing cannot be duplicated without having a hotel technology provider that has tailored its products to fit the needs of hoteliers. M3 platforms were all built by hoteliers, for hoteliers, providing integrations, partnerships, and features that cannot be matched.
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Built by hoteliers exclusively for hoteliers, M3 is a powerful cloud-based financial platform and services company serving over 7,500 properties across North America's hospitality industry by driving cost savings, revenue enhancement, and business insight. After 23 years in business without increasing prices, M3 touts a 95 percent customer retention rate. Used by over 1,000 management groups and owner-operators and hotels of all sizes, the platform works seamlessly with other key systems and tools in the hospitality industry and offers robust accounting and financial analysis across entire portfolios with optional operations and time management features. M3's professional services team provides on-demand support for hotels of any size by offering a full range of customized accounting solutions to scale with a hotel's needs. Privately held and employee-owned, M3 continues to enhance products and services at no additional charge to its customers. For more information, visit www.m3as.com.
For more information about M3, visit www.m3as.com