Mastering Event Commission Reconciliation: Navigating Challenges and Embracing Innovative Solutions
Navigating the ever-evolving landscape of the hospitality and event industry is no small feat, especially in the aftermath of unprecedented challenges. While significant strides have been made in the industry’s recovery, obstacles continue to test the resilience of professionals. In a conversation with PhocusWire Editor-in-Chief Mitra Sorrells, Tony Wagner, Chief Commercial Officer at Onyx CenterSource, provided insights into overcoming these challenges and propelling the industry forward.
Industry Challenges:
- Labor Shortage: Drawing from comprehensive discussions and research, Wagner shared, “The number one challenge across the board that every hospitality and event firm is having right now is labor. It’s hard to find people.” This shortage isn’t merely a nuisance; it disrupts the seamless organization of events. What’s more, this workforce deficit intensifies another concern: tedious commission reconciliation processes.
- Manual Commission Reconciliation Processes: Even as technology progresses, some industry professionals remain tethered to outdated methods. Wagner pointed out, “Event commission payments and reconciliation remain excessively manual. This intensifies labor demands.” These outdated methods not only hinder efficiency but can also strain relationships.
- Payment Delays and Lack of Trust: Have you ever waited for a payment that seemed to take forever to arrive? This delay creates a chasm of trust. Wagner noted the essence of trust in the industry: “If it takes a long time to get paid and you’re requiring or depending on those commission payments to help fund your operations, trust can quickly erode.” Timely commissions are essential for maintaining harmony between agencies and hotels, with delays in payment from the hotel potentially damaging relationships and profitability.
Solutions and Innovations:
GroupPay: The Way Forward
Wagner introduced the potential of GroupPay by Onyx CenterSource, noting, “Our stakeholders often express that reconciliation consumes immense time, sometimes taking two to four hours for a single event… By automating commission calculations and the payment process, we’ve observed a 50 to 75 percent surge in staff productivity.” This isn’t merely another tool—it’s transformative for event commission reconciliation.
The Benefits of Automation in the Industry
Automation doesn’t just streamline; it liberates. “Automation offers multiple advantages. It removes manual redundancies and enhances productivity and scalability,” Wagner elaborated. By shifting resources from repetitive tasks to pivotal roles and ensuring transparent, timely payments, trust between planners and hotels is revitalized.
In their dialogue, Sorrells and Wagner underscored both the industry’s hurdles and the potential of emerging solutions. Tools like GroupPay represent a new era in event commission reconciliation. Wagner aptly summarized, “While the process might not be glamorous, its significance cannot be overstated. As we reflect on the event lifecycle, this last aspect [of commission collection] stands out due to its inefficiencies but remains vital for agencies and hotels.”
As the sector progresses, the adoption of innovative tools and strong business relationships becomes paramount. Efficiency, trust, and innovation form the foundation for the hospitality and event management industry’s promising trajectory.
Conclusion:
As we navigate these evolving challenges, leveraging the right tools becomes invaluable. Don’t miss the opportunity to streamline your processes and strengthen relationships; explore GroupPay today to discover its transformative potential for your business. Master event commission reconciliation and processing with the efficiency and trust that innovative solutions bring to the table.