Bankhawk Advises Global Hotel Group on How to Save $50 Million Annually
Snapshot:
Identified a potential $50 million in savings annually.
Presented a detailed analysis of payment activity and cost benchmarks to inform decision-makers.
Reviewed existing payment costs, providing advice on how to save moving forward.
Background:
Bankhawk was retained by a global hotel group with an annual revenue of $25 billion dollars to review and benchmark the corporation’s payment costs.
How Bankhawk Helped:
Bankhawk collected and processed payment data from over 100 countries where the global hotel group operated, which included:
Applying its proprietary analytics tools to identify the key drivers of payment costs, such as transaction volumes, payment methods, currency mix, and bank fees.
Comparing the payment costs of the global hotel group with industry benchmarks and best practices, using its extensive database of payment data and market intelligence.
Identifying several areas of improvement and optimization, such as consolidating payment providers, rationalizing payment accounts, switching to lower-cost payment methods, and negotiating better bank terms and conditions.
Presenting a comprehensive report with detailed recommendations and action plans for each country and region, highlighting the potential savings and benefits of implementing the proposed changes.
Results:
Deployment of Bankhawk's proprietary analytics and benchmarking for the global hotel group enabled the corporation to optimize its payment processes across multiple currencies, countries, and providers. Bankhawk also provided real-time visibility and control over their payment flows and costs, as well as enhanced compliance features. The manual effort and errors involved in managing payments were reduced, freeing up staff time and resources for other tasks, and best practices and recommendations from the review and benchmark report were adopted, resulting in faster and more efficient execution of the action plans.
