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Expanding Role of Finance In Hospitality

Rajiv-GuptaWith a diverse experience of financial management and GRC (Governance, Compliance and Risk Management) in a dynamic business environment, Rajiv Gupta, Area Director of Finance, Grand Hyatt Mumbai, speaks to Clean India Journal on driving deliverables towards achieving strategic priorities of the organization and the expanding role of finance in hospitality

Is the role of finance changing in the hospitality set up? What are these changes?

The role of finance in hospitality has become more integrated and enhanced, encompassing various other responsibilities and factors other than purely financial operations. We need to wear the hats of both Finance and Operations as part of the valuable decision making and for fostering business growth.

There is greater focus on incorporating empathy and care elements in day-to-day operations as well as adopting a more guest-focused approach. The advent of technology has been a boon, allowing us more time to focus on out-of-the-box ideations and evolutionary practices.

As guardian of the financial health of an organization, what is the criteria for concluding partners, in this case vendors for cleaning products?

Quality remains the prime criteria with continuous focus to achieve optimal cost of operation for all short as well as long term procurement and planning. We also support Make in India as much as we can.

In terms of transactional and cost efficiency, and value adding strategies, what has been your contribution?

In terms of astute cost management through new product development, we partner with vendors who are willing to take up the challenges through constant R&D. Asset performance management has been a key focus that has yielded incremental results over the years. This also includes implementation of best practices derived through our global base of hotel experts to bring in efficiency and maximize return to stakeholders.

What are the present challenges with vendor engagement and how you go about it?

Adherence to timelines and consistency in deliverables is a concern. Perpetual exploration in the field of product and vendor development helps us to get supplies at good quality and reasonable pricing.

Your outlook?

People Development has been my key focus always. I have always strived at establishing framework and working towards developing next generation of Finance leaders with a focus on diversity and inclusion. Bringing mindset change in finance discipline with the objective of aligning with the “Higher Purpose” of the organization is the need of the hour. In a nutshell, we believe in caring for people so that they can be their best in everything that they do.

Is the role of finance changing in the hospitality set up? What are these changes?The role of finance in hospitality has become more integrated and enhanced, encompassing various other responsibilities and factors other than purely financial operations. We need to wear the hats of both Finance and Operations…

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