The Tech Revolution is Coming: Are You Prepared?
Do you remember when it was taboo to talk about robots replacing humans in hotels? We’ve come a long way since then, and today hotel operators will gladly take any help they can get, whether in human or artificial form.
It’s starting to look like 2024 will be the year hoteliers truly lean in on technology and digital tools to fill in the gaps created by a labor shortage. Hotels are seamlessly integrating advanced AI systems to personalize guest experiences, from automated check-ins based on individual preferences to AI-driven room service recommendations.?
The widespread adoption of technology in a hotel’s back office will play a prominent role in streamlining operations and allowing staff to focus on high-touch guest interactions. Furthermore, data analytics will continue to drive the industry forward, enabling hotels to anticipate guest needs, optimize pricing strategies, and enhance overall operational efficiency.
How Tech Will Shape the Future of Hospitality
The hospitality industry faces a slow adoption of transformative technologies due to financial barriers, a pronounced skills gap, and resistance to change rooted in tradition, according to a panel of 13 hotel experts in a recent Hospitality Net World Panel. What's holding us back? Legacy systems and concerns about data security further hinder the industry's transition.?
A mindset shift, collaborative efforts between tech providers and hoteliers, and a focus on customized training programs are essential to overcome these challenges. Embracing a proactive approach and prioritizing guest-centric tech solutions can pave the way for a seamless integration of cutting-edge technologies into the hospitality sector, enhancing both efficiency and guest experiences.
Read the full article on Hospitality Net.
Big Data Has its Fingers All Over Hospitality
The integration of Big Data in hotel management is revolutionizing decision-making processes, with a focus on enhancing customer experiences and optimizing operational efficiency, according to Harry Carr , senior VP of Revenue Management at Pivot Hotels & Resorts in HOTEL MANAGEMENT Magazine . Leading-edge algorithms and machine learning in Revenue Management Systems enable the extraction of valuable insights from vast data sources, aiding in predicting trends and personalizing guest experiences. Business analytics and data visualization tools help hotel managers monitor key performance indicators and make strategic decisions, while geographic information systems provide a visual representation of spatial data for better forecasting and decision-making, Carr says.?
The age of Big Data presents opportunities for cost optimization and operational efficiency, but challenges such as privacy concerns and the need for a skilled workforce require careful consideration, he says.
Read the full article in Hospitality Net.
The Power of Digital Adoption in Accounting?
Keeping your financial numbers and books up to date is critical to ensure you’re operating a profitable hotel, and it also helps prepare you for the eventual financial audit, according to David Lund , the Hotel Financial Coach, in a conversation with Otelier Jason Freed .
In this article, Lund provides insights on best practices to ensure audit readiness. Audits typically occur once every three years on average, and being passive targets, hotels should proactively adopt proper procedures. Auditors typically examine documents such as general ledger listings, PMS reports, and specific codes used for revenue calculations, and Lund emphasizes the importance of clear policies, testing for compliance, and adopting digital tools for a streamlined audit process.
Read the full article on MDO’s blog.
What Operational Areas Can I Automate in 2024?
Throughout 2023, key technology trends in the hotel industry included the incorporation of Artificial Intelligence to automate tasks, enhanced guest engagement, and optimized pricing, according to this AI in hospitality roundup in HOTEL MANAGEMENT Magazine . Moving forward, a focus on the Internet of Things for tracking guestroom occupancy and energy usage, while facial recognition will improve guest experiences.?
AI-powered chatbots will be integrated into websites and mobile apps for instant guest assistance, and mobile technology advancements will offer more service options, such as digital key preferences within digital wallets. Other notable trends include self-service F&B options, location-based services for a hyper-personalized guest experience, voice-activated assistants, and the use of robots to assist employees efficiently.
Read the full article in Hotel Management.
Technology Driving Innovation Across Hotel F&B
Hotel food and beverage services have transformed into significant culinary forces, shifting from mere amenities to competitive elements in the hospitality industry, according to this article in HOTEL MANAGEMENT Magazine . Recognizing remarkable growth in beverage sales and the rise of rooftop bars, industry leaders in this article foresee a bright future for F&B. Despite ongoing challenges like labor shortages, there is an opportunity for reinvention, including the integration of technology such as apps and self-service kiosks. The focus is on enhancing guest experiences through technology, potentially leveraging artificial intelligence to personalize menus and streamline dining processes.?
Hotel Management says the evolution of hotel F&B is marked by a shift to experiential offerings, authenticity, and hyper-personalized experiences facilitated by data analytics and AI.
Read the full article at Hotel Management.
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