New definitions of success in digital transformation
Mews Founder Richard Valtr thinks Hospitality industry insiders must think holistically about their properties and favilities, redefine metrics of success and create a new standard of excellence. Instead of treating their businesses as simply rooms, Valtr suggests operators should think creatively about generating new and ancillary revenue streams, such as memberships to restaurants, services, parking spaces, and fitness areas. Incentivizing guests to stay on-site is key to capturing their full spend, offering grab-and-go meals, co-working spaces, networking events, gym access, and memberships.
For an industry that’s generally at the forefront of optimizing the human experience, hospitality is often accused of lagging behind on the digital adoption curve. The technology is often clunky, inconvenient and inefficient. And the metrics we use to measure success have barely changed. I got into the hospitality software business for a reason: to introduce innovative ways to operate and provide remarkable guests experiences. In the past 20 years, things have improved, but we still have plenty of runway in front of us, and the challenges the industry has faced in the past few years have highlighted that even more.
Hoteliers now have a rare opportunity – and need – to re-imagine the future of hospitality, to think holistically, redefine measures of success, and consider what it means to achieve a new standard of excellence.
Read or listen to the full article
Hotel Yearbook 2023
As we have embarked on 2023, it is evident that the hotel industry has made a robust recovery from the
Occupancy and pricing have returned to their pre-pandemic levels. However, the future of our
industry is contingent
on how nimble the hospitality sector can be in adapting to ongoing innovation, changing market
consumer preferences, new staffing challenges, and sustainability realities. These uncertainties are
the new normal
in an unpredictable world.