The practice of sourcing and buying all the necessities required to run a hotel, restaurant or other venue, hospitality procurement includes everything from the sheets on the beds to the fresh food in the kitchen.
Karen Stephens highlights the limitations of traditional CRMs in the hospitality industry and advocates for transitioning to Customer Data Platforms (CDPs) to enhance guest experiences and drive direct revenue. She uses the example of Caroline Brettell, a frequent traveler whose fragmented data across multiple systems prevents effective targeting and personalization. Unlike CRMs, CDPs integrate data from various sources, providing a comprehensive view of guests. CDPs also excel in identity resolution, merging duplicate profiles, and utilizing advanced AI to ensure accurate guest data. Additionally, CDPs facilitate data activation across multiple channels, enabling personalized, multi-channel marketing campaigns. Stephens emphasizes that while CRMs were crucial for initial data management, the advanced capabilities of CDPs are essential for future growth and competitiveness in the evolving hospitality landscape.
At Lighthouse, we see AI as a game-changer in terms of transforming commercial strategies for the hospitality industry. The shift has been remarkable—from a time not so long ago, when critical data was scarce - to an era where the sheer volume of information can be overwhelming.
Using interfaces to access the multitudes of information housed within a hotel's property management system (PMS), technology vendors have on their hands a literal treasure trove of first-party training data for machine learning applications. Any primary data extraction must nevertheless be focused around specific use cases that must be tested and verified before deploying in a live environment. Thus far, we've seen lots of discussion around what's possible in the abstract for machine learning, but outside of perhaps chatbots and algorithmic rate optimization recommendations, many of the purported use cases are not practical for the here and now.
Effective revenue management is essential for optimising profitability and maintaining a competitive edge in the hospitality industry. Central to this effort is using Revenue Management Systems (RMS) properly. When configured and utilised correctly, these systems can significantly enhance efficiency and a hotel's revenues. However, maximising the benefits of RMS requires adherence to best practices and avoiding common pitfalls.
Automation in the hospitality industry is rapidly transforming how hotels operate and deliver services. From streamlining mundane tasks to enhancing guest experiences, automation offers significant benefits. However, implementing automation requires careful consideration to avoid potential pitfalls. This article explores the essential do's and don'ts of process automation in hotels, providing actionable insights for hoteliers looking to leverage technology for operational efficiency and guest satisfaction. Whether you manage a small boutique hotel or a large chain, understanding these principles can help you successfully integrate automation into your operations.
HFTP's CEO Frank Wolfe emphasizes the need for the hospitality industry to adapt its conventions to stay relevant, highlighting the HITEC Technology Investment Conference debuting this year. This addition is timely due to the pandemic accelerating the adoption of technology in hospitality, creating a favorable investment climate. Wolfe identifies four main challenges in hotel IT: industry fragmentation, on-premises systems, costly integrations, and siloed data, now more manageable with new technologies like cloud solutions, open APIs, and AI. The shift to cloud-native architectures and AI-enhanced software development promises cost reductions, improved service, and global scalability. Additionally, hotel technologies are expanding into residential and commercial real estate, presenting new opportunities for vendors. Wolfe sees this moment as the beginning of a new era in hotel technology, inviting deeper investment and collaboration at HITEC.
In the rapidly evolving landscape of hospitality revenue management, artificial intelligence (AI) has emerged not just as a tool, but as a potential co-pilot. Where it started out as handling complex data analysis, forecasting, and giving recommendations for the decision-making process, it soon moved to automation and finally contextualization.
The words ‘cautious optimism’ have been a recurrent theme for many other sector outside of hospitality, but within the world of hotels there are especially true as we look ahead to ongoing travel growth amidst a series of red flags indicating an economic slowdown. Our industry appears to be in a state of contradictions that indicate a bullish future but a bumpy road along the way.
The hospitality industry presents a challenging landscape for technology development and adoption, primarily due to its complex structure and global reach. Despite these difficulties, there is a significant opportunity for transformative investments in innovative solutions that can drive efficiency, sustainability, and personalized guest experiences.
Welcome to the 2024 Technology Edition of The HOTEL Yearbook (HYB), heralding the dawn of the Everything-Data Decade in the hospitality industry. This era promises transformative technological advancements that will reshape how hoteliers operate today and in the future.
The EU is implementing a standardized digital identity system with a secure European Digital Identity Wallet. This will revolutionize travel by eliminating cumbersome paperwork, boosting security, and streamlining check-in processes. Hotels need to prepare for mandatory adoption by 2026 and develop a strategy to integrate eIDAS 2.0 with existing systems.
Across all industries, there’s a consistent move towards cloud-native solutions. Hospitality is no different, and hoteliers are adapting quickly to changing guest habits and expectations.
Effectively managing hotel reviews is critical for maintaining reputation and enhancing guest satisfaction in the hospitality industry. Reviews have a significant impact on everything from guest perception to revenue, making it essential for hotels to manage them efficiently. The process involves addressing diverse needs across the industry, requiring systems capable of handling extensive data, integrating with various platforms, and providing actionable insights. Additionally, the growing emphasis on personalized guest experiences and prompt responses to feedback necessitates strategies that are solid and adaptable to industry changes. The following practices are a must, for hotels to significantly improve their guest review management and with that their overall guest satisfaction.
Better visibility means better defense — through the HFTP Corporate Allied Sponsorship (CAS) program, get to know companies like VENZA, the leading provider of data protection and regulatory compliance solutions for the hospitality industry.
Use one single provider from inception to operation — through the HFTP Corporate Allied Sponsorship (CAS) program, get to know companies like WorldVue, a trusted provider of video, advanced connectivity and professional services to properties and enterprises across the world.
Check out the latest in check-in automation — through the HFTP Corporate Allied Sponsorship (CAS) program, get to know companies like Virdee, a leader in guest experience technology. With mobile web, app and kiosk options, Virdee puts access and amenities at guests' fingertips. From initial reception to secure identity verification and room upgrades, the entire experience is contactless.
Be powered for wherever life takes you — through the HFTP Corporate Allied Sponsorship (CAS) program, get to know companies like Blink Charging, a leading global manufacturer, owner, operator and provider of electric vehicle (EV) charging equipment and services.
Get what you need when you need it — through the HFTP Corporate Allied Sponsorship (CAS) program, get to know companies like Avendra Clubs, your private club sourcing expert with the expertise and tools in place to help impact your bottom line and improve operational performance.
Work with who knows your business. Through the HFTP Corporate Allied Sponsorship (CAS) program, get to know companies like Cogent Bank, a boutique Florida state-chartered commercial bank focused on the unique needs of country clubs, associations, nonprofits and traditional businesses.