Meaningful innovation, or technology for technology’s sake?
Revenue Optimization — Viewpoint by Scott Dahl
In today's ever-evolving world, the hospitality industry stands on the brink of a new era of technological advancement. While some may argue that my perspective as a technology Product Manager is biased, it is important to recognize the tremendous benefits that these advancements can bring to all stakeholders involved.
Of course, it is crucial to exercise caution, particularly when dealing with less mature companies. Why not ensure that technology becomes an integral part of every hospitality school curriculum? From identifying needs and selecting suppliers to day-to-day technology powered decision making.
The primary challenge today lies in balancing the wealth of data at our disposal, while maintaining a laser focus on actionable insights. By striking this balance, we enable the industry to reap the rewards of pairing human expertise with machine capabilities.
From lack of insight to data overload
Historically, the hospitality industry struggled with a lack of insight and visibility into its data locked up in Property Management Systems or spread out across the web. Fast forward to the past decade, and the tables have turned dramatically. Hoteliers now find themselves swimming in an ocean of data. Multiple logins and an escalating volume of data points present a new challenge: making sense of disparate data sets that sometimes lead to conflicting conclusions. With more data at their fingertips than ever, hoteliers need to implement a smart strategy to effectively utilize technology and extract valuable insights.
Unleaching Insights and guiding actions
To navigate this abundance of data, the industry is challenged with the next crucial step: highlighting actionable insights that prompt users towards impactful decision-making. Collecting vast amounts of data from various sources is the necessary initial phase. The true value lies in the ability to effectively analyse, interpret, and extract relevant insights from this information. I expect to see the tech sector gravitate towards this approach, focusing on translating insights into actionable steps.
A collaborative approach
In order to truly harness the power of technology, it's vital that hoteliers and tech providers collaborate toward shared goals.
Instead of replacing humans, technology should help them make better decisions. By implementing tech training in hospitality education, we're setting up future professionals to proficiently utilise these tools. This approach creates a cooperative relationship between humans and machines, leading to more collaboration and productivity in the industry.