Leadership Agenda for 2020’s Hospitality Industry
What does this decade hold for hospitality businesses? What are the forces that will shape the Hospitality’s and Travel landscape in the 2020s?
By Nicolas Frangos, Forward Thinking Hospitality Executive
Here are the brushes to paint on your own blank canvas:
- Embrace the science of Organizational Change and Inspirational Leadership. Gain competitive advantage by creating organizational learning completed by organizational innovation.
- Encompass and master the techniques of Blue Ocean Strategies on how to overpass the obstacle of hyper-competition in a new complex environment, and make the competition irrelevant. New increasingly competition won't be between companies but among ecosystems! The challenge is how to effectively set up and manage these ecosystems, use them strategically to maximize value, and gain a competitive edge. Companies that can meet this challenge will crop enormous benefits, while those that don't risk falling behind or becoming irrelevant. The ability to build, manage and collaborate in such a diversified territory will differentiate you from rivals in the decade ahead.
- Build high performing organization fit for the future, Leading Strategic Decision Making. Guest-Centric strategies - among other - should be in the epicentre of a well-structured hospitality organization, putting customers' needs at the centre of your business's thinking, problem solving, and decision making. In 2020's leaders wanting to make a big difference need to focus on understanding customers and scaling customer empathy, define organizational purpose - being purpose-led - double down on collaboration uniting and aligning with a customer cause, and enhancing value through storytelling developing meaningful connection. Above all leaders need to design and establish best practice customer experience governance, utilizing a cross-functional steering group with exceptionally trained executives.
- Invest ahead of the curve in autonomous learning systems and go beyond loyalty schemes and CRM platforms, re-conceptualizing business intelligence, embracing Artificial Intelligence (AI) & Augmented Reality (AR),Internet of Things (IoT) - which have the potential to propel the rate of learning in business to new heights - further improving and offering customized services and products.
- Adopt a "Triple-Bottom-Line"(social, environmental, financial) sustainability framework or otherwise called 3Ps (people, planet, profit) and go way beyond the conventional measures, of net operating profit (NOP), return on investment (ROI) and shareholder value (SV), creating synergies between shareholders and all stakeholders, focusing on societal, human and environmental capital.
Wishing you an inspirational and sparkling decade 2020 ahead!
Nicolas Frangos is a multi-skilled Hospitality Executive with distinctive knowledge of Luxury Hotel Operations, Development and Asset Management, directing international hotel groups, mixed-use business, multi-unit properties and outstanding luxurious hotels, introducing strategies to drive growth within intensively competitive markets, delivering significant return on equity and invested capitals (ROIC).More from Nicolas Frangos