Investing in Technology Innovation - How Much is Enough?
In the first viewpoint of this panel, several experts weighed in that the Hospitality Industry does not properly invest in technology innovation. Apple spent about $15 billion in research last year alone… or 5.5% of its annual gross revenue. We ask ourselves these questions: Is this level of investment purely in R&D also necessary in our industry, and is it possible to get that kind of money? What's your take?
CTO at Village Hotel Club
I think a joint effort between technology vendors and hospitality customers has been needed for many years and hasn't been successfully implemented. Too many times I see blocker to true innovation with the line 'it's not on the roadmap' or 'cost prohibitive' from vendors, something that is slowly changing with the introduction of new technologies that can shake-up the traditional suppliers.
I also think that the main investment on the hospitality side needs to be less on tech innovation and more on tech culture. Changing the culture of the industry will in turn bring innovation and investment and see the end of the line 'we've always done it this way'.