5 Reasons to Choose AI-Driven Networks in Hospitality
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35 Ways to Implement Your New Hotel Profit Optimization Strategy
Rising costs are outpacing revenue growth across hospitality, forcing innovative hoteliers to adopt data-driven, profit-focused strategies to sustain success. Hotel leaders in every department across the industry are focused on new metrics, benchmarks, and strategies to optimize profitability. By leveraging accurate data and personalized insights, hoteliers across all departments can make informed decisions that drive revenue to the bottom line, ensuring sustainable growth and improved margins.
What Hotel Guests Really Want to Know – Top 50 Questions Asked
This free report presents HiJiffy's first-party data on the most common topics of hotel guests’ questions in the summer of 2023, based on over 1.7 million conversations handled by AI in that period. The insights presented in this publication can empower your hotel teams to review and improve information about your hotel and be better prepared for the upcoming peak season of summer 2024.
Email tactics guaranteed to fill your hotel rooms
There’s nothing more painful than putting hours of work into an email strategy that doesn’t deliver a decent return on investment (ROI). That’s why we’ve gathered the top-performing hotel and e-commerce email strategies you can easily implement today.
Overhauling travel & expense policies: New corporate priorities and traveler expectations
Travel and expense (T&E) policies are having a heyday as travel managers update their policies to better align with business objectives. The updates have two main impetuses: a resurgence of business travel, as reported in a Mastercard trends article from 2023,1 and predictions of higher spending through 2025, according to a Mastercard survey of business travel managers in 2023.2
The Definitive Guide to More Efficient Hotel Operations in 2024
In an era of rising operational costs and sustained labor challenges, operational efficiency in hotel back offices has become paramount. Uncover simple steps to automating many aspects of a back office that will improve hotel operations, reduce costs, and decrease your hotel’s environmental footprint.
The Best Practices for Finding and Implementing the Best Hospitality Accounting Solution
Choosing the perfect accounting and financial reporting software for your company is a crucial decision that can have a significant impact on your financial management and efficiency now and in the future. When looking at establishing, maintaining, and scaling your company, it is imperative to find and adopt the best hospitality accounting software to fulfill all your unique needs. Having a hospitality-specific solution is ideal to ensure you have the ability to accurately monitor income and expenses, produce and customize financial reports, and manage revenue from a hotelier’s perspective. You also need to consider the best accounting solution suited to the number of properties you currently have in your portfolio, as well as software that can scale with you as you grow. In the grand scheme of things, there is a lot to consider as you do your due diligence, but it doesn’t have to be stressful when following this process.
The Impact Of Contact Centers In The Hospitality Industry
The travel and tourism industry represents one of the most important sectors in the economy. It is a highly competitive sector that relies on customer engagement and service that exceeds customer expectations. The most successful organizations find themselves trying to acquire their target guest time, not just their discretionary spend. This research highlights trends in the industry, customer behavior, and other emerging issues; it demonstrates how trends in the customer reservation system in the travel and tourism sector benefit from maintaining an efficient and knowledgeable contact center and customer engagement platform.
Lies, Damned Lies And Call Center Statistics
It was Benjamin Disraeli who famously decried the three kinds of untruths – “lies, damned lies, and statistics”. And, as we know, middle managers (the good ones, anyway), have long been notorious for coming up with all kinds of statistics to tell exactly the story they want to tell. (Let me hasten to admit my own transgressions in this area). And, in recent years, as advances in desktop computing and open databases have made managers even more expert in this devious craft, it seems like a good time to level the playing field a bitfor the more senior executive whose college computing experience probably involved time-sharing on a mainframe the size of a Hyundai. Yes, I’m talking to you – the venerable executive who’s forgotten more about marketing than these young managers will ever know; whose quick gut decisions are consistently more spot-on than any business intelligence software or OLAP cubes can model.
Forecast Accuracy: Why Mape?
Yield management allows hotels to manage the capacity of their rooms more profitably, and the accuracy of statistical forecasting determines how useful it will be. Inaccurate forecasts can result in decreased revenue, earnings, and operational challenges, which makes getting it right critical. Even with great revenue management software, determining the accuracy can be tricky when dealing with more detailed forecasts. The mean absolute percentage error (MAPE), measures accuracy of a forecasting method. The error is measured as an absolute value. Removing negative values from the equation (see chart below) allows the accuracy to be calculated without positive and negative numbers canceling each other out. This makes forecasting reliable and easy to understand, which is why MAPE is the most used method in measuring the accuracy of forecasts.
Know Your Customer
Like many industries, if you are in the casino or hospitality space, your customer data is entering your business through a growing variety of channels. In addition to your casino and property management platforms, your organization most likely has a CRM, multiple social media channels, on-prem POS systems, a marketing automation platform (email, SMS, push), a variety of websites and apps (brand, online gaming, e-commerce, hotel booking, loyalty), and so on. Collecting data from these different sources in a standardized manner can be quite challenging. Messy, unstructured data can cause inaccurate analytics which can negatively impact how you communicate and market to your customers.
Total Revenue Management - Casino Hotels
Casino hotels comprise only a tiny fraction of hundreds of thousands of hotels across the world. Perhaps due to this limited scope, the industry lacks universal performance metrics, and casino customers might find frustratingly varied booking experiences across different brands. The ongoing legalization of gambling-related activities, however, has fueled growth in the commercial and tribal casino industry over the past few decades. With casinos now in almost every state in the US, knowledge about gambling operations, loyalty programs, and marketing tactics is increasingly prevalent. Gaming operators have long expanded into other hospitality industries and, recently, online. Resort casino properties often host a vast array of offerings, including gourmet restaurants, spas, golf courses, and of course, hotels. About 30 percent of almost one thousand casinos across the US have a hotel on site. In most cases, the hotel is viewed as an amenity to the casino and not the other way around.
Advantages To Outsourcing Your Contact Center Operations
In today's highly competitive business landscape, companies need to focus on delivering excellent customer service to remain relevant and profitable. One way to achieve this is by outsourcing your contact center operations to a reliable third-party service provider. Outsourcing your contact center operations can provide several advantages to your business, including cost savings, enhanced service quality, scalability, the ability to go omnichannel, and reduce tech complexity. This whitepaper outlines why outsourcing your contact center operations is advantageous to your business
Best Practices For Optimized Contact Center Operations
A well-managed contact center is essential for delivering exceptional customer service and maintaining customer satisfaction. Whether you're looking to improve your existing contact center or set up a new operation, these best practices and tips will guide you toward success.
A Blueprint for Success: Unraveling the Complexities of Budgeting and Forecasting
Budgeting stands as a pivotal process for hoteliers, allowing them to strategically structure their operations, personnel, and resources to meet their forthcoming financial objectives. P&L benchmarking offers a valuable framework to facilitate accurate financial strategies by providing insights into financial performance relative to industry peers and empowering them to make data-driven decisions during the budgeting process.
Adopting Automation to Improve Operational Efficiency
Despite the overall U.S. economy adding 517,000 jobs at the beginning of 2023, the leisure and hospitality sector remains understaffed with 2 million open jobs, according to the U.S. Travel Association. Meanwhile, 79% of hoteliers say their hotels are understaffed, and 81% are unable to fill open positions, according to American Hotel & Lodging Association (AHLA) research.
Two Heads are Better than One: A Collaborative Approach to Hotel Sustainability
The white paper explores the benefits of engaging both employees and guests in a hotel's sustainability initiatives. The authors argue that a dual approach is more effective for improving hotel sustainability, as it brings together the strengths of both stakeholders, leading to a more efficient use of resources and a culture of sustainability that drives continuous improvement.
Accor Reveals Its Thought-Leading Health to Wealth White Paper
Accor, a world-leading hospitality group, today announced the release of its highly anticipated white paper, exploring eight key pathways for navigating business, society and leadership toward a future where human well-being and fulfillment are essential priorities. Titled, “The Road Map Towards a Transformational Well-Being Culture”, the research report is part of Accor’s ongoing and insightful Health to Wealth series, designed to explore the world’s state of well-being and the defining issues of our time. Health to Wealth has already released an illuminating 12-episode podcast featuring leading thinkers as well as an entrepreneurial wellness start-up challenge in Paris in collaboration with VivaTech.
Whitepaper showing how net zero model brings benefits for hotel sector is remodelled with new data
In May 2021, IHG worked with international property consultancy Gleeds, global engineering and design consultancy Arup and energy management and automation specialist Schneider Electric to co-author a whitepaper which revealed how the hotel industry can tackle the net zero carbon challenge.
LHW Travel White Paper: Marketing During the Covid-19 Pandemic
Explore the evolution of the marketing campaign during the Covid-19 pandemic and the impact of the crisis on the travel and hospitality industry. The white paper includes insights and analysis from The Leading Hotels of the World’s Chief Marketing Officer Phil Koserowski and the author of Corporate Agility’s Michael Wong.