The hospitality industry has undergone a significant transformation
Technology has been a source of both wonder and confusion in the hospitality industry. From guest-facing widgets to back-office automation, countless solutions have been developed to save time, increase efficiency, and enhance personalization. However, while these solutions often fall short of their promises, they have still led to improvements in our industry.
Examples of these improvements can be seen in every aspect of hospitality. They have helped generate higher revenues, provided better work situations for team members, and created more comfortable guest stays.
Over the past decade, third-party tools and brand initiatives have revolutionized revenue management. Computer algorithms now process vast amounts of data to determine optimal revenue strategies, replacing the need for insightful above-property leadership. These tools have also helped the industry avoid the destructive price declines typically associated with economic downturns, providing real data to back ADR growth plans.
Another growth area is accounting and business intelligence platforms. These systems provide immediate access to revenue numbers, financial reports, and operating expenses, allowing operators to make critical decisions based on deep data pools and market experience.
Technology has also had a profound impact from a team member's perspective. Mobile payment platforms allow hotels to pay associates on demand, reducing payment friction and increasing satisfaction and retention. Additionally, tools automate tipping throughout hotels, from housekeepers to servers.
While technology has made us better across the board, we must remain cautious and remember that we are a human-centric business focused on improving the lives of our guests, team members, and partners. Let us not forget the importance of our human touch amidst the benefits of technology.
