At the end of January, our team had the privilege of participating in the Global Revenue Forum in London, where hospitality industry professionals, leaders, and friends came together to discuss the roadmap to resilience. The forum allowed us to explore the current climate and look towards the future with optimism and innovation.
What does it mean to be resilient?
‘The ability to be happy, successful, etc. again after something difficult or bad has happened‘, Cambridge Dictionary.com (2024).
There is no doubt that hospitality has come a long way to be able to find comfort after a period of challenging global financial, political, and social instability. The forum let us explore the current climate and have a feel of what is expected in the near future. Séan Worker, founder and CEO of T5 Strategies, said that resilience is a catalyst for adaptation and innovation and that resilience arises from a positive, calm and happy team. Resilience in business essentially is a company’s ability to respond and adapt to unplanned changes and disruptions that might threaten various sides of the business, including people, operations and the brand itself.
It was amazing to see an entire room of passionate individuals joining in the same mission. The speaker’s board included various experts, such as Greg Land from Amazon Web Services, Klaus Kohmayr from IDeaS, Joe Pettigrew from Starwood Hotel Asset Management, and our own CEO and Co-Founder, Allan Nelson.
So, what’s on the cards for 2024 and onwards in the hospitality industry?
Greg Land, in his speech, discussed that the top business disruptors are:
- Cybersecurity
- System outages
- Labour shortages
- Legacy/ outdated technology
- Supply shortages
- Geopolitical instability
- And climate change.
Whereas last year, the top were:
- Legacy
- Obsolete tech
- Labour shortages
- Cybersecurity
- System outages
- Inconsistent government covid rules
- Supply shortages
- Instability to handle spikes in demand
- Instability to handle pricing during peak demand.
We can see that some of the disruptions from the previous year persist, but cybersecurity has ‘entered the chat’. With generative AI and technology advancements, it has been the trending topic for this year.
With hoteliers introducing advanced tech and gaining in-depth information through their data sets, security should be their priority. Last year saw a spike in cyberattacks on hotels. For example, a New York attorney fined Hilton $ 700,000 for violating the GDPR and in November, Booking.com experienced a hacker attack obtaining hotel partner log-ins via the dark web (Hotel Management Network, 2023).
Some other worries were mentioned, such as ongoing cost inflation and international conflicts. While these disruptors may seem daunting, we were reminded that they also present opportunities for innovation and growth.
As previously predicted on our blog, featured below,
AI will be on the table for discussion. Klaus Kohlmayr suggested that hoteliers should drive productivity and efficiency in the industry with the help of AI and other technology. Customer expectations in terms of technology have risen. Customers depend on a service to be available when they need it, and when it’s not, it can negatively impact an organisation’s brand. Their expectations have shifted towards an ‘always on, always available’ mindset’. (T&H industry report, 2023). AI can address these issues by automating repetitive tasks, such as quarries through chatbots or automated check-ins and check-outs. 75% of travellers want hotels with self-service technology. (Hotel Business, 2022 ) Consumer behaviour is continuously shifting, and technology helps us identify disruptions.
Brendan May, founder of Hotel ResBot, reminded us that businesses must refrain from using AI to find issues. Instead, they should identify their business’s specific problems and then apply tools like AI to help solve them and streamline the processes. This requires a willingness to embrace innovation, experiment with new ideas, and learn from failures.
For-Sight has recently introduced Winston, an AI assistant to the Marketing hub, to help hotel marketers save time, enhance their e-mail copy, or receive suggestions on taglines driving information from the most successful campaigns. View a video of our latest platform updates.
The Augmented Reality screen was a treat for everyone participating. Multiple participants from various parts of the world were live streaming and having live conversations with forum participants. You can have a glance at our experience in the video.
A few main takeaways are
- Businesses must be digitally literate (at all levels), and education is the key to successful technology implementation.
- The hospitality Industry should welcome AI in a responsible and secure manner.
- Resilience taught us to find calm, be closer to those who care, and seek new ways and innovation.
- Embrace innovation and tech for adaptability and agility.
- Data keeps your head above the water; it is a powerful asset that will help you dig deeper, understand new trends and patterns, and make strategic decisions. For-Sight can help you stay ahead of the game; see how we can get the most out of your data!
Overall, the forum was a powerful reminder of the resilience, creativity, and innovation of the hospitality industry. We left feeling inspired and energised, knowing that we are part of a community that is committed to meeting the challenges of today and tomorrow with optimism, innovation, and determination. We are proud to have sponsored the forum and grateful to the Revenue by Design team for organising such a meaningful and impactful event.
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