Modern travellers expect a seamless journey, from destination research to hotel booking, flight confirmation, and local hangout suggestions, up until when they reach their homes. However, the hospitality industry has been slow in adopting new technologies. Hotel solutions are neither intuitive nor capable of making full use of the abundant customer data. Will the hospitality industry continue relying on Online Travel Agencies (OTAs) to bring in more revenue? Or there will be service providers confident enough to take on the challenges that hotels present?

Sustainability has been top of mind among hoteliers in recent years as tourists are increasingly concerned about the environmental issues. In fact, green practices adopted by hotels may soon become critical factors for travellers when choosing and booking accommodation to stay in.

The democratisation of technology and the transformation of society that it facilitated are impacting virtually every major industry. In high tech manufacturing, the trends are causing an upheaval. No matter how innovative, flashy, or anticipated a product might be, high tech companies can also get punished in the marketplace if those products don’t measure up to quality. 

The lines have been increasingly blurring between high tech and non-high tech manufacturing—in large part due to the proliferation of technology into everyday consumer and business products. This has major implications for how high tech manufacturers operate today and how they’ll need to operate in the future. The first step in managing this transition is to understand the forces driving the integration of high tech manufacturing and other industries.

Business intelligence tools have evolved from useful to critical to help hospitality organisations thrive in a highly competitive marketplace. Armed with the right information, today’s decision-makers can better understand risk, performance, and the impact of decisions at property, region and group levels.

Upgrading revenue management capabilities means not only implementing the right technology solution and integrating the right data sources — ones that have been shown to improve forecast accuracy and pricing decisions — but also putting the right organisational resources in place and creating a revenue-focused culture. Following are a few recommendations for hoteliers to keep in mind. 

The demand for next-generation revenue management solutions has increased with the proliferation of online travel agencies (OTAs) with differing pricing and commission structures, shrinking booking windows, ever-more intense hotel competition in high-demand destinations and ever-increasing pressure to drive profitable growth.

As disruptors like Airbnb is transforming the entire hospitality industry with a wide range of services, not just lodging accommodations, the industry C-suite and decision makers have to move away from the traditional revenue management strategy in order to better maximising their profit.

One’s mindset is defined as the perception of achieving goals in both the professional and personal lives. In other words, a mindset helps define one’s personality. It reflects the way an individual views and acts toward life, how they perceive success and failure, as well as determining their emotional, cognitive, behavioural and neural responses to these experiences.

One definite thing about the hospitality industry is that the customer’s behaviours never stay the same and that they are easily affected by many factors. For customers, the new era of digitalisation has fundamentally transformed the customer experience.