The global hospitality industry has been observing strong signs of recovery heading into 2024, with demand rebounding to pre-pandemic levels. With travel on the rise once more, hoteliers must strategise effectively to capitalise on this revival period through proactive alignment with emerging trends.

The rapid development of technology continues to reshape the hospitality industry, with innovations like cloud-based software and mobile apps driving a new era of hyperautomation and hyperpersonalisation.

Digital transformation refers to the implementation and utilisation of digital technologies in the business to achieve a competitive edge. Those benefits include greater efficiency for the stakeholders, stronger business agility, and many more. Many industries are taking advantage of this digital transformation agenda, and the Hospitality Industry is no exception.

Infor, a leading industry cloud company, has recently been acknowledged as a leader in the IDC MarketScape report for Worldwide Hospitality Property Management Systems 2022 Vendor Assessment. The report evaluated vendors based on a comprehensive and rigorous framework relative to the criteria and one another, and key strategy criteria included both qualitative and quantitative data resulting in a single graphical illustration of each vendor’s position within a given market.

The challenges and expectations of businesses in the Hospitality industry can change drastically overnight. Hoteliers need agile solutions that can grow with the business while also ensuring they can meet changing regulations and market demands with ease.

Designed to provide hoteliers with a next-gen cloud-based system, Infor HMS is a full-fledged management solution tailored for the hospitality industry. The solution encompasses not only the key functions of a PMS but also analytics and mobile capabilities for a top-of-the-line guest experience. Infor HMS streamlines core processes like CRM, revenue management, and incident management with its built-in capabilities.  

Hotels and resorts are laying the groundwork for how they will do business in a new decade and beyond, in an effort to stay competitive, profitable, and ready to meet new challenges. Industry leaders are examining the workflows and mechanics of technology-driven processes, like data infrastructure, reservations, event planning, inventory control, competitive price setting, and revenue forecasting—and seeking out ways to tie them all together to better serve operations, revenue management, and brand strategy.

As new technologies and new challenges emerge, an advanced cloud-based property management system (PMS) can empower hotels and casinos to create scalable operations that foster greater visibility, utility, and efficiency. In this era when the hospitality industry is changing fast, legacy systems that silo each location as its own data centre will not successfully lead businesses into a new decade.

The hospitality and tourism industry plays an important role in the global economy, contributing 11 per cent of the world’s total GDP pre-COVID. Its recovery, therefore, is highly anticipated and closely watched as the world emerges from the pandemic.

Hospitality faces unique challenges and has specific requirements, making conventional accounting systems unfit for this industry.