In the vibrant and welcoming land of Vietnam, the hospitality industry is facing a significant challenge this summer as tourist travel by air has plummeted by up to 60%. Instead of exploring the beauty of their own country, travellers are opting for international destinations like Thailand or Malaysia. The primary culprit behind this shift in travel patterns is the soaring cost of airfare within Vietnam.

Read more: Effective Labour Market Strategies to Combat Staff Shortages in the Hospitality Industry

The biggest sporting events in the world, such as the FIFA World Cup, Olympic Games, or Super Bowl, not only captivate global audiences, but they also have significant impacts on tourism and the overall economy of the host countries. Sports events have a unique ability to draw crowds and create a buzz that extends far beyond the stadiums.

From a financial standpoint, this is an unmissed chance for hospitality businesses to boost their revenue.

The hospitality industry is experiencing a welcome resurgence. Business travel is booming, but a new twist is emerging - the rise of "bleisure" travel, where business trips are seamlessly blended with leisure experiences. This trend presents a significant opportunity for hotel chains to attract new guests, increase revenue, and differentiate themselves in a competitive market. 

A modern hotel property management solution is essential for competitiveness and guest satisfaction in the fast-paced hospitality industry. Such systems are pivotal in streamlining operations, enhancing guest experiences, and boosting overall efficiency, yet many hotels fall into the trap of adhering to outdated software that hampers their growth.

With expenses on the rise and guest expectations constantly changing, taking a proactive approach to reducing unnecessary outflows is essential for hotel businesses more than ever. The secret lies not in slashing budgets or compromising the guest experience but in strategic management and resource optimisation.

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.

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.

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.