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. 

In this day and age, it is crucial for hotel businesses to adapt to disruptive trends such as personalised customer experience, IoT, and blockchain. Advancements will also bring new challenges to the hotel finance and accounting team, who must evolve to take on new responsibilities and provide key insight for the CFO’s decisions in the following critical areas.

As we move into a new era of recruiting, the age of the resume may be drawing to a close. Social media is becoming increasingly popular as a way for recruiters to find the best possible candidates for open positions. According to a recent survey by Jobvite, 92 percent of recruiters are using social media to find new talent in 2012. The survey reports, “Social recruiting has become an essential resource in the war for talent as competition is fiercer than ever.”

Advanced technologies provide hoteliers with full-scope support and benefits, from front desk to back-office operations. Cloud technology, for example, has played the key role in improving the end-to-end experience from booking to post-staying of guests, reducing cost and resource demands, increasing ROI, and hence, improving the overall business management capability of the business.