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The Economy: Let’s Talk About Something Else.

Updated: Dec 12, 2022

The Economy. Ugh. It’s not a topic to bring up lightly these days. At best, the subject kicks off arguments in which no one walks away with anything useful. At worst, it’s dead boring. This is especially true when there’s nothing new to add beyond the reality of higher costs and prices, and lower disposable income and revenues. Right now, it feels like everyone is losing out.

When it comes to the hospitality industry, it’s useful to think of slowed growth and tighter budgets as another set of prompts to inform every hotelier’s unchanging mission: to always meet guests where they are. How can hotel businesses do that more efficiently at a time when the numbers have dipped so much?

What hotel technology platforms must provide More informed and focused strategy through frequent examination of an offering is more important than ever right now. It’s a daily effort of judging and recalibrating cost and spend in support of a competitive offering, while always guaranteeing value for the guest.

This exercise must roll with the times, not to mention with inflation rates. It must be dynamic. Business performance platforms and integrated revenue and financial systems in support of these efforts must inform cost-effective, efficient, and timely business strategy. Solutions must represent a lower cost of ownership while helping decision-makers to discern what business data is telling them via automation, alerts, and detailed in- solution reporting. Operational unity across locations and between teams, and business data gathered into one ecosystem are essential to getting this right. But what does that look like, exactly?

Hospitality technology – the vehicle, not the journey

Advanced and integrated solutions enable businesses to see what guests really want out of their experiences via data analysis. Through that, financial decision-makers gain greater clarity around how to fund those things consistently in every brand location.

That helps them to better see the paths to reducing operational waste while creating value for guests in support of an adjustable, resonant, and competitive offering. Within that though, it’s important to remember that technology is only a vehicle for the journey, not the journey itself. Gaining a competitive foothold, especially during economic downturns, requires a refreshed approach to serving people. That means a constant focus on the guest experience, of course. But it also means empowering staff across the organisation with meaningful, rewarding work that’s centred on the right things when they count the most.

Something to feel good about The good news is that these are factors over which executive teams and leaders at every level have control. Decisions to unify, empower, and enable people with the right mechanisms and with the support of the right technology partners are the levers to help maintain a clearer course through challenging times.

That is something everyone can walk away with and feel good about; a way forward to serve in times of scarcity and in abundance alike.

Written by Calum McIndoe, Director of Sales Infor Hospitality

Calum McIndoe has been working within the hospitality technology industry sector for 20+ years. His experience both operationally and commercially mean he has a comprehensive knowledge of how hotels are run and can advise on how technology can help hoteliers to achieve a successful and profitable business.


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