The Top 4 Challenges Facing Hospitality Today
Top 4 Hospitality Challenges Today 1. EXECUTIVE SUMMARY The Hospitality business model is characterized by high fixed-costs and variable income. Fluctuations in occupancy and room-rate demand tight cost control. Yet the increasing expectations of Gen-Y Guests won’t tolerate less than excellent service. A hard equation to balance. In some parts of the world, the competitive bar is raised higher by the condensed proximity of the finest and most attractive destinations. And – it’s always ON – 24hrs a day without break. In this environment every drop of advantage must be wrung from Technology. In this document we define 4 key challenges and explore how Communications technology has a pivotal role in providing optimized solutions for each. Challenge #1 – Guest Profiling Gathering and using Guest preferences and intelligence to enable delivery of superior Guest experience. Hotels are uniquely able to gather data and profile through the many sources of interaction both on and off Property. I.T can enable the business in making this data available for greater customer intimacy and anticipation of returning Guest needs. Business Intelligence with a twist. But how? Challenge #2 – Social Media How to implement and integrate new customer engagement channels, notably Social Media with contact centers for optimum efficiency? The Hotel’s reputation is created in the digital space by reviewers and Guests. Monitoring and careful intervention must be a priority for Hotels in 2011 and beyond. In this document we look at what other industries are doing and gain insight. Challenge #3 – The Demanding Customer Every guest touch point can be a make-or-break experience, an opportunity to win or lose the repeat business that drives bottom-line performance. We explore how these issues are actually communications-based and how technology is leveraged to deliver. Challenge #4 – Lowering Cost, Increasing Revenue How to identify new