Tips to Evaluate and Succeed with Hotel Tech
This week’s round up of reads starts with a great piece from Snapshot, focusing on how to evaluate technology to succeed faster and better. We’re also looking at the selection process for that technology, and how to truly focus on customer over product – sometimes easier said than done!
The hotel industry languishes with unseen, unused data. We have been looking at data all wrong. It has become synonymous with dashboards. But dashboards don’t do anything. Analytics and historical reports are just consumable. What hotels could be doing is using data to improve operations, cut costs, and predict the future. Making data actionable.
So why aren’t we? Because there’s too much friction between hotel software. In fact, 87% of hotels say that integration is their biggest pain point when choosing technology. Making it worse, the sales cycle eats up time and resources. It takes forever. So hotels become risk-averse when it comes to trying a new technology.
What if, instead of being afraid, hotels embrace new technology?
Operating a hotel is an increasingly complicated field, with the growing influence of technology changing the traditional job responsibilities and tools necessary to be successful. The implementation of these technology solutions, or “tech stack” as it’s referred to, can sometimes be its own challenge.
What exactly is a tech stack? According to Martin Soler, a tech stack is “a group of software or apps designed to work together and solve a set of problems for a certain industry.” The hospitality tech stack refers to a set of integrated applications and solutions that help hotel executives automate and manage the growing responsibilities of the hospitality business, from distribution channels to profit margins to property operations and real-time guest requests.
The hospitality business, like many other industries, is being transformed by the digital revolution. Travelers who once called hotels directly or used travel agents to book rooms now have dozens of options, from hotel websites and central reservation centers to online travel agencies and discount brokerage services. Consumers’ use of online tools to research, reserve, and review accommodations is having a profound effect on the hotel industry, influencing pricing, customer loyalty, and ultimately profitability.
In this environment, CMOs are increasingly responsible for delivering exceptional experiences while maximizing revenue. Here are the challenges they’re facing, and how they’re overcoming them.
Customer-centricity. It’s more than just a buzzword; it’s more than just a platitude.
This concept, while not new, has become one of the most popular topics among today’s business leaders as companies explore ways to increase market momentum, customer share, and new product adoption. Yet, the Global Customer Service Barometer survey conducted by American Express found that “just over six in ten customers agree that companies meet their expectations.”
Be customer-centric, not product-centric.