Technology in the hospitality industry has been applied in three main areas: optimizing performance, guest and hotel operational technology, and digital customer engagement.
Talking about the same, Puneet Mahindroo from RevMantra highlights how machine learning algorithms have evolved to automate data crunching and provide prescriptive solutions, making technology more efficient and enabling better decision-making.
He talks about investing in technologies that focus on improving operational efficiencies, from pre-arrival to check-in, and workflow processes, depending on the type of business. He also recognizes that digital customer engagement involves transitioning customers from online research to offline experiences, such as personalized services, guest recognition, and post-stay engagement.
And so he emphasizes that prudent investment in the right platforms and technological solutions must be made to result in significant return on investment.
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Read the complete transcript here:
So, I think technology in Hospitality has seen three very specific applications so far, right? One, obviously, as in most of the industries, is optimizing performance. Today, there are very evolved machine learning algorithms that are available, which can help automate a lot of serious data crunching. That was earlier limited to kind of machine-aided learning. Now, it is fully machine learning-enabled. So, instead of being very diagnostic, technology today is more prescriptive. That’s the one area where I’ve seen huge application and focus of the industry in adopting technology as an enabler.
The second, of course, is guest in-room as well as Hotel technology. Hotel operational technology brings in operational efficiencies, whether it’s from the time of pre-arrival to check-in, or even enabling some workflow processes. There are excellent tools available that help you achieve that level of efficiency and responsiveness. It totally depends on the kind of business you’re in, whether you’re smart basics or you are a top and luxury operator. So, that changes a little bit with that, but nonetheless, the applications and tools that are available facilitate that.
The third is about customer engagement, or Digital customer engagement to be more precise about it. This whole transition of customer engagement from being extremely digital research-oriented, dreaming phase, as Google likes to put it, to enabling them into an offline experience, which is in terms of service at the hotel, guest recognition at the hotel, delivery of personalized experiences, and, of course, post-stay engagement. That’s another third place where technology is not only bringing efficiencies but also delivering pretty solid return on investments. On average, we’ve seen anything between 15 to 25 percent return on investment if the operators or the management companies or owners have been prudent about understanding the needs of the business, understanding their customers, and then investing in the right platforms, the right type of technological fixes or hacks to deliver that endgame customer experience or engagement, more specifically.
Meet the Speaker
Consulting Group Director, Revenue Management and Distribution
Rev-Mantra Pte. Ltd.