Think twice about that shiny new technology, and about whether or not the efficiencies and functionality it promises is worth the continuing rise in costs.
One of the most exciting aspects of the hotel industry is the degree to which new and emerging tools and technology have the potential to add value to everything from marketing, to operations, to guest service. As hotel owners and operators can attest, the volume of technology accelerators out there is on the rise: we are constantly being inundated with new and better tech solutions to improve the performance of our hotels. But as intriguing as innovative and inspired tech can be, it also presents a challenge. Because every single one of these new platforms and solutions comes with a price tag—sometimes a significant price tag.
Consequently, we need to make sure that we are both thoughtful and strategic when it comes to the review, consideration, adoption and implementation process. We need to be diligent about conducting a detailed ROI for every piece of new technology, and make sure that we are not just layering technology on top of technology simply for the sake of having the latest and greatest items in the toolkit.
Keeping up with the technology Joneses can be exhausting and expensive. And this tech tidal wave is not happening in a vacuum: it comes at a time when a tight labor market and increasing labor costs are also increasing financial pressures. And as new models to acquire guests proliferate and evolve, marketing expenses are also on the rise. On the marketing side, money = visibility, and it takes more money than ever before to maintain that visibility across a growing number of platforms.
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