Unlocking Growth Potential: Designing the New Realities of 2024's Hospitality Landscape

4 min read

·

Just now

Embarking on a journey permeated by an exponential growth trajectory in 2024, the hospitality industry is all set to embrace the awakening of new realities. Placed at the crossroads of innovation and transformation, the forthcoming year promises a concoction of dynamic solutions poised to reshape guest experiences’ ethos.

From the unparalleled perks of technological integration to the gastronomic evolution of changing travel preferences, this symphony of change will revolutionise the essence of growth.

In tandem with the hospitality sector’s resurgence, marked by events like India’s G20 presidency and the Men’s Cricket World Cup, the segment still continues to be characterised by complex business processes, heightened revenue loss, and fragmented workforce deployment.

In tandem with this, the year 2024 will be rooted in actively addressing these persistent challenges, offering India’s underserved sector an opportunity to uncork the champagne of the new year with a refurbished internal and external outlook.

Breaking Monumental Revenue Losses

In today’s digital-driven world, no industry remains an exception to the waves of fierce competition, especially in the hospitality realm. While the competitive market has certainly made it more challenging to climb the growth ladder, hoteliers have themselves become their industry’s biggest foe in their failure to adapt to technologically advanced channel management systems.

In a complex hospitality world, analysing market demand and competition is pivotal to setting optimal tariffs. However, in the absence of robust mechanisms, the segment lacks the idea of anticipating market demand accurately, which results in the setting up of lower tariffs leading to revenue loss.

Furthermore, the absence of such mechanisms make it even more vulnerable to missed opportunities as an increasing number of guests have switched to OTA usage, which has further culminated in tumbling revenue losses for the hotel.

Navigating Low Profitability via Fragmented Staff Augmentation

Undoubtedly, the hospitality landscape is meticulously curated, wherein every hotel pays extreme attention towards detailing, service quality and cohesive staff arrangement.

But as we continue to voyage into an era painted by eminent services and excelling quality, it’s high time that both new and established hotels leave behind their manually operated staff dashboards which have not only resulted in the delivery of poor services such as housekeeping, concierge etc, but has also created a workplace environment dominated by stress, inefficiency and dysfunctionality.

The road towards transition is never easy, but the failure of even taking the first steps, particularly by showcasing unreadiness to employ a unified dashboard, will setback hotels in a world where poor profitability, inadequate management and staff obsoleteness will loom large.

Mitigating the Pathway to Sub-Standard Guest Experience

It’s an understatement to say that, ‘Excellent Guest Experience’ is the pillar of the Hospitality Industry, despite guest satisfaction formulating the very essence of the hotel space, hoteliers still struggle with enhanced guest experience delivery.

While every other facet of the business landscape transverses further in the digital age, the hospitality ecosystem is marked by communication breakdowns in the absence of a centralised service ordering feature, which results in incoordination amongst diverse departments leading to delayed delivery causing a tainted guest journey.

Additionally, in an era characterised by consolidated billing experience, the hospitality space has been unable to break free from the shackles of incoherent billing systems, enforcing guests to undergo a time-consuming billing experience, adding further to their already accumulated pile of indigent experience.

New Voyage: Technology Enablement

As we venture into 2024, the hospitality sector will be illuminated by the sparks of technological revolution. From a centralised service ordering feature, and revenue maximisation to a unified staff augmentation dashboard, cutting-edge hoteltech is poised to become the silent orchestrator of streamlined hospitality operations.

Subsequently, also resulting in optimised staff management and enhanced guest experience, rendering the hospitality landscape freedom from a backward operational approach.

The tech-enablement will bring a seismic shift in the space of hotels. It will be touched by the algorithms of AI, bolstering operational efficiency to unparalleled heights.

From rate optimization in accordance with anticipated demand, automated services dashboard, optimised resource management to personalised guest experience, hotels will leverage AI to deliver a futuristic encounter for guests, weaving a tapestry of innovation.

Moving forward as hotels embrace this transformative journey, leading players at the forefront of this

industry are poised to redefine hospitality standards. Against this backdrop, Revivo’s Hotel X, India’s first comprehensive SaaS Hospitality Management and Growth platform, embedded with automation is already moving on the trajectory to revolutionise hospitality industry, leading hotels on an exponential growth path.

Disclaimer: The views expressed in the article are personal and are not intended to arouse any controversy or personal comments on the industry performance.