Denihan then made a point of using flexible and comfortable furniture throughout the new guestroom design, adding such pieces as convertible sofas and mobile ottomans that can be moved by the coffee table or by the bed depending on the need. In addition, feedback from women and family travellers revealed a desire for more storage in the bathroom, and in response, Denihan changed the vanity design to accommodate extra counter and shelving space and additional drawers. The hotel has several rooms with kitchenettes, and with data indicating the need to enhance the kitchen product and experience, Denihan added several items to the kitchens during recent renovations, eliciting much positive feedback from guests. Lately, hoteliers have realized that using data analytics to implement Business Intelligence can improve their services, enhance marketing strategies, and even gain more in their line. Digital Authority Partners is a digital consulting agency that delivers next-generation transformation strategies to clients https://goat.digital/analytics-and-strategy-hospitality/
Denihan Hospitality Group is a privately-held, full-service hotel management and development company that owns and/or operates 14 boutique hotels in major urban markets in the U.S. The Denihan portfolio includes properties operating under The James and Affinia Hotels brands, as well as Manhattan luxury independents, The Surrey and The Benjamin, and additional independent affiliates in New York City. The digital footprints of your past guests reveal a lot about their preferences, needs and behavior. We will use databases to observe your clients patterns and then build your next marketing strategy according to your specific company’s needs.
This way they can understand how rates increase or decrease towards any day of arrival and how this compares with the compset. This is also highly interesting for new hotels as they still have little historical data of their own. They can now use information about how their competition’s strategies are doing for the next 12 months to get an idea of how to position themselves in the market.
- These determinants might differ depending on the country in which the business operates.
- We invest heavily in data and analytics to inform you of everything from brand strategy to SEO tactics.
- An understanding of both how to turn weaknesses into strengths and how to implement different self-care strategies to handle pressure as a leader is essential.
- Major advances in natural language processing, facial recognition, video analytics, and machine learning will continue to open many new opportunities.
- The second source was related to the uncertainty originating in the government interventions themselves.
By automating and enhancing performance management process, successful factors are helping Hilton International Hotel demonstrate to global workforce who is really true a pay for performance organization. Just as importantly, successful factors are helping Hilton leadership make better cession about the company’s future. An intuitive dashboard display standard HRS matrices, giving executive the concise information they need to drive tangible improvement. For city hotels, this could mean keeping a close eye on upcoming events and adjusting rates well in advance. Seasonal changes in demand, as well as school or public holidays, may play a role for both city and resort hotels.
To appeal to customers that are eco-conscious, Wal-Mart strives to store green goods. Moreover, through investing in efficient technology, Wal-Mart has been able to reduce all forms of bad environmental impacts it may have resulting from its operations. Most successful organizations make strategic planning central to their operations (Sanchez & Heene, 2004, p. 23).
Wal-Mart’s Options and possible Strategic Choices
This book chapter addresses the decision-making analytics and strategy for cbd companies processes that international hotel corporations engage in during their expansion procedures, and focusses on the entry and presence of these corporations in Bulgaria. Our findings show that country- and firm-specific factors play little role in the presence of these organisations in the country. On the contrary, it appears that potential tokenism exists in the selection of Bulgaria as a host destination, with major hotel corporations each being represented by only one or two affiliated properties in the country.
Business language used between customers and business organizations should promote courtesy largely. More so, pricing strategy of the business organizations is quite influential in determining their popularity among the consumers. Further, integrated marketing communications has been revealed to relate to corporate responsibility to a great extent .
When these two objectives are achieved, hospitality businesses can get a step ahead of the competition. Not surprisingly, privacy is now the top data issue and concern for organisations. Indeed, the 2018 Global State of Enterprise Analytics survey found that globally 49 per cent of companies surveyed believed that the primary challenges organisations most commonly face are data privacy and security concerns . Similarly, another recent industry report shows that over 40 per cent of tourism industry professionals claimed that data privacy and cybersecurity are one of the most influential factors impacting digital commerce in this sector . One of the biggest data breaches of the 21st century has affected one of the largest hospitality companies, Marriott International.
Additionally, procurement platforms that aggregate purchasing and assist in negotiating special pricing agreements with suppliers can result in lower prices and reduce rogue spending. Suppose the data predicts a future surge in prices or that a specific sector may experience supply chain disruptions, you can avoid paying more for goods by delaying an order or increasing a current order’s quantity. Brands have also been revealed to impact a lot on the purchasing patterns of consumers. In this case, business organizations in the hospitality and tourism industry should form strategic alliances with potential brands to enhance their reputation .
According to CROs, banks in the current environment are especially exposed to accelerating market dynamics, climate change, and cybercrime. Sixty-seven percent of CROs surveyed cited the pandemic as having significant impact on employees and in the area of nonfinancial risk. Just because a risk control plan made sense last year doesn’t mean it will next year. In addition to the above points, a good risk management strategy involves not only developing plans based on potential risk scenarios but also evaluating those plans on a regular basis. Resilient companies not only better withstand threats—they emerge stronger.
We identify four main gaps that should be addressed and suggest prospective research directions. Therefore, hotels and other entities within the field of hospitality business develop specific marketing strategies that enable obtaining competitive advantages in comparison with other businesses of the same industry . The overall performance of an organization tests the effectiveness of marketing strategies. Under the circumstances of the emerging globalization in the sphere, the influence of geographical positioning and culture-specific elements must be addressed when judging the effectiveness of particular strategies (Ismagilova et al., 2015).
The hospitality industry is all about making the right decisions at the right time. And with data analytics, you can now base those decisions on solid information rather than gut feelings or guesswork. By analyzing data on employee performance, you can identify areas for improvement, offer targeted training, and even predict staffing needs during peak seasons. This means your team is always prepared, efficient, and ready to deliver top-notch service to your guests. Happy employees do make happy guests, so it’s a win-win for everyone involved.
Industries at Workday Rising: Collaboration and Connection
With economic conditions continuing to weigh on the business, the risk is that margins contract somewhat in the coming months. OXM’s margins have improved impressively post-pandemic, with EBITDA-M reaching 19% in LTM. This has been driven by strong demand and the ability to pass on inflationary pressures, which will now be supported by the acquisition of Johnny Was. International expansion can offer growth opportunities, particularly with its stronger brands. OXM’s revenue has grown well during the last 10 years, with consistent growth in the lead-up to the pandemic, followed by an accelerating following this.
We do expect its performance to cool in the coming months but suspect it will continue to outperform its peers. At a FCF yield of 5% and a discount to its historical average, we consider the stock a buy. Margins are the company’s key strength and are noticeably above the industry. Even with the risk of margin dilution, we suspect the business will be able to maintain this superiority.
These determinants might differ depending on the country in which the business operates. Historical, economic, cultural, and social spheres have their influence on the way the hospitality industry develops (O’Dell, 2010). At the same time, the business of hotels and restaurants continuously encounters various challenges in terms of competitiveness . Indeed, the highly competitive business environment of the hospitality sphere exposes it to the search for new marketing strategies to obtain a more significant market share (Dzhandzhugazova et al., 2016). They examined six Korean hotels and reported that the occupancy rate dropped nearly 14% from February to July 2003.
A number of IT models were considered as possible theoretical frameworks within which to set the findings. The TOE model and the UTAUT model have been used in many research studies that examine technology adoption . Other models have been used to assess technology implementation, focusing on specific elements of change—the technology itself, but also business processes , people skills and competencies , and structural chang