Adrian Johnson
TLDR:
During the Cayuga Hospitality Consultants Annual Conference 2023 in Dallas, a panel discussed the obstacles and opportunities for innovation in the hospitality industry related to technology adoption and revenue strategy. Panelists emphasized the need for hotels to embrace experimentation, broaden their offerings, and shift towards predictive and strategic AI solutions.
Article Summary:
During the Cayuga Hospitality Consultants Annual Conference 2023 in Dallas, a panel discussion was hosted around “Evolving Technology and Revenue Strategy”. The panelists emphasized the need for hotels to innovate and overcome obstacles in the industry by embracing new technologies and adopting a more forward-thinking approach. Key points discussed include:
- Hotel Technology Adoption & Learning from other Industries: Panelists highlighted the importance of embracing new technologies and broadening offerings beyond traditional accommodations by learning from successful practices in other industries.
- Merchandising & Personalization: The panelists talked about the need to shift from a commoditized sales mindset to owning mindshare and engaging customers throughout the buying cycle.
- Fallacies in current Revenue Strategy: The panel discussed the challenges faced in revenue management and the need to adapt to customer journeys and embrace digital strategies for exponential growth.
- Artificial Intelligence in Hospitality: The panelists shared examples of how AI can bridge gaps in strategy execution and streamline processes while highlighting the importance of human guidance and oversight in decision-making.
- Technology Trends for the Future: The panel predicted trends such as leveraging AI and technology to enable efficiency, collaboration among technology solution providers, and the integration of technology behind the scenes to enhance operations while maintaining experiential customer-facing interactions.
