Visionary Leaders Roundtable releases White Paper
Updated: Oct 23, 2019
I was very proud to have participated in the Visionary Leaders Roundtable in April 2016, hosted by the Caplin School of Hospitality & Tourism Management at Florida International University in Miami. The experience was incredible, discussions enlightening, and now, we finally have this vital and actionable hospitality white paper.
Future Growth 2020: Insights to Action
The group of 16 high-level executives were divided into two investigative groups. Each group was tasked with exploring the following topics while guided by a moderator.
Monetizing Data & Predictive Analytics
Beyond CRM – Amplifying the Customer Experience
Three themes and their corresponding challenges arose from the roundtable discussion:
1 – The Talent Gap
Talent acquisition and retention in the hospitality industry is a global challenge and has been identified as such since the 1st ever Visionary Leaders Roundtable (VLR) in Singapore 2013. This talent shortage will have a serious economic cost over the next ten years and is estimated to be nearly US$610 billion in lost GDP. Unlike other industries that can rely on automation or other forms of enhancing efficiencies, the hospitality and tourism industry is almost entirely based on the benefits and experiences provided to the customers. This makes finding qualified individuals more important than ever. One executive at the roundtable commented, “It’s a bigger challenge because it is grey. It’s not black and white. It’s cultural”.
2 – Monetizing massive data
In today’s digital world, there are so many opportunities to collect data, it begs the question: what type of data is relevant to the business? One of the executives shared that the definition of big data is velocity, volume and variety or the 3 Vs. The 3Vs data principle comes along with the new technology and tools available to the industry in realizing that data collection is not just limited within the product or service being offered. Almost every data point relevant to a customer can play an essential role in maximizing the total profits generated from customers. With the new level of analytics and big data, it is not about Total Revenue Management (TRM) anymore, it is about Total Profit Management (TPM). Total Profit Management (TPM) must utilize technology and tools to be able to capture data, analyze it, identify elements of strategy the business must take to ensure that data drives decisions aimed at profit maximization.
3 – Amplifying the Customer Experience
The advancement of technology has created greater transparency for the industry, as well as the customer. From the hospitality business’ standpoint, technology allows the industry to know so much more about the customer, even before engagement. The customer is also empowered with information regarding the quality of the product or service offering prior to engagement. So the industry must ensure that it can fulfill customers’ expectations when consuming a product or service offering. Technology is going to continue to evolve and the industry must leverage it to enable the delivery of personalized experiences.
FIU White Paper – Future Growth 2020: Insights to Action
The resulting whitepaper is an in-depth review of the issues and areas of focus for the future.
This is a MUST READ for any hotelier.
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