(Q2 Innovation Report)
Innovation is alive and well in hospitality. Don’t believe us? Check out the 47 new hospitality innovations that we cover in this report. In the age of coronavirus we all catch ourselves thinking that the world is coming to an end from time to time. Don’t worry, this article has nothing to do with coronavirus (but it’s hard not to address the elephant in the room these days).
In order to keep this article COVID free, let’s run a scenario analysis using Hotel Tech Report’s Innovation Wager™. The wager considers four alternate universes based on two axes. On our X axis we consider two worlds: Scenario A considers optimal decision making if the hotel industry does not recover, Scenario B considers what to do if you believe that it will.
On our Y axis we consider what happens if we improve the way we do business with new technology and processes. The wager shows us that in any potential outcome, it’s always in our interest to improve the way we operate our businesses. The only unacceptable outcome is the one where the world does not come to an end and we do not improve our tech and operational processes.
So the next question is how did we choose our Y axis (i.e. update my hotel’s tech and operations)? The math is simple, if your hotel group’s breakeven is at 25-30% occupancy and you’re currently running at 0% you are essentially racing against time to hit that occupancy.
Global travel demand is unfortunately out of your control, so what can you do to get there as quickly as possible?
You can improve your margins to lower your breakeven occupancy by getting more efficient at your property. For this you may explore technology like keyless entry or staff collaboration tools to help your slimmed down team do more with less. You can sell long term group business today to bring deposit revenue in ahead of those bookings and for that you’ll need airtight sales tech and processes. You could also get more efficient at acquiring guests to hit that 25-30% occupancy rate faster.
In this article, we showcase 47 hospitality innovations that have been launched in the crisis. As you explore ways to improve your margins, get smarter at guest acquisition and more – this list can put you on the cutting edge.
We’ve divided the article into five categories:
- Revenue Management Innovations
- Marketing Innovations
- Operational Innovations
- Guest Experience Innovations
- Sales and Meetings Innovations
BONUS: Look for the contactless badge next to products in the innovation report to identify technologies that will help your hotel go contactless, boost your recovery efforts and prepare now for the inevitable changes that are coming. The tools have functionality that will enable you limit human physical contact to pre-emptively prepare for new government regulations and even more importantly, guest expectations.