Looking Forward to 2023 – Industry Trends | By Danielle Abram – Hospitality Net
Moving into 2023, the hospitality industry continues to advance in guest-facing as well as back-office technology, allowing hotel owners and management groups the ability to increase revenue, lower labor costs, and streamline accounting functions, all while realigning resources to improve the particular guest experience. Some trends have been around for a while and continue to advance, such because cloud-based platforms, while there are others in the hospitality business taking steps toward smart hotels plus artificial intelligence. Over the course of 2023, you will see the particular industry shift to a level of progressiveness that we’ve never seen before by using more automation and contactless options since we build the bridge between the digital and physical worlds.
As 2022 comes to a close, now is the time to start making decisions for 2023 and setting expectations with regard to the coming year.
What Trends Are Coming within 2023?
One important practice is using cloud-based technology. The Cloud is one of the most adopted styles in the particular hospitality market as it brings flexibility in order to financial, operational, and labor practices. This technology will be essential regarding real-time updates across all channels, and it makes adding innovations to a hotel’s tech stack easier. Users are able to access information remotely and have shared access to both sources and data from anywhere. Cloud-based platforms are highly secure with encrypted security. Not only does it keep unwanted users out, but on the flip side, it is beneficial to use intended for collaboration plus data exchange with secured authorization. Business owners can even cut up to 50% associated with labor expenses by utilizing cloud-based platforms.
Mobile apps have taken over every sector including hospitality. Mobile technologies helps leverage customer retention and company branding as well as allows customers to view KPIs and manage multiple POS outlets at a company’s convenience. Apps are known to ensure easy access to customers and deliver a positive customer experience. Many companies in the food industry are using apps to market their software and create an easy-to-use platform that will can be accessed from any device from any location. The particular data on the apps are convenient plus helpful in order to users as it up-dates in real time.
Having an easily accessible platform helps with efficiency and allows users to work while on the go. Oftentimes, hospitality-specific software program will pull from several data points and integrate them onto one network for the user’s convenience. This particular way, all information is easy to consume and almost all information can be looked at in the glance instead of pages of scrollable data.
Automated Accounting Processes
Many hospitality companies are usually turning to the particular usage of automation to get their accounting processes. 70% of companies have reported substantial ROI once incorporating and making use of automation throughout their entire corporation. Using software to automate processes saves time and opens doors pertaining to finance plus accounting operations, including PMS, POS, bank reconciliation, intelligent imaging, payroll entries, approval workflows, financial reports, and more. Computerized operations are reliable, extremely productive, and reduce operating costs. Due in order to AI (Artificial Intelligence), accounting processes are usually becoming more simplified plus time efficient. In addition to the list above, automated processes are effective and helpful inside reducing human error plus reducing the particular workload meant for accountants, which in turn helps boost productivity.
IoT (Internet associated with Things)
IoT is a new and trending topic in the food industry. IoT allows an array of devices connected through the internet to be controlled by one central source. The control can become from any kind of device along with an internet connection, including a phone or tablet. This will benefit the particular hotel industry, especially the customers, as they can now have all their needs in one place, including digital key cards, smart hotel room controls, or even customer service at their own fingertips. Without needing human being intervention or interaction, IoT can revolutionize how business data is usually gathered to help streamline procedures on the particular backend. IoT will supply real-time data that will end up being integrated into reporting systems. This allows customizable dashboards to be made and works hand-in-hand with AI tools to analyze and process the information.
As You Advance Into 2023
There are many new integrations plus updates arriving in 2023 to look forward in order to. Many processes will be streamlined, automation will help decrease human error, and many can be a lot more efficient by having a single source of data collection. It is definitely important now to make 2023 technology choices so that will you may be aware and prepare for what is to come. It can be important to note what will be effective for your hotel portfolio and to make sure you are staying up-to-date on the latest trends in order to benefit not only your organization, but also your own customers.
Built by hoteliers exclusively designed for hoteliers, M3 is the powerful cloud-based financial platform and services company serving over 7, 500 properties across North America’s hospitality industry by driving cost savings, revenue enhancement, plus business insight. After 23 years in business without increasing prices, M3 touts a 95 percent customer preservation rate. Used by over 1, 000 management groups and owner-operators plus hotels of all sizes, the platform works seamlessly with other key systems and tools in the food industry and offers robust accounting plus financial analysis across whole portfolios with optional procedures and time management features. M3’s professional services team provides on-demand support just for hotels of any size by offering a full range of customized accounting solutions to scale with the hotel’s needs. Privately held and employee-owned, M3 continues to enhance products and services at no additional charge to its clients. For more information, visit www.m3as.com.