Transformation of the Hotel Industry from Art to Science
from HospitalityNet(June 1, 2015)
The Transformation of the Hotel Industry from Art to Science
The venerable institution of hospitality has been turning around over the past two decades. The combined impact of shifting demographics and new technologies are the primary catalysts for this metamorphosis. The Internet provides consumers an opportunity to think of the hotels as commodities.
Hotels had been lowering prices to gain a competitive advantage from 2009 to 2013 but are now raising prices as quickly as possible, hoping that the music won’t stop soon. The many changes occurring today are proof positive that this industry is no longer limited to being an “art.” We have officially moved into the John Naisbitt coined “hi tech, hi touch” world.
Led by revenue management but now including distribution channel management, social media marketing, Web 2.
0 or 3.0, call it what you like and more, this industry has been transformed.