There is no time like the present to embrace tech transformations. Till some years ago, only the larger hotel companies adopted tech solutions in their business. However, COVID-19 erased all discriminations based on the scale of the business.
The last decade witnessed enormous changes in business operations with respect to digitalization. While many were understandably upset about how the pandemic disrupted their business, it also provided them an opportunity in disguise. Many hoteliers finally got the impetus to go for the tech solutions that they always wanted to invest in, giving technology solution providers an opportunity to flourish.
Many startups providing new-age tech solutions to hospitality are likely to industry torchbearers. Today, most of these emerging startups are employing artificial intelligence-empowered solutions to provide services such as hotel booking engines, travel agency solutions, central reservation systems, and revenue management systems, amongst other things. These solutions are proving to be helpful amidst the pandemic when we are witnessing a business slowdown.Â
BENEFITS OF A TECH APPROACH
Hospitality, which was considered as one of the most profitable industries in pre-pandemic times, was crushed by the coronavirus. As per the recent reports, the Revenue Per Available Room (RevPAR) has declined almost 39% in the first quarter of 2021 as compared to the same period last year. Moreover, the industry has also taken a hit of over INR 30 lakh crore in the previous financial year.
The travel outlook is expected to remain poor for the next few months. In some areas, the tourism and travel industry is at the brisk of collapse. The fraternity has asked for the government’s immediate intervention, seeking relief from taxes and other benefits.
Interestingly, some companies have profited despite ongoing crises. When one looks at their operations, they have almost revolutionized their business approach and moved towards a technology-oriented business model, which is fetching fruitful results.
Since the pandemic’s outbreak and the imposition of multiple lockdowns in India, tech-supported marketing in hospitality has gained unprecedented growth in terms of research and development. Marketers have been deploying augmented and virtual reality tech to improvise digital marketing.
Meanwhile, some hotels and resorts have innovated completely new hospitality experiences using such technology. This indicates a quantum leap in the business approach since last year. The past year made several changes inevitable. Rather than fight this, it is time to embrace it keeping the long-term vision in perspective.
