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As the world's hoteliers consider the dawn of a new age, they have to be concerned with the rapid pace of change and the effects such change is having on the traditional ways of hotelkeeping. Hotelkeeping? A quaint phrase redolent with images of good food and service, well-kept buildings and satisfied customers. But what is it that we ever kept? The hotel? The customers? The traditions? I am sure that the hotel etymologists amongst us will all have their own interpretation but one thing is certain they will all agree that whatever hotelkeeping meant just a few short years ago, it clearly means something different today. For today, we are confronted by a world that is changing more rapidly than ever before and these changes are having and will continue to have big impacts on the way in which our industry performs and who within it will succeed and who will not. The New Economy But before we go further, some definition is in order. Let us start with the term, the "New Economy." So what is the New Economy? Well it is one driven by four key trends globalization, the revolution in communications, consolidation in industry and technology. And with regard to technology, most particularly the explosive growth of the Internet. And these big mega trends are converging all at the same time and are causing a revolution that is no less significant than the industrial revolution of over two hundred years ago. Back then, the industrial revolution turned people's lives upside down, causing huge changes in the ways people worked, where they lived and how they related to one another. And lest anyone think that the revolution that we are know living through is any less significant, let's take a look at just a few pieces of data that illustrate the point... To read the complete article, click here to download the printable pdf file (74 kb).
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