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Knowledge, information and access to customers will be the currency of success in the economy of the future – requiring nothing less than a redefinition of the hospitality industry. The industry has historically built its success on well-located properties. In the future, real estate and technology platforms will give hospitality companies access to, and the ability to generate information about, the assets of the future customers. This redefinition will take place as broad-based trends fundamentally change the hospitality industry's business model and the requirements for success. Globalization, consolidation, convergence and the transfer of real estate into the public markets are among powerful forces reshaping the hospitality industry in the global economy. New technologies are transforming the industry's access to consumers, including computer networking and advances in relationship database management and mining techniques. Physical assets, like a hotel property and its location, are just one source of profit. Successful hospitality companies must now manage the customer asset as diligently as they have managed facilities and capital in the past. Redefining the hospitality industry How can the hospitality industry leverage customer information and particularly the customer relationship more effectively and profitably? How do particular customer segments, such as the commercial traveler or the leisure tourist, affect the value of a hospitality company? How can these companies get the most value from different customer segments? Hospitality companies must begin by building a fundamentally new business model that supports value given to both tangible and intangible assets, including knowledge, information, and customer relationships... To read the complete article, click here to download the printable pdf file (72 kb).
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