Research Finds The Right Combination of Technology Investments Can Improve Guest Experience, Boost Profitability, and Equip The Industry For Growth
June 26, 2023
NYU SPS Jonathan M. Tisch Center of Hospitality Delivers Insights on the Current State of Technology Investments in the Hospitality Industry
NEW YORK, June 26, 2023— Today, NYU School of Professional Studies (NYU SPS) Jonathan M. Tisch Center of Hospitality and its Hospitality Innovation Hub (HI Hub) Experiential Learning Lab released industry research on the current state of digital transformation and technology innovation in hospitality. The research results were recently presented at the 45th Annual NYU International Hospitality Industry Investment Conference.
“All brands, owners, and operators have the same ultimate goal when embarking on digital transformation: satisfy investors while also meeting – ideally, exceeding – guest expectations,” said Vanja Bogicevic, clinical assistant professor and director of the HI Hub at the NYU SPS Jonathan M. Tisch Center of Hospitality, and NYU SPS Tisch Center report contributor. “Hospitality stakeholders who we spoke with also agree that delivering the right technology at the right price and the right time will engender guest loyalty over the long term. And, now is an ideal time to make further strategic investments in human-powered, tech-enabled experiences.”
In interviews and focus groups with major hotel brand executives, operators, and owners, as well as technology vendors, the NYU SPS Tisch Center research team focused on five critical areas including:
- Automation across the hotel ecosystem is driving efficiency by minimizing routine data collection and entry, freeing up back-office employees to focus on real-time data analysis and reporting, insights generation and decision-making.
- Standardized Integration approaches and interoperability capabilities are helping the entire industry transform property management systems from the legacy client-server model to a cloud-enabled, API-powered architecture.
- To unleash the power of Data Analytics, brands and owners need quality data, talent, and a data-driven culture emphasizing insight generation over data reporting. Leading data analytics opportunities include business intelligence (BI) and smart revenue management systems that ingest market data to aid decision-making.
- Even as Artificial Intelligence (AI) and Machine Learning (ML) are helping democratize insights and innovation across hospitality, the industry is fundamentally about serving people, brands are combining the best of technology innovation with a human touch to create a personalized, seamless guest experience – one that fosters loyalty and deepens the human connection.
- While Technology Investments have proven to boost profitability and deepen brand loyalty, recent brand and owner/operator partnerships have highlighted divergent investment goals. While brands prioritize technology upgrades that drive guest loyalty, owners and operators typical focus on investments that lead to revenue lift.
About the NYU SPS Jonathan M. Tisch Center of Hospitality
The NYU School of Professional Studies Jonathan M. Tisch Center of Hospitality, now celebrating close to 30 years of academic excellence, is a leading center for the study of hospitality, travel, and tourism. Founded in 1995, the Tisch Center was established in response to the growing need for hospitality and tourism undergraduate and graduate education. Its cutting-edge curricula attract bright, motivated students who seek to become leaders in their fields.
Through its undergraduate degree in hotel and tourism management, its graduate degrees in hospitality industry studies, tourism management, and event management; a plethora of Professional Pathways programs; and its world-renowned hospitality investment conference, students gain the knowledge and the skill sets that enable them to manage change, to communicate, to thrive in complex work environments, and to advance the businesses of hospitality, travel, and tourism. The Tisch Center recently launched the Hospitality Innovation Hub (HI Hub), which will foster entrepreneurship and creative solutions for the industries it serves. The state-of-the-art facilities offer students, start-ups, established industry partners, and investors opportunities to learn, discover, innovate, and invest.
The premier hospitality finance and development forum of its kind, the annual NYU International Hospitality Industry Investment Conference features presentations by global hotel CEOs, owners, developers, investors, lenders, analysts, and other innovators on current issues and trends in the industry. The event raises funds for student scholarships and educational programs at the Jonathan M. Tisch Center of Hospitality, which has educated the next generation of industry leaders for over 25 years.
For more information about the NYU SPS Jonathan M. Tisch Center of Hospitality, visit sps.nyu.edu/tisch.
PR Office Contacts
Michael DeMeo, NYU SPS