Significance Of Tech & Automation For The Overall Growth Of An Enterprise
Technology is transforming every enterprise today. No matter what the size is the enterprise, the impact of technology is profound. Technology has a direct contribution towards enabling of business objectives such as resource management, driving innovation, growth, customer satisfaction, process improvement and profitability.
Revenue management is predictive analytics of the consumer requirements at the micro-market level, and thereby is optimizing supply & Setting Pricing Strategy
Let’s take a closer look at how technologies are shaping the enterprises:
ERP Software management system in Hospitality:
Enterprise Resource Planning solutions are deployed among enterprises both big and small for their centralized approach to business processes. Functional processes like accounting, sales, human resources, marketing, operations and inventory are integrated on one ERP platform. It simplifies collection and access to data across the organization, streamlining cross departmental workflows. ERP automates day-to-day tasks like entering data or generating reports. It eliminates repetitive processes, enabling teams to focus on their core deliverables. This makes the teams that are more accountable for multiple tasks, to perform. When used optimally, such devices can drive efficiency, transparency, lowered costs, increase data security and ensure compliances which further enables the goals of corporate governance.
IoT and Assets management:Internet of Things (IoT) is the communication between devices, machines, human or almost every ‘thing’ that we see with the use of sensors. In businesses, it helps connect devices and machines for convenient controlling of operational functions digitally & wirelessly. This enables real-time flow of information to take informed decisions. Automation of processes can be enabled when ‘things’ can communicate without human intervention. Equipment breakdowns can be avoided by proactively monitoring and taking corrective actions in time.Theft and pilferages can be controlled by tracking the movement of ‘things’. The net effect is increased productivity and profitability. IoT enables resources and energy management, thereby sustainability objectives of the business can be achieved. Further, IoT has opened up newer business opportunities such as smart homes, smart buildings, smart retail and connected health to name a few.
Tech in Corporate Governance:Digital intelligence available via technology is also changing the way corporate governance functions within an organization. It also helps in structuring social responsibilities and decision making processes within the organization. Artificial Intelligence helps in analyzing data, predicting & optimizing connectivity amongst stakeholders, and also increases the transparency in work methods. Advanced use of technology also helps overcome barriers related to legal matters and remuneration policies.
Revenue Management:As we understand, revenue management is predictive analytics of the consumer requirements at the micro market level, and thereby is optimizing supply & setting pricing strategy. Revenue management has been used in the hospitality and tourism business over the years, and has also found its way into other businesses such as retail, telecom and financial services as well. Advancement of technology and machine learning tools has enabled the automation of revenue management processes. Right products to the right customer via the right channel at the right price, these are the factors that contribute to a stronger bottom line.
Leveraging Data for Business: Technology can accelerate the growth of enterprises. Customer information available (internally or acquired), can be used for profiling by their demographics, preferences and behaviors. The big data can be leveraged for targeted upselling, cross selling, offering discounts and products. This data also helps creating loyal customers by rewarding them with benefits they appreciate the most.
In the hospitality industry, self-service capabilities such as Kiosks and mobile apps offers more control to the consumer while ordering their meal or planning their stay. The data collected further helps the businesses in connecting with the consumer and personalizing their future experiences.
Expanding Geographical Presence, Reaching Out to Wider Customer Base: Mobility and Social Media has disrupted the traditional business models. Social Media channels (Google and Facebook) have emerged as strong networks of communication. Social media can be used to reach out to millions of existing and new customers across geographies at a much lesser cost in an instant moment. New products can be built, tested and deployed in an `Agile' manner by online surveys and online discussions. Technology has made cultural and geographical barriers redundant. It has provided businesses with greater access to new markets with ease. We have all witnessed the small nimble startups that transformed into behemoth enterprises in the last decade.
In today's digital economy, technology is critical for the success of enterprises. Technology requires investment. In order to optimize its value, it is imperative to select the right technology which fits the business needs of the enterprise. Closer to home, at Keys Hotels, we endeavor to differentiate and provide an exceptional overall hospitality experience to our guests. We implement the right mix of technology and integrations suitable for our hotels, our business goals and our guests' expectations.