How Digital Transformation Is Facilitating Servitisation

Today, guests expect a consumer-centric hotel experience from the word go, including while choosing a destination. They also want new experiences, faster customer service, the utmost comfort – the list continues to grow. How can hotel operators meet these needs?

- EHL Insights

As various new technologies crop up and market disruptors get to their climax, businesses across various industries are faced with the need for a major overhaul. The hospitality industry is no exception.

In 2020, the global hospitality market hit the $3486.77 billion mark and is forecasted to grow to $4132.5 billion in 2021. One of the factors driving this growth is the increased adoption of digital transformations.

For instance, more restaurants are adopting various technologies to streamline the online food delivery process. The accommodation service businesses are following the same trend.

In a 2020 survey, on the main priorities of travel and hospitality companies, approximately 61% of the respondents stated that their priority was to adopt new technologies to better serve customers and/or suppliers. The survey also revealed that 84% of the respondents had someone tasked with managing digital transformation. These stats are a testament to how dedicated the stakeholders in the hospitality industry are to digital transformation.

TECH WAVE

In a 2020 survey, on the main priorities of travel and hospitality companies, approximately 61% of the respondents stated that their priority was to adopt new technologies to better serve customers and/or suppliers. The survey also revealed that 84% of the respondents had someone tasked with managing digital transformation.

DIGITISING THE INDUSTRY

For starters, hotel operators need to be aware of the looming cutting-edge technologies and pioneer some of the new features their clients will embrace as being premium. They can also adopt similar technology to their competitors to gain an edge. Hotels that emerge as frontrunners in these areas tend to have a better bottom line.