Tag: Grant Thornton

Briefing: How hospitality companies are evolving into digital businesses

Posted on by Guy Lean

According to CSC’s Leading Edge Forum, less than 4 out of 10 companies are ready to take advantage of the new business opportunities arising from developments in digital technology.

In the hospitality industry there have been some digital successes, and some companies struggling to keep up. A good digital culture needs good leadership and the right partnerships.

In this briefing four hospitality experts discuss building digital into the business plan:

Depending on a business’s resources, ‘becoming digital’ will mean different things, large companies may invest money in new plans and new specialist staff, independents may look into what platforms and partnerships they can use to help themselves.

While digital is changing the way business works, it is also creating jobs and, according to Deloitte, is boosting the economy. A report from Deloitte on the impact of technology on jobs in the UK found that over the past 15 years technology-driven change has added £140 billion to the UK’s economy in new wages.

The report states that ‘In the future, business will need more skills, including: digital know-how, management capability, creativity, entrepreneurship, and complex problem solving.’ Business leaders will already be keenly feeling this need and it will only continue, which is why having a plan that incorporates digital and having people to push this agenda forward is essential.

Research from McKinsey&Company also highlights the need for digital leadership. They found that ‘90 percent of top digital performers have fully integrated digital initiatives into their strategic-planning process.’ They say that there has already been an increase in digital focused executive positions. They found that ‘CDO (Chief digital officer) roles doubled from 2013 to 2014 and is expected to double again this year.’

If you’ve been sent to this page and you’re not yet on the circulation list to receive these regular briefings and you would like to sign up, you can do see here. It’s free.

Video clips produced by ybc.tv for the Hospitality Channel, including interview from industry conferences such as the IHIF conference as well as specific Hospitality Channel shoots.

Briefing: CEOs seek skills for the future

Posted on by Guy Lean

According to PwC’s 18th Annual Global Survey, 61% of CEOs see more opportunities today than three years ago and 59% see more threats. We live in a dynamic world, business is being shaken up over and over again, but there are many ways in which business leaders can give innovation a place to shine in their organisations.

In this briefing four hospitality experts suggest that open-mindedness, flexibility, and investing in the right talent is key to success in an ever-changing world:

PwC’s survey of 1,322 CEO’s in 77 countries, found that 60% of CEOs are concerned about shifts in consumer spending and behaviours. A shift is certainly evident in the world of hospitality.

Having the right people in your organisation to be able to make the changes demanded by today’s consumer is important. It is also challenging. In PwC’s survey 73% of CEOs stated that they are concerned about the availability of key skills. This worry has been growing over the past years. According to PwC’s Global entertainment and media outlook 2014–2018, only 46% of CEOs had this concern in 2009. In 2010 this tipped over to 51% and by 2014 was at 63%.

The Being Digital Workforce Report from Accenture looks more closely at digital skills in organisations. It found that 44% of business leaders say a lack of digital skills is a key barrier to transformation. It also found that 49% of business leaders have a strategy for the management and development of skills and talent in a digital world, which means that just over half of leaders have yet to prepare for this need.

Digital technology itself is being more keenly embraced. In PwC’s survey 80% of CEOs said that mobile technologies and data analytics are key strands of their strategy.

If you’ve been sent to this page and you’re not yet on the circulation list to receive these regular briefings and you would like to sign up, you can do so here. It’s free.

Video clips produced by yBC for the Hospitality Channel, including interview from industry conferences such as the IHIF conference as well as specific Hospitality Channel shoots.

Briefing: Understanding brand power in a new landscape

Posted on by Guy Lean

What does it mean to be a hospitality brand in 2015? Travellers today will not be as influenced by a brand name as they once were when booking accommodation. According to Mintel Group, 48% of guests will not visit the hotel’s website before arrival, and 79% see price as a key factor when choosing a hotel. However strong brands in the industry are still growing.

These videos look at the way new brands are developing, how powerful brands are staying relevant, and what might happen with brands in the future:

In todays’ hospitality landscape technology has changed distribution forever, given independents more power and has sparked the emergence of new brands.

There is some debate over the possible consolidation of brands in the future as discussed in the above videos.  At the moment more and more brands are being created, often within existing brands, to serve new markets.

In other industries the power of the brand is still immensely strong particularly in the technology industry. Apple currently tops Forbes list of The World’s most Valuable Brands, with a brand value of $145.3 Billion. Microsoft, Google and Coca-Cola and IBM make up the rest of the top 5.

The MKG group’s Hospitality database shows that in January 2015, IGH was the top ranked Hotel Brand. It had 710 295 rooms and a growth of 3.4% on 2014. Hilton and Marriot were ranked 2nd and 3rd and showed growth of 5.4% and 5.9% respectively.

A survey from BDRC found that 42% of European leisure travellers rate review sites as important when selecting a hotel for leisure. In comparison 36% rate hotel brands and important. BDRC also found that leading brands can still command a higher price than unknown brands, with an uplift of €26.98 in the luxury market.

If you’ve been sent to this page and you’re not yet on the circulation list to receive these regular briefings and you would like to sign up, you can do so here. It’s free.

Video clips produced by yBC for the Hospitality Channel, including interview from industry conferences such as the IHIF conference as well as specific Hospitality Channel shoots.

Briefing: Look to the Future of Hospitality

Posted on by Guy Lean

If we could take a glimpse at the hospitality industry in five or ten years’ time what would it look like? 95% of people think, ‘hotels will increasingly look to new technologies to drastically increase efficiency, reduce costs, personalize the customer experience and improve service’. In the Future hotels will need to provide more personalised service and enhance guest experiences online and off. They will need to connect with their guests and allow them guests to connect to their devices. They will be deconstructing and reimagining hospitality spaces and considering new possibilities.

This week our videos explore what the future of hospitality will look like:

Connecting to mobiles and apps can help hotels personalise service. According to Grant Thornton’s Hotel 2020 report: ‘46% of millennials agree that being able to check in/out using a mobile device would motivate them to return.’ The report also shows that towards 2020 hotels will be making a bigger effort to connect with customers on digital platforms, with 30% of global hoteliers planning to hire staff specifically for social media.

Technology will continue to enhance guest experience with guest being able to more easily control their room features through mobile devices. New technologies like augmented reality could change how travellers interact with the space around them using wearable technology or mobile phones. Some companies are already starting to use virtual reality technologies. Best Western gave children an opportunity take a photo with a virtual Disney movie star and Marriot offered a 4D virtual travel experience, as reported in the Guardian.

A survey for Amadeus, Hotels 2020-Beyond Segmentation, asked people in the travel industry and on hotel discussion forums about the future of hospitality. 86% of respondents thought that by 2020, ‘customers will have the ability to choose the size of room, type of bed, amenities, audio-visual facilities, business equipment, etc. on booking and pay accordingly’. 96% said that ‘hotels will need to develop strong social media ‘listening skills.’

If you’ve been sent to this page and you’re not yet on the circulation list to receive these regular briefings and you would like to sign up, you can do see here. It’s free.

Video clips produced by yBC for the Hospitality Channel, including interview from industry conferences such as the IHIF conference as well as specific Hospitality Channel shoots.

Briefing: 60% of Consumers are acting on their conscience

Posted on by Guy Lean

Consumers’ buying choices are increasingly influenced by the social responsibility that brands have displayed, according to new research by Nielson. In the survey, 60% of global online consumers said that they are willing to pay extra for products and services from companies that are committed to positive social and environmental impact. This has increased from 45% in 2011. These attitudes were found to be strongest in the Asia-Pacific (64%), Latin America (63%), and Middle East/Africa (63%) regions.

In this briefing experts comment on how responsible business practice can drive profits and corporate value:

In September in the UK an initiative called Social Saturday encouraged consumers to buy from social enterprises. In relation to this event Social Enterprise UK and the Cabinet Office polled British adults on their attitude towards social responsibility in business. 1 in 3 people surveyed said they feel ashamed when they buy from a socially irresponsible business and 26% said that there is a stigma attached to buying from socially irresponsible businesses.

But this is more than a passive reaction to corporate responsibility. Research by Cone Communications and Echo Research found that 27% of global consumers believed that consumers themselves can have significant positive impact through their purchases. The study surveyed 10,000 citizens in 10 of the largest countries in the world (by GDP), and found that 91% of people believe companies must go beyond the minimum standards required by law to operate responsibly. It would seem that this is a matter that people not only care about but are willing to confront. Nearly two-thirds of those surveyed (62%) said they use social media to address or engage with companies around CSR and 93% said they will be more loyal to a company that supports CSR.

If you’ve been sent to this page and you’re not yet on the circulation list to receive these regular briefings and you would like to sign up, you can do see here. It’s free.

Video clips produced by ybc.hpgcms.wpengine.com for the Hospitality Channel, including interview from industry conferences such as the IHIF conference as well as specific Hospitality Channel shoots.

Chat Button