Hospitality Industry Report: Optimize Operations for Sustainable Progress

To move their organization forward, hospitality leaders must optimize their operations. For the vast majority, that means digital transformation.

Why? As consumer demand for leisure travel continues to rise after the disruption of the last few years, maintaining control over operational planning costs is a challenge as hospitality companies scale to meet demand.

How can it be done? By optimizing operations and building a foundation for scalability through cloud-based enterprise cloud technology for finance, HR, planning, and analytics, especially with AI at the core.

In the new report from Coresight and Workday "Navigating Digital Transformation: Optimizing Hospitality Operations to Enhance Margins and Growth," hospitality leaders surveyed across the globe shared these focus areas:

• Cost control is top of mind. 44% of leaders said operational planning costs were the hardest to manage, followed by inventory management and supply chain management.
• Expecting the unexpected. Unexpected costs are very difficult to navigate in hospitality. The top challenges for leaders surveyed were upgrading their cybersecurity infrastructure, regulatory reporting and compliance, and implementing new service offerings.
• Data is essential but often disjointed. The right data is paramount to making the right decisions but integration, quality, and security can be a struggle. Only 34% of leaders characterized their front- and back-office data as "very well integrated," and 47% said they analyze at least 4 data platforms or sources to make cost and margin management decisions.

What's next: To get ahead of their competition, hospitality companies are investing in cloud-based enterprise human capital management and financial planning technologies, and they're especially interested in the power of artificial intelligence and machine learning to keep costs and margins under control.

For a deeper dive into where hospitality leaders should focus, download the Coresight and Workday joint report here: "Navigating Digital Transformation: Optimizing Hospitality Operations to Enhance Margins and Growth."

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