siliconindia | | November 201819Wales (ICAEW) testifi ed that almost 80 percent of companies believed that technology plays an indispens-able part in their plans for growth, helping businesses to up their game and to reach larger audiences.In a competitive business setting, organizations are majorly looking at two things: Revenue Enhancement and Cost Reduction. These two fac-tors together build winning business-es. Organizations take different ap-proaches to achieve these two goals. However, one thing consistent in any business strategy today is the use of Information Technology. IT com-prehensively includes all types of technology used to exchange, store, and use or create information. Infor-mation Technology is a fundamental requirement of most modern business operations in any industry.Among many other revenue relat-ed benefi ts, the way IT has improved organizational and business commu-nication is amazing. The electronic based communication system used to disseminate routine and critical business information in a quick and effi cient manner which has increased the productivity of businesses many folds, by allowing better business de-cision-making and eases an organiza-tion's expansion into new territories or countries. Information Technology systems have greatly helped companies to au-tomate their routine tasks by making data analysis easier and store data in a manner to retrieve it easily for fu-ture use. Coming from an Industry that serves Hospitality and Travel Technology needs, the use of IT and IT tools in this industry has helped businesses to reach a new level altogether. The complete operations of hotels and revenue management are run on techno-logical tools which are capable of handling a myriad of things like Demand Forecasting, Rate Shopping, Price Optimization, Online Inventory Distribution, Guest Feedback or On-line Reputation Management, etc.Companies are increasingly using IT as a fi rst-mover strategy to create new products and services, differen-tiate their products from the existing market or enhance their customer services. IT has not only helped or-ganizations follow a low-cost prod-uct strategy to reduce their costs through increased productivity, but also eliminated the need for employ-ee overhead. Businesses are continu-ously innovating to build an informa-tion technology to their products that make it hard for customers to switch platforms or products.With the increasing importance of the role of websites in hospitality, the channel no longer only serves as a platform for sharing information and facilitating transactions between cus-tomers and hotel companies ­ it also enhances service quality. Hotel com-panies are attracting a lot of direct business through their brand website. Social media is another effective way to build stronger relationships with customers, while also making a posi-tive impact on the prospects.Another major technological de-velopment that has benefi tted hos-pitality industry is the increased use of mobile technology. Various re-searches have estimated that there will be more people accessing the Internet through smartphones, than through desktop computers. That is a substantial fact, both for you as a mobile phone user, and for your cus-tomers, who will be visiting your site for business. Making your web-site mobile friendly is one thing all businesses should consider including travel and hospitality.However, it is inevitable that some hotel practitioners fail to ap-preciate the benefi ts of technology and its applications, as the hospital-ity industry is customer-oriented and service-oriented. Some managers do not have adequate knowledge of technology and thus do not rely on their applications to business prac-tices and daily operations. Many more such Revenue Managers feel that their priority should be on main-taining an alluring property and good guest relationships. Of course, these are profoundly important, but both guest charm and good service in-creasingly rely on technology, and failing to keep up with latest in tech-nology must inevitably lead to a fall in ratings. In order to remain competitive in the current business environ-ment, hospitality managers have to understand the potential advantag-es of technology applications, and devote their time and effort to tak-ing advantage of new technologies and tools. to disseminate routine and critical business information in a quick and effi cient manner which has increased the productivity of businesses many folds, by allowing better business de-cision-making and eases an organiza-tion's expansion into new territories Information Technology systems have greatly helped companies to au-tomate their routine tasks by making data analysis easier and store data in a manner to retrieve it easily for fu-ture use. Coming from an Industry that serves Hospitality and Travel Technology needs, the use of IT and IT tools in this industry has helped businesses to reach a new level altogether. The complete operations of hotels and revenue management are run on techno-logical tools which are capable do not have adequate knowledge of technology and thus do not rely on their applications to business prac-tices and daily operations. Many more such Revenue Managers feel that their priority should be on main-taining an alluring property and good guest relationships. Of course, these are profoundly important, but both guest charm and good service in-creasingly rely on technology, and failing to keep up with latest in tech-nology must inevitably lead to a fall in ratings. In order to remain competitive in the current business environ-ment, hospitality managers have to understand the potential advantag-es of technology applications, and devote their time and effort to tak-ing advantage of new technologies and tools. Bhanu Chopra
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