At the recent Lodging Conference 2024 in Phoenix, Arizona, industry leaders gathered to discuss the current trends and forecasts for the hospitality industry. The Hotel Investor Apps team was busy in meetings and technology conversations – here are 6 key takeaways trending with tech leaders today:
1. The Shift to a Single Platform
One of the most prominent discussions at the conference centered around consolidation. Hoteliers are seeking to streamline their technology stack, consolidating various systems into a single platform. This move solves for several issues including:
- Operational Efficiencies: A unified platform reduces the need for staff to switch between different software solutions, enhancing workflow.
- Cost Savings: By reducing the number of vendors and software subscriptions, companies can achieve better cost control.
- Data Access and Reliability: With all data centralized in one system, hoteliers gain enhanced visibility and control over their operations.
2. Focus on Business Intelligence
As labor shortages and cost pressures persist, the ability to analyze performance across properties, departments, and even regions is crucial. Business intelligence tools are a growing priority for hotel operators, enabling them to make data-driven decisions and optimize profitability. The trend toward more sophisticated analytics is helping operators benchmark performance, detect inefficiencies, and act quickly on insights.
3. Data Security Remains Paramount
As the hospitality industry becomes increasingly digital, data security is a top concern for hoteliers. Attendees highlighted the importance of advanced security features like two-factor authentication and full-audit trails in accounting and financial management software. Moreover, ensuring data redundancy and reliable backup systems is critical for preventing outages and potential data loss.
4. Seamless Software Implementation
As newer technologies become available, many hotel executives are prioritizing seamless software implementations, often opting for white-glove services that ensure a smooth transition without burdening their staff. When it comes to transitioning financial management systems, a key focus is on preserving historical data, especially pre-COVID records, which are still relevant for trend analysis and benchmarking.
5. Investing in Tech for Efficiency
Despite economic challenges, hotel companies are willing to invest in technology that can deliver measurable efficiencies and time savings. As labor shortages continue to impact the industry, automations and workflows are increasingly viewed as strategic investments that can alleviate staffing pressures while improving overall performance.
6. Simplified Budgeting Solutions
Budgeting remains a complex yet essential task for hoteliers, and many are turning to tech solutions that simplify this process. With an emphasis on controlling costs and maximizing profitability, software that aids in accurate forecasting and budgeting is becoming a must-have in the hospitality space.
How Hotel Investor Apps (HIA) Meets These Challenges
Hotel Investor Apps ERP & Accounting Software is uniquely positioned to help hoteliers tackle these current challenges. As a comprehensive financial management solution, HIA serves as a single platform for both property-level and corporate accounting, offering a wide range of integrated modules from intercompany capabilities and accounts receivable to budgeting and forecasting and business intelligence.
With HIA’s business intelligence tools, hoteliers can easily benchmark expenses, analyze performance trends, and uncover unusual spending patterns. The software also provides robust labor management insights by combining wage data with operational metrics to drive more informed decision-making.
HIA is committed to serving our customers through continual development which is why data security is a core focus, and why we are continually releasing new features, integrations, and enhancements to streamline workflows and automate tasks. Take for example, our recent Budgeting Module Enhancements.
As hoteliers look to invest in technology that enhances operational efficiency, HIA is here to help. Request a demo today and take the first step toward greater management excellence.
Jaime Goss has over a decade of marketing experience in the hospitality industry. At Hotel Investor Apps, Jaime heads up marketing initiatives including brand strategy, website design, content, email marketing, advertising and press relations.
