SUPPLIER ARTICLE
WHY 2024 WILL ACCELERATE THE HOSPITALITY TECH REVOLUTION
Technology is now at the centre of hospitality operations, so make sure it works for you, says Colin Winning, chief executive, ResDiary
this feels like just the beginning, with 57% of industry decision-makers expecting the num- ber of software solutions they use to increase over the next 12 months, according to a recent ResDiary report. I expect 2024 to be the year when some businesses are likely to leap ahead, while others may be left behind. We have witnessed a sea-change in the use
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of technology in recent years. This was spurred on, like many sectors, by the pandemic. Ven- ues needed to quickly adapt to an entirely new landscape where contactless service and online orders became essential. While this solved the urgent needs of many businesses at that time, it also shifted customer perspectives on what makes a good experience, perhaps permanently – two- thirds (66%) of diners still want to see online ordering and takeaway menus, for example. The economic backdrop for hospi- tality has been diffi- cult since then, and businesses are look- ing for ways to squeeze more value from every booking while still keeping
10 | Technology Prospectus 2024
e are an industry in transition; a dig- ital transition that has accelerated rapidly over the last few years. But
costs as low as possible – a difficult balanc- ing act, even at the best of times. The need to do more with less is prevalent, and busi- ness pressures, like no-shows that cost the industry over £12.6b a year, remain a key concern. All of this has brought technology closer to the centre of running a hospitality venue and will continue to in 2024. Almost half (43%) of venue operators we
surveyed said they felt happy that their current technology systems are serving their needs in running a successful business. Yet, 37% of venues remain uncertain about their current systems, while 20% outright admit they do not have the software solutions they need. That suggests there is still plenty of appe- tite for smarter and more efficient solutions
“Look to broaden your opportunities to grow your bookings and squeeze more value from
every service”
www.thecaterer.com
and greater tech adoption within the industry. In fact, almost half (46%) of venues admitted they expect their tech budgets to increase over the next 12 months. My advice to businesses of all shapes and sizes
is to conduct an audit of all your current systems; evaluate those you have, and identify which are missing. We know that reservation systems, elec- tronic point of sale and table management sys- tems are among the most important according to our survey respondents, so it would be wise to ensure you at least have these systems in place and, if you already do, that they’re serv- ing your business as best as possible. It may then be time to look further afield
into how technology can help drive your busi- ness forward. Look to broaden your oppor- tunities to grow your bookings and squeeze more value from every service, with a more personalised experience, targeted marketing campaigns, gift vouchers, and online orders all being good strategies that were highlighted in our latest industry report.
Download the report at
https://ow.ly/V09350Q4Y7s or go to
https://resdiary.com
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