There’s a lot of uncertainty right now and the Hospitality & Entertainment industry is undergoing rapid transformation. It’s time to drill down into industry figures, do away with unnecessary expenses and ultimately generate desirable profits. All in all, it’s about maintaining high operational efficiency in the time of crisis.
While the front and center of any business is still customer service, it’s the right time to have a clear understanding of costs and move towards wealth, profitability and sustainability. This blog will examine this phenomenon — the creation of better Facility Management practices that employ minimal resources. Here are our 4 top tips on how to improve your operational efficiency:
Adopt a Frugal Personality
It’s about doing more with less! Such a transformation will involve the participation of a frugal mindset, strong will, and of course innovation. Some suggestions include:
- Analyze revenue and expenditures
- Study the demand patterns throughout the year
- Revamp the Facility Management strategy
- Change pricing strategies
- Competition analysis
Facility Managers have an important role in determining the ways to save money while ensuring real value for the guests.
Emphasize on Latest Hotel Technologies
The Hospitality & Entertainment industry must adopt progressive innovations. The really great thing about it is that it’s changing the way businesses operate in the marketplace. Futuristic technologies are being introduced much earlier than previously anticipated. There are many exciting developments that are redefining the industry such as:
- Guest Room Automation
- Direct Booking & Contactless Technologies
- Keyless Revolution
- The Powerful Impact of Mobile Applications
- Contactless Payments
- Robotic Services
- Cloud Technology
- Machine Learning
Strategize for Revenue and Budget Management
Businesses are already working with tight margins, high competition, little staff and many other problems. Hence, budgeting is indeed the most important step. A smart hotelier has to focus on many critical elements: unconstrained demand, stay patterns, booking pace, etc. This rings more true in the current times when it is difficult to guess demand patterns.
Most importantly, adapt and adjust as you go. Make this flexibility a part of your work process!
As discussed above, technology is a great enabler. Moreover, it can impact the management of the lobby, meeting rooms, restaurants, corridors, and parking. Everything can be centrally managed with ease. Needless to say, this is a blessing for Facility Managers.
We are rebuilding the Hospitality & Entertainment industry. The final goal is to combine global insights with cutting-edge technology to ensure a sustainable recovery.