Finance, Op Planning & Forecasting

The payment industry has evolved significantly over the past few years, bringing forth innovative ways for consumers to pay. These new payment methods are built to reduce friction and increase convenience, helping businesses earn more without any added risk.

Running a hotel has never been easy. And the challenge is made even harder for those hoteliers who still rely on legacy property management systems (PMSs) that are no longer suited to modern habits, expectations and technologies. Systems that hinder rather than drive efficiency for your teams.

As technology evolves, so do the demands of our industry and workforce. Yet, in hospitality, technology’s role should be simple: it must empower people, not replace them. Our industry revolves around human connections, and while automation can streamline operations, it’s the personal touch that brings guests back and drives team engagement. In a recent conversation with Rob Smith, CEO of Stonebridge Companies, we explored the balance between digital innovation and human interaction—a conversation that feels more relevant than ever as labor challenges and shifting guest expectations reshape hospitality.

The hospitality industry has long struggled with fragmented data locked away in isolated systems. But recent advances in technology are helping hoteliers achieve something that was once difficult: centralized, accessible data. This new wave of data connectivity allows hotels to securely integrate insights from all facets of their operations in near real-time, giving them control over their data and the ability to access it when and how they want.

The Covid pandemic amplified an existing challenge in hospitality: staffing shortages. When hotels shut down, many employees left the industry, finding better hours and pay elsewhere. As a result, hoteliers now face a staffing crisis, exacerbated by legacy systems and repetitive tasks that can deter new hires.

As the hotel industry becomes increasingly digital, payment facilitation is evolving into a critical area of focus. Hotels face numerous challenges, from managing payment timing to ensuring a seamless guest experience while balancing costs and risk. Hoteliers are increasingly optin to integrate a payments platform directly into the hotel’s Property Management System (PMS). By embedding payments within the PMS, hotels can streamline processes, reduce risk and improve guest satisfaction, offering a holistic solution to payment complexities.

The word competitiveness is emerging as a theme for the new European Commission, a guiding principle for economic development, and an alarm bell to spur political leaders across Europe’s capitals to action. It is right, and the report by Mario Draghi couldn’t be more timely: Europe must take bold steps to sharpen its competitive edge in an increasingly fierce global environment.

Data isn’t meaningful unless you do something with it. Let’s say your average RevPAR for June is $150. Alone, that doesn’t mean very much. But what if you compare that number to the average RevPAR, globally and within your region? If you measure whether you’re improving year-on-year, month-on-month? If you look beyond RevPAR to accompanying key metrics?

2024 marks a tipping point for the hospitality industry - it’s the year in which we witnessed a pivotal transformation where data has all but surpassed even dollars as the primary currency. It empowers informed decision-making, elevates operational efficiency, and guides budget plans. Without reliable data, hotel executives risk navigating blindly through an increasingly intricate and competitive landscape—a scenario that’s not only irksome but downright dangerous and commercially reckless.

2024 was a wake-up call for the hotel industry. Record performance may have stolen headlines, but the reality was less glamorous: growth rates stabilized, and staffing gaps stretched resources thin. The industry is at a tipping point. Although technology and automation promise relief, many hotels still cling to outdated systems for fear of digital change.