As hospitality teams continue to execute their annual plans, the second half of the year offers a valuable moment to assess progress and recalibrate. It’s the perfect time to ask: How can we realign our goals to maximize impact and finish the year strong?
Imagine stepping into your next strategic meeting armed with the insights your team actually needs to thrive. No more skimming irrelevant articles or implementing half-baked solutions.
Through BirchStreet’s conversations with leading hospitality teams, we’re continually hearing what topics are top of mind for them. If you’re looking to shape your team’s education, stay ahead of competitors, and align your business goals with the industry’s focus, this blog post is your guide.
From accounts payable (AP) solutions to the power of artificial intelligence (AI), the feedback we hear reveals the pulse of today’s hospitality leaders. These are more than just trends; they’re the building blocks for operational excellence. Here’s how understanding and leveraging these interests can deliver results the rest of the year.
Accounts Payable in Hospitality: Simplifying the Complex
One of the topics sparking the most conversation? AP. Why? Because AP is the financial backbone of every hotel, yet far too many properties struggle to streamline these processes. According to a Bloomberg report, ‘Solving the problem of B2B payment vulnerability,’ 1-3% of budgets are lost due to payment errors.
Hoteliers are looking to move beyond inefficient manual systems and explore best practices, technology solutions, and strategies to transform AP from a daunting chore into a well-oiled machine.
What They’re Asking:
- How can we digitize AP processes without disrupting day-to-day operations?
- What strategies best reduce invoice errors and late payments?
- Can AP systems boost profitability through rebates?
Pro Tip: Educating your team on automation tools like BirchStreet Pay doesn’t just save time; it empowers AP departments to work smarter, not harder, while gaining greater visibility into your payment processes and reducing costs.
AI-Driven Technology and Analytics: The Game Changer
Move over manual processes, AI is in the spotlight. If you’re skeptical about leveraging AI to enhance operations, consider this – AI isn’t just for automating repetitive tasks; it’s also a powerhouse for insights, decision-making, and even guest personalization. In our recent article in Hotel Executive Magazine, we discuss how AI can revolutionize procurement by addressing inefficiencies and empowering hotels to operate more effectively.
From predicting occupancy patterns to optimizing procurement schedules, hotels are seeing the massive upside of AI across every operation. Imagine an AI-powered system that monitors vendor contracts and flags better pricing opportunities. Or software that predicts when supplies need replenishing, reducing overstock and waste. BirchStreet, for instance, integrates data-rich insights into its platforms, ensuring decisions are backed by detailed analysis.
Key Conversations:
- How can AI reduce labor costs in back-office operations?
- What role does predictive analytics play in managing vendor relationships?
- Is AI a feasible investment for boutique hotels and small chains?
AI might seem intimidating, but as more hoteliers understand its ROI, it’s becoming less of a luxury and more of a necessity to reach efficiency.
Automation Trends for Scalable Operations
Automation is no stranger to the hospitality scene, and more teams are prioritizing automation to help them scale. According to IDC’s FutureScape: Worldwide Hospitality, Dining, and Travel 2024 Predictions, 35% of hospitality organizations identify insufficient automation as a top challenge. The shift toward automation isn’t just an evolution; it’s a revolution, and for good reason.
Consider the sheer scale of day-to-day hotel operations. Without automation, hoteliers face inefficiencies at every turn. Vendor payments are slow. Resource allocation is clunky. Labor costs go up. But adopting platforms that automate everything from procurement to payments unlocks new levels of efficiency and scalability. BirchStreet, for instance, automates workflows seamlessly across multiple properties, giving large-scale operations the tools to stay competitive without overloading internal teams.
What’s on Hoteliers’ Minds:
- What does end-to-end automation mean in practice?
- Can automation reduce vendor disputes and strengthen relationships?
- How does integrating automation enhance sustainability efforts?
Efficiency isn’t about entirely cutting human involvement. It’s about letting humans do what they do best while technology takes care of the rest.
Strategic and Financial Planning: The Bigger Picture
While operational improvements are critical, strategic and financial planning are also highly important. It’s clear hospitality companies aren’t just focused on the now; they’re thinking long-term. Topics like forecasting, budget allocation, and market trends are dominating conversations.
How do you create financial strategies that extend beyond daily operations? Platforms like BirchStreet shed light on trends across properties and provide clear visibility into where your money is going. According to the Journal of Hotel & Business Management, over 80% of hotels that implemented e-procurement reported improved efficiency, and adopters achieved cost savings of up to 40% on goods and services.
By consistently analyzing this data, hotels can develop plans that respond to changing market conditions without scrambling at the last minute. Better yet? By proactively responding to changes, they can develop sustainable competitive advantages in the process.
Strategic Priorities:
- How can hotels align procurement strategies with financial goals?
- What role does spend visibility play in strategic planning?
- How do market trends factor into annual budget adjustments?
To plan for the future, you need tools that provide clarity today. Back-of-house operations, like procurement, invoice management, and digitized payments, must align seamlessly with the bigger picture.
Operational Challenges Rising to the Surface
Operational concerns like supply chain management, inflation mitigation, and sustainability continue to capture interest within the industry. As hotels juggle rising costs and evolving guest expectations, every operational choice carries weight.
How can we, as industry leaders, ensure resilient supply chains, create more sustainable operations, and reduce material and labor waste during economic fluctuations? These topics may not dominate the conversation, but they’re undoubtedly shaping it.
Room for Growth:
- What can GPOs (Group Purchasing Organizations) offer to help supply chain pinch points?
- How do procure-to-pay platforms like BirchStreet create measurable sustainability impacts?
- What solutions help mitigate inflation’s effect on procurement?
Bringing It All Together
Topics like AP improvements, AI technology, and automation aren’t just isolated interests; they’re the foundation for growth as hotels prepare for the future. By addressing these key questions, properties don’t just “keep up” with industry shifts – they lead the pack.
Each topic represents a core area where deeper expertise means stronger business outcomes. By investing in education and partnering with innovative platforms like BirchStreet, hospitality companies have the opportunity to gain an edge not only in operational efficiency but also in overall guest satisfaction.
What’s Next?
If you’re the decision-maker wondering where to start, begin with the questions your own teams are asking most often. From streamlining your AP processes to exploring scalable AI solutions, every answer brings you closer to a more resilient, efficient operation.
BirchStreet Systems has already been at the forefront of these conversations, helping hotels translate curiosity into actionable success. To stay ahead in this fast-paced industry, seek out the resources and tools that align learning and execution.
Your challenge now isn’t just che cosa to focus on; it’s how fast you’re willing to move. Whether it’s AP, automation, or AI, there’s never been a better time to equip your company with the innovation and insights to boost your organization’s success the rest of the year.