Briefing: The measured approach to decision making

According to a report by CIMA; ‘72% of organisations admit to at least one strategic initiative failing in the last three years as a result of flaws in their decision making process.’

It is said that we make 35,000 decisions a day. In a fast evolving business day, we need to have enough confidence in our information and processes to make decisions quickly. In the longer term, important strategic changes need to be considered and implemented carefully, as our experts discuss in these videos:

Our industry is changing fast, in hospitality, time sensitive data can now be used to update strategies on the fly. But investing in the technology to do this is in and of itself a big decision to make and even a good idea can be badly actioned.

The report ‘Joining the dots: decision making for a new era’ from CIMA (Chartered Institute of Management Accountants) surveyed board-level executives at large organisations. In the survey, 80% of respondents said flawed information has been used to make strategic decisions.

Technology and data, when set up carefully, can be the competitive advantage that makes a significant difference to your business. With so much data coming through it is important it is systemized and ordered well but 36% of executives say their organisation is not coping with information overload. There is debate over how useful ‘big data’ is, with 37% saying it has helped and 32% saying it has made things worse.

Another factor in good decision making, identified by the report, is communication. 43% said their level of trust in fellow executives needed improvement and 57% said more active collaboration was required.

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Video clips produced by ybc.tv for the Hospitality Channel, including interview from industry conferences such as the IHIF conference as well as specific Hospitality Channel shoots.

Briefing: ensuring customer loyalty in hotels

Customer loyalty is crucial for a successful hotel business. Small and boutique hotels need to offer something special to their customers in order to compete with the chains. Meanwhile international brands are rolling out increasingly sophisticated loyalty schemes to ensure that their customers return to them wherever they go in the world.

While loyalty schemes are not new, hotels are now connecting with customers on an individual level to make them feel appreciated and valued. These operations require careful management and the right technology. Comment from:

  • Mark Weinstein, VP – Strategy & Loyalty, Hilton Worldwide on why loyalty schemes are critical to business growth

  • Taras Ettl, VP – Development, Middle East & Africa, InterContinental Hotels Group on InterContinental’s loyalty programme

  • Andrew Boshoff, Head of Strategy & Development, Global Hotel Alliance on loyalty being the largest area of opportunity for hotels

  • Sinai Pedreschi, Director of Sales & Marketing, The Stafford London on The TNTs that make customers come back

If you’ve been sent to this page and you’re not yet on the circulation list to receive these regular briefings and you would like to sign up, you can do see here. It’s free.

Video clips produced by ybc.hpgcms.wpengine.com for the Hospitality Channel, including interview from industry conferences such as the IHIF conference as well as specific Hospitality Channel shoots.

Briefing: strategies for a downturn

The continuing difficult economic environment can provide opportunity for clever businesses. Europe has been hit hard, with global ripples, by the recent recession. Understanding how to mitigate risk is therefore essential.

How has hospitality been effected by the economic downturn? Is it possible that the industry is independent of some economic trends? And what needs to happen for confidence to come back to the market?

These are some of the questions answered by this week’s experts, including:

  • Ed Fuller, President & MD of Marriott Lodging International, on his strategy in dealing with the European market.
  • Taleb Rifai, Secretary-General of the UN World Travel Organisation, about how hospitality can deal with economic trends.
  • And David Scowsill, President of the World Travel & Tourism Council, on what needs to happen in Europe to restore confidence.
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If you’ve been sent to this page but you’re not yet on the circulation list to receive these regular briefings and you would like to sign up, you can do so here. It’s free.

Video clips produced by yBC.tv for the Hospitality Channel, including interviews from industry conferences such as the most recent IHIF conference as well as specific Hospitality Channel shoots.

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