Hospitality sector
Blogs

A fresh perspective of moving forward in the Hospitality sector

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The hospitality sector was one of the worst-hit during the pandemic and requires evolving in these uncertain times with fresh perspectives While looking at trends and data in the past three years, with regards to the hospitality industry, there’s only one thing we know for sure- change is the only constant. Gone are the times when there was a specific set format and a considerable difference between leisure and business travel. From doubling down on investment in relevant technology to accelerating and automating processes to identifying and shifting the way we cater to different groups of guests, it’s about time we take a pause and move forward in a strategic manner as an industry, on the whole. These are some of the many points that were addressed at the 44th Annual NYU International Hospitality Industry Investment Conference, which was a great opportunity to network with industry leaders, and get exclusive insights, perspectives and happenings on everything hospitality. Understanding the prevalent shift in customer expectations, and what we are and should be doing about it-   As of late, lead booking time has considerably reduced to anywhere between 0 to 6 days, with almost 50% of guests making their bookings on the very same day as their arrival. A steady increase can be seen in the rate of impulsive travellers, and the only way to match this pace is to be agile with our technology. Pre-pandemic trends can no longer be taken into consideration, and the steps that we take henceforth has to reflect futuristic thinking. Subscription-based model is gaining high momentum in the high-end leisure travel and hospitality sector. There are also a number of bookings that have already been made for the foreseeable future, which also means a large increase in lead booking times. Companies and brands have to focus on catering to both these groups- impulsive travellers and high-end leisure travellers. A sharp increase can be seen in group travel, with private properties and hotel suites getting booked out faster than ever. While this was not so prevalent a few years ago, more companies turning to remote working and experimenting with 4-day work week is opening up opportunities for an increase in group/family travel and stay. The fact that technology could possibly replace FTE is causing a certain sense of fear in people. While we should definitely be pro-automation, having people handle front office operations is a must. An ideal 10-15% of the process can be automated, and live engagement with customers without having to use Business Intelligence tools is a definite must. We must ponder about how we can use technology better to enable these live interactions and also how automation can enable staff and co-exist with them rather than replace them Events and entertainment are taking a front seat, and travel specifically for this purpose is making a huge comeback. With Las Vegas being completely booked till 2024, it only makes sense to take this new development into consideration whilst strategizing. There is a notable trend
Tech4TH partners with FirstHive to Deliver Intelligent Engagement
News and Events

Tech4TH Partners with FirstHive to Deliver Intelligent Engagement

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March 29, 2022 Chicago, U.S.A — Tech4TH Solutions, an AI-focused global travel technology solutions and services company, today announced its partnership with FirstHive, an industry-leading Customer Data Platform. The partnership enhances the position of Tech4TH in delivering intelligent engagement to its clients in the travel and hospitality industry. It allows Tech4TH to combine its experience in technology, consulting, and domain knowledge of the industry with FirstHive’s data platform, empowering companies to take control of their data and enabling enhanced customer experience and greater marketing ROI. Global enterprises across industries are looking for ways to more effectively gain actionable insights from large data sets using artificial intelligence (AI). Increasingly so in the travel and hospitality industry where delightful traveler experience is not a mere requirement, but a critical decision-making factor. With data flowing from all directions, organizations need complete visibility of each traveler/guest and the associated interactions with the brand in order to tailor personalized offers and experiences. AI becomes the catalyst in enabling this. “Partnership with FirtsHive falls squarely in the sweet spot where Tech4TH is positioned in delivering intelligent engagement to our client’s customers, colleagues, and the community. FirstHive’s Customer Data Platform serves as a starting point to drive intelligent hyper-personalized engagement enabling a 360-degree view of customers,” said Siva Vajjhala, Tech4TH Chief Executive Officer. “As a full-stack Customer Data platform, FirstHive becomes the single source of truth for customer identity and data within our clients’ analytics ecosystem and acts as the central brain or system of intelligence by delivering seamless cross-tool and cross-channel communication for the customer experience and growth teams in an organization.” “We are excited to partner with such a respected company like Tech4TH,” said Aditya Bhamidipaty, founder and CEO of FirstHive. “Together with their advanced AI-powered technology and our state of the art customer data platform, we will breathe fresh air into the hospitality industry through our strategic use of new technologies.” Tech4TH is a brainchild of three technologists, bringing over 75 years of combined expertise in creating innovative tech solutions. Tech4TH’s mission is to reimagine travel by building digital solutions that drive AI-powered intelligent engagement for travel and hospitality enterprises with their customers, colleagues, and the community. FirstHive helps organizations take control of their customer data and provide a suite of tools that enable them to execute highly personalized campaigns that achieve exponentially higher ROIs. This is accomplished by bringing together data from every customer touch point. FirstHive has 100+ product integrations today across CRM, Mobile analytics, Web re-targeting, Voice/Customer care, Cloud telephony, CMS, Ad networks, Programmatic ad tools, Social, etc. Today 30+ large global enterprises including some of Asia’s Top 10 Banks, world’s largest Pet Food company, world’s leading FMCG company, world’s leading Fund Management companies, world’s leading Beauty company, world’s leading Eye Care company, among others leverage FirstHive to drive their marketing objectives. About Tech4TH Solutions: Tech4TH is a global digital solutions and services company focused exclusively on the Travel & Hospitality (“T&H”) industry. It is founded by three technologists with over 75 years of combined expertise in creating innovative tech solutions to deliver client

News and Events

Tech4TH Expands in North America with a New Office in Canada

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Chicago, U.S.A — Tech4TH Solutions, an AI-focused global travel technology solutions and services company, today announced the opening of a new office in the Greater Toronto Area, Canada. The decision is in alignment with their overall expansion strategy in North America, allowing the company to cater to the growing customer demand from the region. The new facility is also geared to attracting the burgeoning local talent in areas of AI/ML and Data Science. It has been and remains a turbulent time for the travel and hospitality industry. With its deep technology and industry experience, Tech4TH is committed to helping enterprises reimagine travel with innovative solutions powered by AI technologies. The new office in Canada will play a key role in building digital capabilities and serving the Canadian travel enterprises in their digital transformation initiatives. “North America is a strategic region for Tech4TH, and Canada is the ideal choice to expand our geographical presence, considering the deep talent pool and competitive cost of business operations. We are keen to invest in local expertise and new talent to meet the growing needs of innovation by the travel businesses in the region and globally. We are excited to watch our business grow from here,” said Siva Vajjhala, Chief Executive Officer, Tech4TH. About Tech4TH Solutions: Tech4TH is a global digital solutions and services company focused exclusively on the Travel & Hospitality (“T&H”) industry. It is founded by three technologists with over 75 years of combined expertise in creating innovative tech solutions to deliver client value. Their mission is to reimagine travel by building digital solutions that drive AI-powered intelligent engagement for T&H enterprises with their customers, colleagues, and the community. For further information, visit https://tech4th.com/. Media contact: marketing@tech4th.com

News and Events

Inaugural Sponsor of Hospitality Innovation (HI) Hub Incubator

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Tech4TH Solutions Becomes Inaugural Sponsor of the NYU School of Professional Studies Jonathan M. Tisch Center of Hospitality Innovation (HI) Hub Incubator February 11, 2022 New York, NY — Tech4TH Solutions, an AI-focused global travel technology solutions, and services company, recently became the inaugural sponsor of the NYU SPS Jonathan M. Tisch Center of Hospitality Innovation (HI) Hub Incubator Program.  As part of its new Hospitality Innovation Hub (HI Hub), the NYU School of Professional Studies Jonathan M. Tisch Center of Hospitality has launched the Hospitality Innovation Hub Incubator Program for start-ups to develop their businesses by providing a full-scale range of services. The Innovation Hub caters to the disparate needs of the industry and businesses seeking to build the next generation of travel technology products. Extending its commitment to helping enterprises build the next generation of products and customer experiences, Tech4TH is a natural choice to sponsor the program.  “The Tisch Center of Hospitality is extremely well-connected with the travel and hospitality ecosystem. Tech4TH is thrilled to collaborate with its new Hospitality Innovation (HI) Hub Incubator in creating innovative, economical, sustainable, and competitive solutions. We look forward to building and growing this venture, which will facilitate exciting opportunities for start-ups and entrepreneurs who share our passion for leveraging disruptive technologies such as AI/ML in delivering memorable guest and employee experiences,” said Tech4TH Chief Executive Officer, Siva Vajjhala.  “We are very pleased to have Tech4TH join us as our first corporate sponsor for the HI Hub Incubator Program. In doing so, Tech4TH is now a part of our global network of industry leaders in the hospitality, travel, and tourism sector. The company brings deep business and technology consulting expertise with a passion for applying digital technologies to deliver business outcomes—a perfect match for the HI Hub,” concluded Jonathan M. Tisch Professor and Associate Dean, Nicolas Graf. About NYU SPS Jonathan M. Tisch Center of Hospitality Innovation Hub The NYU School of Professional Studies Jonathan M. Tisch Center of Hospitality, now celebrating 26 years of academic excellence, is a leading center for the study of hospitality, travel, and tourism. Founded in 1995, the Tisch Center was established in response to the growing need for hospitality and tourism undergraduate and graduate education. Its cutting-edge curricula attract bright, motivated students who seek to become leaders in their fields. Through its undergraduate degree in hotel and tourism management, it’s graduate degrees in hospitality industry studies, tourism management, and event management; a plethora of Professional Pathways programs; and its world-renowned hospitality investment conference, students gain the knowledge and the skill sets that enable them to manage change, to communicate, to thrive in complex work environments, and to advance the businesses of hospitality, travel, and tourism. The Tisch Center recently launched the Hospitality Innovation Hub (HI Hub), which will foster entrepreneurship and creative solutions for the industries it serves. The state-of-the-art facilities offer students, start-ups, established industry partners, and investors opportunities to learn, discover, innovate, and invest. For more information about the NYU SPS Jonathan M. Tisch Center of Hospitality, visit sps.nyu.edu/tisch.

Blogs

Sustainability in restaurants: the future of hospitality

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Impact of sustainability in restaurants To operate responsibly and drive sustainability in restaurants and hospitality industry, companies must address environmental and social challenges with conviction and develop practical interventions. Technology is here to help hospitality leaders achieve their sustainability goals. With the growing size of the global pipeline of new hotels and restaurants mushrooming every year, leaders must measure and manage the impact of this growth. The hotel industry accounts for around 1 percent of global greenhouse gas (GHG) emissions. However, buildings more broadly generate 19 percent of energy-related GHG emissions and consume 40 percent of electricity globally. Whether it is restaurants or retail brands, we are entering an era of sustainability where ‘mindful shopping’ or ‘sustainable choices’ have taken precedence. This trend pivots us to an age of sustainability-minded customers that care deeply about the environment and seek companies that care about environmental issues. Customers globally are making lifestyle choices and buying decisions by their values, attitudes, and preferences and not just by their wallets – the reason that explains why sustainability in hotels and restaurants is more at the forefront than ever.   How does a sustainability-minded restaurant look like? Sustainable hospitality is the practice of creating and using more resource-efficient models of construction, operation, maintenance, renovation, and demolition of buildings. A sustainability-minded restaurant is more efficient when pursuing technology and guest behavior modifications for reduced resource usage in construction and operations. Sustainable practices in restaurants stand out because most travelers and guests today look for companies that share their values. According to Skift Research, visiting destinations and hotels that reflect their values and sustainability will likely intensify over time. Travelers and guests want to ensure that the companies they give business follow environmentally, socially, and ethically sound practices. An overwhelming majority of millennials and Generation Zers today will pay more for products and services that don't harm the environment, deplete natural resources, or negatively affect people's lives or wildlife. To differentiate themselves and stand out, the hospitality industry, especially Quick Service Restaurants can focus on a few key aspects leading to attaining sustainability goals:   #1 Use of energy efficient options Energy conservation in the hospitality industry entails a dual approach: efficiency and reduction. Energy conservation may also include training employees in behaviors that reduce energy consumption and sending friendly reminders to guests about using in-house resources or electricity. For efficiency, organizations can look for opportunities to use green technology or products. For example, switching to energy-efficient LED lights. Energy-efficient buildings, innovative sewage systems, and intelligent automated controls would reduce costs for both hotel owners and residents. Internet of things is a big area where smart switches and lighting can significantly improve the guest experience. Self-check-in/check-out functions, smart-locking systems, and automated temperature regulation and controls can further accelerate conservation.   #2 Reduce and manage waste For hotels and restaurants, the opportunities to limit waste are numerous. They can source their food locally or grow it by themselves to avoid food wastage. This sustainability mindset ensures fresher products
Blogs

Key trends to watch out for in the hospitality industry

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The past year and a half has been a tumultuous time for the travel and hospitality industry, more so for the latter. All indications are that the hotel industry has rebounded from the depths of the Covid-19 pandemic. The U.S. hotel occupancy is returning to pre-pandemic 2019 levels this summer. This is good news…

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