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Ultimately the profitability of the hospitality industry is directly linked to how effective hospitality leaders and managers are in making this connection of experiences and measured performance over time.
The second major trend in the hospitality industry today is the growing reliance on business analytics software applications to better understand, anticipate and respond to customers' concerns (McKnight, 31). The use of business analytics software including predictive analytics that Harrah's has developed an expertise with example is a case in point (McKnight, 30). The ability to find the most profitable customer segments and tailor specific messaging, service offers, and coupons to them is keeping Harrah's profitable despite the recession that is going on right now. This filed of business analytics and predictive intelligence is one that continues to grow rapidly with the need for analysts, managers, directors and vice presidents to continually manage the large amount of data captured and used for creating strategies. In this area specifically there is the opportunity for anyone entering this industry to make a reputation for themselves based on creativity and intelligence. This is perhaps one of the most promising areas of the entire industry due to its proving to be recession-resilient over the last two years.
Conclusion
He two greatest trends that are making an impact on the hospitality industry today are the measuring of service quality and being able...
These two trends are also opening up entirely new growth strategies for those just entering the industry and also provide these professionals with the opportunity to make a reputation quickly for themselves as well, Knowledge of how these two trends influence the management of individual properties is also invaluable as often performance onuses, which are paid on top of salaries, are calculated and indexed against SERVQUAL for example for specific properties. Keeping these aspects of the strategic nature of the industry is invaluable from the standpoint of career progression. To attain a vice president or CEO level in the industry these two trends must be mastered and worked to the advantage of a hospitality company.
References
John C. Crotts, Bing Pan, and Andrew E. Raschid. "A survey method for identifying key drivers of guest delight." International Journal of Contemporary Hospitality Management 20.4 (2008)
Thomas Lee. "In hard times, change tack, or go extinct: Adapting to change: Post-Sept. 11, 2001, adversity led Bloomington software firm to adopt a successful new business model by shifting to the Internet." McClatchy - Tribune Business News 1 December 2008
William McKnight. "Hospitality Industry Business Intelligence: Checking in." DM Review 18.1 (2008):31
Sheila Muto. "Hotel Web Site Gets Personal to Lure Bookings. " Wall Street Journal 4 Jun 2003, Eastern edition
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