The digitization of the hospitality industry has been underway for decades, but the past two years have accelerated tech adoption in hotels across the globe.
Hotel revenue management solution provider Duetto surveyed hoteliers worldwide to gauge the hotel industry’s sentiment and priorities regarding revenue management, revenue tools, and technology innovations. The survey was conducted among its software users and other hospitality industry professionals, including revenue consultants and educators, from across the globe from January 14 – February 11, 2022. A total of 210 responses were received.
The overwhelming response was that automation and integration are seen as key to future success by the majority of those working in a hotel revenue function. In fact, 77.6% of respondents expect to increase their hotel tech investment in the next three years.
“Tech adoption in hotels has been increasingly accelerating as hotels seek greater efficiencies in both front and back of the house,” said David Woolenberg, CEO, Duetto. “It’s promising to see that more industry leaders are focusing on tech adoption, tech upgrades, and creating an integrated tech stack.”
Most respondents (67.6%) currently use a revenue management system (RMS), such as Duetto. Of the remaining 32.4%, 50% sought to invest in revenue technology in 2022, with a further 23.4% looking to invest in the next two years.
When asked to identify the most important trends in Revenue Management for 2022, technology came out on top, with 58.6% of respondents citing integrated systems as most important, followed by 54.8% naming automation as critical.
The top five responses were mixed between technology trends, revenue trends, and guest behavior:
- Integrated systems (58.6%)
- Automation (54.8%)
- TRevPAR (36.7%)
- Digital guest journey (31.4%)
- Ancillary revenue (29%)
On a scale of 1-5, with five being ‘Extremely Important,’ 56.2% said automated processes in revenue management would be ‘Extremely Important’ in 2022; 59.5% said this had increased from 2021.
55.2% of Revenue Managers surveyed also reported they’ve increased their focus on strategic revenue management as automation has helped reduce manual tasks such as data entry, reporting, and other time-consuming efforts.
The full report is available for download (registration required): Re-booting Revenue: Refreshing Strategies for 2022 and beyond.