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Eissy de la Moneda

Changing technologies in communication: benefits in the tourism industry - San Diego So... - 0 views

  • Communicating with people now relies heavily on the internet and mobile online devices.
  • The tourism industry is one industry that presents a beneficial opportunity with new technologies being more accessible, available and advanced for communication efforts.
  • increases in content being available and more easily searchable to the public will allow for tourism companies to better visually expose, inform and interact with viewers.
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  • Strategically choosing the best option as to what communication tools to use for each fitting stakeholder preference will help you achieve maximum exposure and reach.
  • Having your company and/or brand evolve with growing technology will allow for the best results and opportunities.
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    Communication technology is constantly evolving around us in everything we use. Nowadays, we no longer communicate face to face. Instead, we use our cellphones, tablets, computers, etc., to communicate with one another. This in turn affects the tourism industry immensely by providing them with a range of possibilities to successfully and effectively communicate with customers. Due to the increase in new technologies, customers now have easy access to tourism companies and what they have to offer. This benefits the industry by providing exposure and easy access to the things they offer. All in all, it's important that the industry evolve hand in hand with technology in order for the industry to embrace all the opportunities that technology has to offer. 
Marcos Oliveira

Mobile Restaurant POS Technology Helps Payment Flexibility - QSR magazine - 0 views

  • With smartphones getting smarter, smaller, and speedier all the time, concurrent advances in mobile point-of-sale technology are presenting restaurants with the opportunity to make their POS systems mobile.
  • There are now numerous POS platforms that leverage the iPhone and other mobile devices, including Android-powered smartphones and tablet computers like the iPad, so that restaurants can process payments in the field with a credit-card reader
  • Traditional POS has been very regimented and costly, but mobile is very adaptable, not only in terms of payment but in terms of marketing tools from an ever-growing number of third parties.”
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  • While mobile POS is often touted as a boon to full-service restaurants—it can allow customers to pay at the table through a credit-card reader attached to a mounted iPad, for example, and waiters can log orders on a smartphone that zip back to the kitchen at 4G speed—the technology also has service-oriented benefits for quick serves
  • Beyond mobile POS’s value as a portable cash register is its potential as a conduit for invaluable consumer insight. Whereas restaurants are able to glean very little personalized information from credit-card transactions, they can learn a lot when customers use the mobile payment apps or opt in for an array of alerts and updates via their smartphones.
  • The mobile POS … allows us to capture valuable data that gives us a better idea of our customers’ spending and buying habits
  • mobile POS platform called Sage Payment Solutions for processing credit cards
  • Smartphones open up very exciting opportunities when it comes to business-consumer communication
  • As mobile POS technology evolves, an operator will be able to send coupons to opted-in customers’ phones based on their shopping habits or geographic location.
  • the potential of mobile POS far outweighs the peril. The technology is in its infancy, and new developments are on the horizon. These include near-field communication, which allows smartphones to share data with other devices that are in close physical proximity, and EMV cards, which have microchips that allow them to interface with mobile phones.
  • “mobile technology is in the first inning
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    With smartphones evlving and getting smarter, smaller and speedier it is allowing for advances in mobile point-of-sale technology especially in the restaurant industr. There are now numerous POS platforms that support both iPhone as well as android. Tablets and iPads are also supported so that restaurants can process payments in the field with a credit card reader. Traditionally POS have been very costly and structured; now with mobile technology the flexibility is convenient, fast and user friendly. New applications allow restaurants to store customer spending patterns without retaining their personal credit card information. the use of smartphones also opens up very exciting opportunities when it comes to business-consumer communication. Restaurants can send text messages containg discounted coupons to their establishments. The key is to not over do it as customers may become annoyed with too many text messages. This article delat mainly with the restaurant industry but did mention the evolution of technological advances with the use of smart phones. Form personal experience I have used my iphone and ipad to conduct credit card transactions utilzing squareD which provides free of charge a mobile credit card swiper that is connected to the microphone port of either the iphone or Ipad. there is not monthly contract or fee. The only charge is 2.5% per settled credit card transaction and the amount is automatically deducted from the batched amount and within 1-2 business days the funds are deposited directly into ones checking/savings account. This is convenient, fast, and easy. I have been able to secure payment right on the spot instead of either handling cash which is always a ahzard or the risk of accepting checks. the use of smartphones and tbalets have revolutionozed the way business is being conducted making it fast, easy, and convenient to both cutomer and busoness owner alike.
Diana Sardina

Technology for Meeting Planners - Debunking the Myths - Corbin Ball Associates - 0 views

  • enhanced world, meeting attendees not only appreciate, but expect to have easy solutions for attending events.
  • there are many misconceptions surrounding the use of such technology.
  • Technology enables you to automate some of the processes that are time-consuming, which allows planners to engage with their clients in a more strategic manner. You will not be replaced; rather, you will shine as a team member who works efficiently and smart.
    • Diana Sardina
       
      This issue has come up in previous topics during our class. The use of technology for event planning is a good example of how innovations does not necessarily mean less human interaction.
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  • these cumbersome tasks are reduced dramatically, allowing for planners to spend their time working on meeting the goals of the conference
  • by employing the right technology, a planner can report to executives and managers the data that will help them make last minute decisions, leverage their spend for the future.
    • Diana Sardina
       
      The information can be accessed a lot easier and data mining can be more detailed and target to the needs of the hotel.
  • With online training and cloud-based products, installation and ramp-up is typically straightforward and painless.
  • Most programs these days have multiple back-up procedures in place, but it is still a good idea to periodically print out a copy of your data
    • Diana Sardina
       
      Security will always be a concern. I do not feel that the use of paper and pencil was less vulnerable than the use of computers. We need to continue monitoring our security systems and be proactive rather then reactive
  • These programs are more intuitive today, allowing operators to easily collect and analyze information with a click of a mouse.
  • While it is fun to be on the cutting-edge of technology implementation, be sure to outline clearly what you are trying to accomplish with its employment
  • the case of social media, the use of platforms that encourage interaction, such as a Twitter hashtags, can be very effective, but you must outline your objectives.
  • By taking these misconceptions into consideration, you’ll be able to successfully implement the right technology for your next conference or event. 
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    I feel that implementing technology in event planning can be of a great benefit to hotels. THe business of meeting and conventions can be a profitable one but the competition is tough. Hotels need to offer a wide variety of services to attract conferences to their properties. The use of technology now day is expected and hotels that do not offer these opportunities will stay behing the curve and miss on great opportunities.
Xue Yan

Morgans Hotel Group Launches Intelity's ICE, a Digital Extension of - 3 views

  • NEW YORK, July 20 - Morgans Hotel Group Co. (NASDAQ:MHGC) (“MHG”), the original boutique hotel company, announces its plans to launch a new virtual concierge program, a digital supplement to its renowned “GEM” (guest engagement manager) services. This initiative utilizes Intelity’s ICE (Interactive Customer Experience), via iPads, which will be available in all guest rooms at Royalton.
  • This innovative hospitality development will offer guests the opportunity to interactively explore the hotels many amenities, browse and order in-room dining options, communicate with the concierge for tickets to events, or arrange a car service; all on brand new Apple iPads.  Guests will even be able to personally manage their requests using the new ICE Touch program in-room technology. From the convenience of their room, guests will have direct communication with hotel management allowing them a novelty experience and further establishing a seamless stay at Royalton
  • In addition to serving as a resource for guests, this new platform also offers advanced communication tools for hotel staff, including real time messaging, notes from the General Manager, messages regarding programmed events, and information on specialty cocktails and featured menu items from the restaurants’ Chef. Hotel employees will even be able to program specific video or on-screen messaging for in-house groups. Royalton, already renowned for their staff and service, expects this program to enhance guest communication while heightening operational efficiencies.
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  • “This is an opportunity for Morgans Hotel Group to provide a unique and engaging guest experience, while staying on the cutting edge of technology.”
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    The Intelity's ICE is a new virtual concierge program, as a digital supplement to its renowned "GEM" (guest engagement manager) service, which is established in Mogans hotel in New York. By launching the Intelity's ICE, nearly all guests' requirements can be accomplished quickly, for guests can explore the amenities in the hotels, search for events in the city, buy tickets and communicate with the hotel working staff through an ipad in each room. Not only that, but the hotel managers also find it a great program to communicate with the working staff. To the hotel managers, they think that the program can enhance customer service and increase communication opportunities as well as heightening operational efficiencies
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    I found the mobile app to be most interesting because my article disscussed that as well. I feel that the mobil app will certainily create a unique experience for the visting guest. By going digital there are many benefits to not only the guests but the environment as well. There will be longer be a need for plastic room keys, or large amounts of paper. Hotels will be able to save expenses and man power by providing systems like the new virtual concierge program. In particular, you won't need to hire so many people to book reservations over the telephone. Everything can be done through the Ipad which most people have now a days anyway. However, I would feel better if there was trouble shooter around should the guest not be able to comprehend the technologic system.
YUE LI (3325307)

Pegasus partners with China's state-owned GDS | Hotel Management - 0 views

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    I like this article which related to the development of Chinese hospitality industry. This news showed that Pegasus Solutions and TravelSky Technology Limited had connected with China's state-owned global distribution system (GDS). In China, there are at most 1.2 billion potential customers, the hospitality market there is really attractive. This connection will allowing more and more Chinese people to book different hotels anywhere in the world even though when they at home. I believe this connection is a effective and successful choice. After that connection, it makes nearly 100,000 hotels of Pegasus' global hotel available for booking in China. Pegasus' has more than 1,000 hotels under nine brands. The first Pegasus customer to go live on the connection is Starwood Hotels & Resorts. Hoteliers recognized that there will be a lot hospitality business opportunity in China, so that they decided to take these opportunities and continue to get benefit from domestic and inbound travel by cooperating with Pegasus/TravelSky, in order to expand their businesses. This cooperation is indeed a win-win deal. Firstly, it let Starwood properties available to the 7,000 travel agents who work with TravelSky managing the increasing domestic and international Chinese travelers' growing demand. While, TravelSky has long-dominated the airline market in China, and it becomes both the second largest travel market in the Asia-Pacific region and the world's second largest economy. The new connection with Pegasus offers more accessibility to the collection of ebookable hotels.
Amanda Alvarez

Hospitality Staffing Solutions, LLC Completes Asset Sale to Private Investment Firm -- ... - 0 views

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    A leader provider of outsourced staffing solutions for the hospitality industry, Hospitality Staffing Solutions, announced that it has completed the sale of its assets to HS Solutions Corporation. HS Solutions Corporation is an entity formed by LJC Investments 1, LLC and a group of investors including Littlejohn Opportunities Master Fund,LP, Caymus Equity Partners and Management. This transaction allows HSS to reduce its outstanding debt and responsibilities. It also gives the opportunity to emerge with strong financial backing of a new owner.
tstur005

Booking trends: Don't ignore impact of GDSes - 0 views

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    "It's easy to fixate on technology when talking about bookings, but one of the most well-established paths to booking a room might represent the most overlooked opportunity for hoteliers. That opportunity? Global distribution systems."
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    This article talks about exactly what we talked about in the discussion board, it talks about how hotels are actually getting more bookings from using the GDS system.
takesharolle

E-commerce Brings Tourism with New Opportunities - 0 views

  • E-commerce, which takes the world by storm in recent years, is bringing new business opportunities to global travel and tourism industry.
  • people who expect global communication and access to instant information also have the same demands for tourism and travel data, and that they will soon want to obtain this information from their own living room and even their mobile phone.
  • "The beauty of inflight Internet access is that is serves a dual purpose. It serves as a form of inflight entertainment, and as a bridge between travelers and travel service providers
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    This article is about how e-commerce is being new opportunities to global and tourism travel. America are the biggest group online buyers. With internet being the prime source of shopping, in no way will it tourism portion will be left behind. It has been reported that 1.5 billions passengers has travel with computers and this is an extreme market to capitalize on. Adding inflight internet will replace the tradition means of entertainment like, magazines and newspaper in which will create a bridge between travels and travel service providers. With this new technology passengers will be allowed to make purchases and have it waiting at the gate at arrivals or even at the hotel. The passenger can also visit a site before they reach their destination and explore activities and places to go. Going electronic is not cheap, but it is a necessary investment. And as technology advances so will it in the tourism industry.
ysuarez123

Want to Relax in a Nice Hotel for 15 Minutes? An App Can Make That Happen - The New Yor... - 0 views

  • By-the-hour hotel rooms aren’t a novel concept.
  • But while these brief rentals are traditionally found at budget hotels, the enterprises today involve higher-end properties and are targeting middle-class to affluent customers for considerably different purposes
  • The guests who might book these rooms, he said, include travelers with layovers, corporate travelers who need a quiet place to work and don’t have an office in town, and locals who are seeking some downtime during the day and find it more convenient to check into a hotel near where they are rather than go back home
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  • Dayuse.com, available for 4,000 hotels in 22 countries, also partners with three- to five-star properties, with a three-hour minimum on reservations.And now, with the app Recharge, users can book rooms by the minute at luxury properties in New York City and San Francisco
  • Recharge’s customers — more than 30,000 as of November — are mostly locals and include mothers who want a clean place to nurse their babies or pump their breast milk, people seeking a quiet space to take a phone call and those seeking a midday reprieve. “We’ve even had fathers who need to change their child’s diaper and would rather do it in a hotel room than in a coffee shop bathroom,
  • According to the company’s research, a 250-room property can get almost 275-rooms’ worth of revenue in one day from these short stays
  • Every hotel listed on Recharge’s app has a service fee, ranging from $30 to $50. The more luxurious the hotel, the higher the fee. After the service fee, per minute prices for the stays range from 50 cents to $2.
  • Recharge is easy to use and has an appealing list of hotels. In a market in which companies sell stays at properties for small chunks of time, the brand’s by-the-minute feature helps it stand out
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    This article focuses on new hotel apps, focusing on Recharge, that let you rent upscale hotel rooms by the minute/hour. As the article states, this is not a new concept and has been offered in the pass usually at motels. This app looks to change the demographic of those looking to rent hotels for a small amount of time. The app is already active in popular cities around the world, they aim to only work with 3-5 star hotels. I downloaded the app and thought the pricing was a little concerning, but it goes back to the demographic the app is targeting. Recharge aims to appeal to travelers with long layovers, business people looking for a quiet spot in between meeting, sight seers that may need a nap, and even mothers looking for a safe place t publicly breastfeed. Their pricing is right in line with their target demographic as the cheapest price is usually around $30 per hour, and there is always a service fee; the author of the article talks about staying in a hotel for 15 minutes and paying $65 dollars. Personally the pricing is a huge setback, but business wise it makes sense. You are covering the cost of housekeeping having to go in and reset the room, and front desk reprogramming the keys/ handling check in and check out. While I think the system could create a bit of a challenge for hotels in terms of making if something is ready and clean or not, it is another opportunity to increase revenues. This app especially during the slow season for hotels, could help them fill their less desired rooms, if only for an hour. It is similar to a restaurant way of thinking "How many times can we flip this table (room) in peak hours". I may not use the app, but if I was traveling with friends and splitting the cost, I would definitely take the opportunity to pay a few bucks to nap in a 5 star resort.
natyangel

How IT Can Go Green | Top Stories | | Hospitality Magazine (HT) - 1 views

  • In the world of information technology (IT), the green movement is taking shape.
  • Technology is a tool to provide solutions, but regrettably, technology can also be a source of the problem due to factors like energy consumption and the environmental impacts when disposing of obsolete or broken technology (i.e., e-waste).
  • Like any business initiative, green IT projects will require strong commitment from an organization’s top management and investment in time and resources at all levels.
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  • The environmental focus is here to stay and must be embraced.
  • Clearly, hotels and resorts are in the business of making money, but they must do so in a conscientious manner
  • The focus on sustainability or "going green" is quickly becoming a major trend. But let’s face it, being environmentally conscious is the right thing to do, and it should be a business imperative for everyone. After all, a significant portion of the hospitality and tourism industries rely on the natural beauty and desirability of destinations: beach resorts, mountain ski lodges and canyon-land ranches
  • Deploying effective technology practices such as Energy Star compliance to power down computers automatically after periods of inactivity and server virtualization: This means having applications which share a common server rather than each application hosted on a separate server.
  • There are numerous opportunities for IT professionals to take leadership roles in helping their organizations to adopt sustainable practices.
  • Using IT responsibly and effectively to reduce energy, water and paper consumption: Energy management systems are effective at controlling guest comfort while saving energy consumption and costs.
  • Tackling e-waste and deploying recycling technologies to reduce environmental waste and impacts: Many electronic firms offer responsible recycling programs for used hardware. Technology can also be utilized to assist in the recycling process
  •  Digital marketing practices: Using digital media instead of print media is a great way to save money while reducing the impact on the environment. By tapping into social media, you can let guests be involved in green practices and spread the word virally about all the good the organization is doing
  • There is a growing environmentally conscious market, a profitable segment to tap
  • .    Educate employees and guests to improve awareness of environmental issues and green practices in your organization and the industry.
  •    Conduct an energy audit to see where and how energy is being consumed and to establish a baseline. Continue these audits on a regular basis.
  • Seek suggestions from employees and guests, and offer rewards for ideas that get implemented.
  • Celebrate and market key successes
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    This article emphasizes the positive and negative aspects of the hospitality industry adopting to sustainable practices. It recognizes that this industry is in the business of making money, while appoints the importance of doing so conscientiously, respecting the environment. It shows the steps that the organizations should take on its journey to action. I believe that sustainability should be a business imperative and not a lifestyle choice, as the sustained interest among consumers in tourism products and services are continuously increasing. That should be beneficial for the organization, positively affecting the operating revenue.
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    The articles describes, how technology helps a hospitality firm in conserving non renewable resources. It focuses on sustainability of hospitality industry. The article describes one interesting point, educate the employees and the guest, employees and guest are the pillars of any hotel. If they understand the concept of going green, it would be easy for the organization to conserve energy. use of E marketing by the hotels has reduced the use of paper, which mean many trees are being saved from getting cut. Use of recycle bins by the firms makes people aware of the waste which an be recycled should be disposed off separately. The use of tablets in the rooms is another way which the hospitality firms have adapted to go green, it not only saves paper but also gives a new amenity in the rooms.
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    The emphasis on sustainability and going green is everywhere, including hospitality and tourism industries. Within the scope of information technology, there are numerous opportunities to becoming greener and more sustainable both in the short and long term. First, using IT responsibly and effectively to reduce energy, water and paper consumption are advantageous and can also be seen as consumer driven. For instance, if a hotel offers a guest the convenience of controlling temperature through their smartphone or using their smartphone as the room key, not only is the hotel becoming greener but also the guest will appreciate these value added features. Instilling technology practices such as Energy Star compliance will lead to less consumption. Additionally, addressing the issue of e waste and creating recycling technologies to reduce environmental waste and impact adds on to the sustainable strategy. Lastly, with the growing environmentally conscious effort, creating marketing strategies to promote green practices improves the company's image, increases awareness on becoming more sustainable, and educates the public on becoming greener. It takes time, as employees need to be trained in order to become aware of environmental impacts (such as printing less paperwork and shutting off a printer when idle), track energy consumption, and instill these behaviors on a day to day basis. According to this article, it was noted that " for many guests, particularly Millennials, environmental stewardship is a key topic that resonates with them. It has become one of the decision-making criteria used to select companies in which they do business, including hotels and resorts". I believe that sustainability and the promotion of green practices is not a fleeting trend, but rather it is a change in mindset in which younger generations appreciate this adopted conscientious value.
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    The article discusses the many ways the IT world is finding new ways to be sustainable in the hospitality industry. Changing the way a hotel runs by introducing e-mails to guest and other companies to reduce the paper flow or allowing guest to do mobile check-ins can reduce a lot of paper waste. Also, having guest use their phones as key cards for their rooms can aid in avoiding wasting and needing to create key cards. By hotels having an energy saving system, they reduce electrical waste by having computers on low power consumption mode. One main thing the article mentioned that I personally see a lot of hotels doing is digital advertising. Instead of relying on paper advertisement, hotels rely heavily on ads on social medias, facebook, google, and third party vendors.
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    This article discusses the IT green movement that has been in action since the rise of technology and ways on how IT can go green. Some opportunities in the green IT movement include the following: - Using IT responsibly and effectively to reduce water, energy, and paper consumption. This gives IT teams to take advantage of a few technical enhancements within their hotels to provide key cards available on smart phones, email to reduce paper, and digital signage. - Deploying effective technology practices such as Energy Star compliance to shut down computers automatically after periods of inactivity and server virtualization. This would mean for everything to be on one common server, and companies can save money on computer hardware and power consumption. - Tackling e-waste and deploying recycling technologies to reduce environmental waste and impacts. This could be implementing by introducing a safe recycling system for used hardware. - Digital marketing practices. This could be like using digital media to save money or using social media to encourage guests about the green practices that the hotel is implementing. - Marketing strategies to report and promote green practices. This could be having the business properly use marketing strategies to target these environmentally conscious market and find ways to promote green practices to this market segment. These are all very effective ways for IT teams to go green within their hospitality businesses. These green IT projects will need approval from top management and investment in time and resources.
anonymous

The High Risk of a 'Wait and See' Approach - Big Think - 0 views

  • On the surface, taking a “wait and see” approach seems to make sense
  • In the past, when we were going through rapid change (not massive transformation like we’re seeing today), a company could use a “wait and see” approach because it was harder for competitors to develop and deploy new offerings quickly, and it was harder for established competitors to change the game or redefine completely
  • Anyone, at any time, can quickly become more relevant than you because the barriers to entry are low and the ability to scale is fast
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  • deciding to “wait and see”—can quickly put you on a path of increasing irrelevancy or a rapid demise.
  • you can see how detrimental a “wait and see” approach can be—how you’re actually missing major new opportunities for sales and growth
  • Blockbuster Video may have changed how we rent movies, but Netflix transformed it
  • This year, many forward-looking school districts across the country are moving away from textbooks and issuing tablets filled with ebooks to students
  • This is a game-changing move, and one that will save the school about $25,000 each year
  • The way you can design for mobile users, engage visitors, increase sales, track people, and improve your rankings with search engine optimization are changing so rapidly that if your site is two years old, it’s obsolet
  • In reality, a “wait and see” approach has much more risk than the action being avoided.
  • Today, new competitors can emerge rapidly, and they can even be from another part of the world. Geography is increasingly less of a hindrance
  • deciding to “wait and see”—can quickly put you on a path of increasing irrelevancy or a rapid demise.
  • We’re transforming all of these things plus more, and if you don’t initiate the transformation, someone else will.
  • To see the difference between mere change and game-changing transformation, consider these examples: Barnes & Noble may have changed bookselling by creating the super bookstore, but Amazon transformed how we buy books and so much more
  • Therefore, you have to evaluate what you’re saying “no” to in terms of potential lost opportunity, because what you could gain by saying “yes” will often outweigh the perceived risk and expense.
  • Because technology is increasing so fast and because we are in a period of rapid transformation are the exact reasons why you can no longer “wait and see” what will happen.
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    This article discussed the importance of being ahead of the curve and why the 'wait and see' approach is not beneficial in most cases. If you 'wait and see' you can become irrelevant very quickly as there are many others out there, in many cases other parts of the world, making new inventions and discoveries daily. This article gave a great example where a school system implemented tables and the amount of money they saved was $25k/year. There are many benefits to staying ahead of the curve and as the article states "If you don't do it, someone else will".
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    A "wait and see" approach has a higher risk than it being avoided. One of the cons is that it can pave the way to a company no longer being relevant. New opportunities for sales and growth may be missed if a company does not begin to evolve quickly.
dskomorowsky

Demonstrating ROI in Revenue Management to Hotel Owners Today : 4Hoteliers - 0 views

  • Advanced analytics built into today’s best revenue management systems use hotel and industry data for predictive price-sensitivity demand modelling. When used effectively to drive strategic decisions, data analysis leads to increased profitability and improved risk management that is associated with the uncertainty of demand.
  • When applied to its fullest potential, revenue management and technology can additionally positively impact efficiency and improve operational performance across an entire property.
  • And when it comes to new or improved technology, many hotel owners tend to view cost rather than undertaking an ROI measurement to determine when the technology will pay for itself.
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  • To ascertain ROI, many often look to their performance over the previous year. But that number always has an asterisk next to it, or if it doesn’t, it should.
  • the hotel modelling removes automated pricing, inventory controls and overbooking strategies,
  • ROU can be ascertained by using advanced revenue management systems and provides much more detail than year-over-year revenue growth.
  • This is where a better formula, called revenue opportunity uplift (ROU) provides a more authentic picture.
  • The first step involves monitoring a hotel’s performance over a typical 90-day window. Simultaneously, over this same 90-day period, a carbon copy of the hotel is made, except this clone does not have the revenue management system in place
  • This means, on days of high demand, the manual-environment property is more inclined to accept business on a first-come, first-served basis,
  • What hotels discover is additional revenue opportunity hiding in each of those automated decisions
  • Overall, ROU provides a better measurement of the incremental benefit of a hotel’s technology purchase rather than reflecting an improvement from positive market conditions
  • Through utilising the ROU measure, hotel executives also have a powerful way to demonstrate the financial benefits of revenue management to owners and show a true ROI.
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    Operators focus on cost, and this can prohibit the Operator from realizing the advantages and benefit of utilizing an RMS. When looking at an ROI they will often utilize Pacing data from a year over year perspective which is often, as the author puts it, asterisked. A simple explanation is the number of variables that can lead to impractical or flawed comparison such as mis-segmentation, unique events or otherwise. The author proposes instead that Operators should look at ROU, which roughly speaking takes market dynamics and most of the variables out of the equation. An ROU analysis (Revenue Uplift Opportunity) establishes a baseline measurement over a 90 day period that requires the establishment of two models (carbon copies) of the Hotel in question. The first, is a manual model that mimics the manual process of yielding and inventory management and overbooking, while the second utilizes the decision process of the installed or applied RMS. The author states that what Operator realize is the hidden maximization opportunity in both pricing and inventory controls based on manual processes reacting to demand conditions rather than anticipating. The value of this outside of the above application is how a KPI and a different manner of looking at the data can lead to valuable insight on what a real ROI can be. As an RM professional whom utilizes an advanced RMS on a regular basis it is sometimes it is difficult to see outside the box and perceive the value of the technology that is a mainstay in the Branded community. Being able to see the implications it can have for those not using or not having bought into the technology is actually a bit of a back step as it speaks to the value that this solution provides for the company.
rfahi001

Event Management Software Market - Detailed Survey On Key Trends, Leading Players & Rev... - 0 views

  • Event Management Software market report provides a comprehensive analysis of: Industry overview, cost structure analysis, technical data and competitive analysis, topmost players analysis, development trend analysis, overall market overview, regional market analysis, consumers analysis and marketing type analysis.
  • Event Management Software market is valued at million US$ in 2019 and will reach million US$ by the end of 2025, growing at a CAGR of during 2020-2025.
  • Extensive analysis of market trends During 2020-2025 to identify growth opportunities and market developments.
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  • Winning strategies of key drivers that are helping them consolidate their position in the Event Management Software market.
  • Trends in the Event Management Software market that are influencing key players’ business strategies.
  • Key factors that create opportunities in the Event Management Software market at global, regional, and country levels.
  • Demand-supply scenario of the Event Management Software market.
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    Event Management Software market is valued at million US$ in 2019 and will reach million US$ by the end of 2025.
vmorr026

The Importance of a Global Distribution System | SiteMinder - 0 views

  • The answer is you’ll need the advantage your competitors and travel agents have – a Global Distribution System (GDS). More than 600,000 travel agents plug into a GDS every day to book flights, hotels, car rentals and destination activities.
  • “It seems that every week there’s a new channel or emerging trend for hotel operators to keep up with, and decide whether there is a real opportunity or if these are just distractions.” He adds, however, that a GDS is “definitely a significant opportunity” for hotels.
  • If you want to be visible and bookable … your hotel needs to be on those supermarket shelves whenever and wherever your guests go shopping for a hotel booking,”
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  • More leisure travellers are also getting caught in the GDS web. The use of global distribution systems across corporate and leisure travel is on the rise, with the total number of travel agents using a GDS increasing by 14 per cent from 2011, according to market research by Phoenix Marketing International.
  • Live rates and availability are sent from a hotel’s property management system (PMS) directly to the GDS and online booking websites through SiteMinder’s Channel Manager. As soon as a reservation is made on the GDS or an online booking website, the Channel Manager instantly reduces inventory across all channels, including the hotel’s own website, and automatically delivers the reservation details back into the PMS or central reservation system (CRS).
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    True statement was given by Chestler on this topic. GDS have a lot of positive contribution to hotels and brings a lot of opportunity as it is growing. He even compare it to a supermarket. this system emerges and give a good impact on the hospitality industry's revenue.
leahesper

Business Insider - 0 views

  • Although Blockbuster began a rentals-by-mail and streaming service belatedly in order to fight against competitors like Netflix, they didn’t come on strong enough or soon enough.
  • It was a battle between old technology and new technology, and it looks like new technology won out in the end.
  • That being said, Netflix is definitely the most successful of these Blockbuster-replacement services and has been steadily gaining traction over the years
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  • They started out as a DVD rentals-by-mail service and business has been booming ever since they introduced a streaming subscription service as well.
  • “Back in 2000, Blockbuster declined several offers to purchase Netflix for a mere $50 million.”
  • Blockbuster is certainly hitting themselves for not jumping at the offer, which may have seemed irrelevant and unimportant at the time.
  •  
    I chose this article because I believe it is a perfect example of how to make the most out of the technology revolution! Blockbuster did not see the opportunity fast enough and so Netflix put them completely out of business. There are advantages and disadvantages to the "wait and see" approach but I think in this case, Blockbuster missed out on a huge opportunity and they didn't look into the future as they should have. As technology is constantly evolving, the only way to keep up is to stay current.
kcamp110

10 Reasons Why Networking Is Essential For Your Career - 0 views

    • kcamp110
       
      " no man is an island"
  • Avenue for newer opportunities When people start noticing you, it opens the door for newer opportunities. Business and career-minded individuals who have networked over time have been able to expand with minimal effort because of the avenue of newer opportunities opened to them through networking. Opportunities like meeting the right clients or even meeting people that are superior to your career path could be a stepping stone that could change your life for the better
    • kcamp110
       
      10 Reasons Why Networking Is Essential For Your Career
anonymous

The $28 billion opportunity for hotels | PhocusWire - 0 views

  • Ancillary bookings represent a significant opportunity for hotels to add revenue while increasing guest engagement. The airline industry adopted the practice of cross-selling and up-selling trip extras more than a decade ago with impactful results.  How can hotels do the same and best complete their guests' travel experience by offering products beyond hotel rooms?
  • This article will share some of the findings of the new white paper, which show that the majority of business travelers surveyed are very interested in purchasing either on-site or off-site extras. The research also identifies business traveler segments and details the preferences on when, where, and what extras business travelers are interested in buying.
  • business travelers are receptive to offers that will make booking their trip easier.
  • ...7 more annotations...
  • Hotels that participated in the white paper cited reasons why they do not currently offer ancillary services. Many talked about resources, including a lack of technology to streamline ancillary offerings for both on-site and off-site trip extras. With many hotels having their staff and management doing multiple jobs, hotel management is reluctant to add another task to management’s plate. This highlights the need for digital ancillary technology to address these valid concerns and reduce such effort while simultaneously scaling the operation.
  • managers are focused on perfecting the on-site process, instead of branching out and offering new services to differentiate their brand from their competitors.
  • Hotels, both large chains and independent boutiques, can learn from other companies in the travel sector who have successfully implemented an ancillary sales strategy.  Airlines were quick to offer ancillary services more than a decade ago. Now these non-core services such as priority booking, baggage fees and car rentals make up an estimated US$28 billion in revenue annually for the top ten airlines. This trained travelers to  purchase travel add-on services during checkout, and at other cross-sell merchandising points such as confirmation emails.
  • ancillaries that increase productivity provide value.
  • Trip extras that increase productivity include wifi access, early check-in/ late check out to continue working between meetings and travel. More than 70% of business traveler respondents indicated they are interested in purchasing more than core hotel products such as on-site dining, retail sundries and transportation options
  • Business travelers surveyed were most interested in purchasing off property local dining (36%), access to fitness/wellness activities (32%), and tickets to live shows/ events (31%), while in destination or on the day of service.
  • An ancillary strategy that is managed and implemented, with constant communication at the individual properties, can offer a consistent guest experience across the brand. Off-site ancillary offerings are opportunities for hotels to access more wallet-share for the business traveler’s trip. Offering car rentals, or restaurant reservations through strategic partnerships and additional loyalty points add revenue streams to the hotel, boosting profits without increasing ADR.
  •  
    The article describes how hotels have been late in adopting the cross-selling and up-selling trip extras that airlines have been so successful with over the last decade or so. It also summarizes the results of research done by Phocuswright with iSeatz which found that the majority of business travelers surveyed are interested in purchasing additional on-site extras and off-site extras. The research also found that the hotels that were surveyed cite reasons such as a lack of technology and stretched resources at hotel level as barriers to implementation.
  •  
    The author fails to recognize that the e-commerce platforms developed by the airlines over the past decade have been focused on selling unbundled extras, whereas until recently the hotel e-commerce platforms have been very focused on offering the customer bundled packages and only had limited capability for up-selling and cross-selling.
marble_bird

Recognizing-events_4.0.pdf - 1 views

shared by marble_bird on 22 Jul 20 - No Cached
  • The purpose of this research is to explore and define the digital maturity of events using the Industry 4.0 model (I4.0) to create a definition for Events 4.0 (E4.0) and to place various relevant technologies on a scale of digital maturity.
  • These surveys and the thorough literature review that preceded them allowed us to map the digital technologies used in events to levels of a digital maturity model.
  • This study has responded to calls from the academic literature to provide a greater understanding of the digital maturity of events and how events engage with digital technology.
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  • We found that engagement with technology at events and delegate knowledge satisfactorily coexists for and across a number of different experiential levels. However, relative to I4.0, event research and the events industry appear to be digitally immature.
  • Events are in the midst of rapid social and technological change. With a growing variety of technological means, the industry is fast-paced and increasingly delivered to a discerning consumer market while finding ways to connect with consumers through technology
  • Digital technology is the thread of the fabric of organisations (Li et al., 2018). It is an increasingly important part of how they engage with their customers.
  • Moreover, engagement with events as fans, spectators, delegates or organisers can be augmented with digital technology by improving access and sociability capabilities, refining the personalisation of events, and thereby creating enhanced experiences.
  • As we advance into what many in business and academia consider to be a fourth industrial revolution, the capacity to control and exchange data electronically has extended our ability to create, edit, maintain, transmit and retrieve information.
  • I4.0 can be described as the digitisation and automation of the manufacturing environment. It also creates digital value chains to enable the communication between products, their environment and business partners. Digital applications have impacted the tourism sector too giving rise to ‘Tourism 4.0’
  • The events industry is an ideal environment to benefit from the implementation of a widespread digitised approach with numerous organisations empowering managers and improving the overall event experience with the integration of extensive ICT practices and systems.
  • With the more widespread adoption of digitalization in event delivery and as the supply chains of all events become intertwined with technology, we can learn how the digital maturity of events in the 21st century is shaping event management and event control.
  • The team set out to answer the following research questions: RQ1. Can digital maturity in events be defined? If so, RQ2. How should the levels of digital maturity of events be classified with regard to the digital maturity of the events industry and the development of event management theory?
  • Successful events are no longer measured by simply achieving a respectable attendance, a great deal more engagement is manifest through digital technologies
  • Successful events require organisers to create something that is considered by those who attend as a valuable and memorable experience (Pizam, 2010; Tung, 2011). Creating memorable event experiences can be described as being dependent on a number of factors including creating regular attendee engagement, providing appropriate activities, relevant subject matter, topical and contemporary focus and targeted to a sizable receptive audience.
  • technological factors being one of the most important areas of demand for companies along with the implementation of I4.0. SMEs (Small to medium enterprises) are [lagging] behind in developing strategies to implement new solutions.
  • The development of digital maturity in events can be compared to smart tourism, which Gretzel et al. (2015) expressed as a logical progression from traditional activities. Smart tourism is characterised by an ability to transform large amounts of data into enhanced tourist experiences and increased destination competitiveness thanks to the interconnection of the different stakeholders through latest ICT advancements
  • As the components of I4.0 become more prevalent in the events industry, much value can be obtained from understanding how businesses are adopting new levels of digital engagement in order to engage their audiences
  • it is prudent to suggest that the survival, and future success of events can depend upon digital maturity and transformation
  • owever, dealing with digital maturity requires careful attention as Neuhofer (2016) urges caution advising that applied technology solutions have proven to have the ability to create or destruct the value of the experience.
  • I4.0 therefore acknowledges the impact of connected computers with the key constituents being cyber-physical systems, the Internet of Things, cloud computing and cognitive computing
  • highlighted that the use of communication networks globally has risen dramatically and become ubiquitous due to the rise of smartphone ownership. This has been fuelled by social media, apps and faster broadband speeds to create a networked society
  • By combining the Internet of Things data and big data (extremely large data sets that may be analysed computationally to reveal patterns, trends and associations, especially relating to human behaviour and interactions), event managers are able to create a competitive advantage.
  • As event companies develop new and innovative ways to connect, the events themselves are absorbing aspects of I4.0 at every stage of the process; pushing the boundaries of event experiences far beyond the physical world
  • They are used to promote events before, during and after delivery and are used to gather data and inform decision-making. Generating responses from an event can be achieved using a number of methods and through both qualitative and quantitative data.
  • With the advent of big data and analytics, new sources of valuable data are available to guide decision-making processes in a more informed manner. Businesses were once looking at historical data, but advances in database technology and system processes have led to near real-time data collection and analytics
  • Failure to adopt aspects of digital technology does not necessarily suggest a poor experience or the end for those businesses less digitally mature; not every event business relies on this kind of data support to survive. Instead, this research provides an opportunity to better understand where event businesses do engage and more importantly, how communication between non-digital and fully integrated individuals/businesses can be improved.
  • Digital maturity and transformation today differs from previous periods as it not only provides the change in the main business processes but also reveals the concepts of smart and connected products through service-driven business models
  • Our analysis begins with an attempt to uncover the potential challenges, on-going developments and various strategies that will provide the events industry and academics with a forward-facing approach to the growth of technology within events. By including industry professionals and academics, the research contributes to bridging the gap between practise and academia.
  • Because the research and empirical data collection includes industry perspectives, we believe this research will provide value to event managers, marketers and practitioners around the world who wish to understand more about the digital maturity of events.
  • After conducting the social media analysis (1), it became evident that the discussions appeared to be around topics that utilise digital technology rather than the technology itself. Furthermore, and probably a reflection on the value of the group, a lot of the data included questions about understanding the topics rather than providing usable information to our research.
  • We did not have detailed information about the precise characteristics of the individuals who contributed to the dataset of posts. However, to an extent, their roles listed in LinkedIn were informative. These included events consultants, social media managers, marketing professionals, EventTech managers, CEOs at tech companies and events students.
  • Although this response rate of 52 academics may be considered low, this did allow for the creation of the initial insights into the E4.0 concept and crucially it provides a starting point to better understand the levels of the developing digital maturity model.
  • The most referenced themes were social media, marketing, apps, GDPR and mobile. The top 14 themes are shown in Figure 1 below.
  • The results of the thematic analysis reveal the most pertinent events and technology topics in this group in the time period specified. The most common topics were social media and marketing. Marketing appeared alongside other topics as a verb, a noun and an adjective. This certainly influenced its prominence.
  • This statement reinforces the knowledge and general use of social media during events. Mobile and event apps were recognised as presenting opportunities to enhance events and were considered to be a permanent part of events.
  • Carefully managed and fully integrated data and digital systems including social media, apps and CRM create digital value chains to enable the communication between events, their environment, and business partners.
  • Event organisers invest heavily on social media engagement and expect a great deal in return through social media retweets, tagging and sharing of images. However, it is just as important to understand if delegates consider technology at events that important.
  • Our expert respondents were asked if they considered the events industry to be at the cutting edge of technology. Responses were largely supportive of the suggestion that it is. 64% agree, 22% neither agree nor disagree and 14% disagree.
  • Online registration/digital booking was very familiar with 65% ‘extremely familiar’ with the technology.
  • The survey also collected a selection of qualitative data as respondents were asked to if there were any specific examples of connected/digital technology considered to be essential to the delivery of an event that had not been discussed in the survey. Significantly, 23% answered no to this question.
  • With regard to the digital maturity of the events industry affecting the development of event management theory, the literature review indicates that academics are making contributions to theory and a broad understanding of digital technology exists.
  • industry appears not to be digitally mature. Also, our findings suggest that relative to I4.0 not all events are digitally mature. Therefore, the ‘digital immaturity’ of the events industry may be having some effect on event management theory
  • It became evident from the survey that many respondents suggested they were not familiar with technology that they would all have experienced.
  • The results from the survey suggest that widespread academic understanding of technology at events is extensive. Some digital technology is considered routine, while other comprehensively used technology appears to be unfamiliar to the end user.
  • The growing digital maturity levels form the foundation for E4.0 and will contribute to what Gerbert (2015) described as greater efficiencies and changing traditional relationships among suppliers, producers, and customers.
  • Therefore, satisfaction from the event comes down to providing delegates with the right communication levels they need to complete their individual objectives. This can range from the most basic social engagement to the gathering or observation of big data. Events are evidently a melting pot of experiences and goals and not all of them demand the highest levels of technology to complete.
  • Artificial intelligence has the ability to provide events with endless systems that sense, learn and decide throughout the delivery process though many gaps exist.
  • The data also indicates that there is good knowledge across all types of digital technology. This is reassuring for the development of education as the events industry embraces digitalisation
  • However, as more value is placed on the use of digital technology and events mature through greater access to technology, we see the emergence of an E4.0 era.
  • Thus, this model anticipates that events will grow in their digital maturity to level E3 and E4. Thus, digital technologies may become sufficiently embedded so that data related to one element of an event will be used to inform other elements of an event in real time
  • Online registration and wearable technologies such as delegate smart badges are superficial digital experiences and only considered as a process rather than as a fully perceived digital experience.
  • Our findings indicate that digital communications have enabled a shift in the content of events, marketing and the use of social media as a communication tool before, during and after the event.
  • On the limitations of our research, one might argue that engagement with technology, or indeed lack of it, does not provide evidence of the immaturity of digital technology in events. However, the digital maturity model that we propose is principally informed by the literature on digital technology and events.
  • This research has provided a revealing perspective on the use of digital technology in events. It has built on theory that has been previously developed in this and similar subjects of research, such as business and tourism. From this, the research can claim a number of contributions. It (i) provides an empirical investigation into how event businesses and individuals engage with digitally technology at events, and (ii) it provides a definition of E4.0 and other preceding levels that contribute to digital maturity.
  • Our research has shown that event delegates are aware of the ability to communicate in a reciprocal process with technology rather than through a linear/top down process. This in itself is evidence of E4.0. Furthermore, this research highlights how industry is continually striving to optimise the delegate/event relationship through apps and other technology. The industry’s on-going mission to create deeply flexible communication opportunities is eliminating the possibility of gaps in the communication process in order to optimise delegate engagement at events.
  • A broader discussion on potential issues such as IT & data security, skill-sets, expensive production costs and outages; these are significant problems within internet and cloud-based technology. Furthermore, the emerging topic of E4.0 itself requires both conceptual and empirical development.
  • This research has shown that there remains a great deal to discover about the use of technology at events and many opportunities exist for further research from academics and practitioners working together to provide mutual benefits for both industry and education.
  •  
    This article covers a study performed to determine the digital maturity of events. The research conducted reveals that the majority of industry professionals are aware of technology in events. The study ultimately finds that events have a low digital maturity, but high potential for advancement. The article also addresses the limitations of the study performs and agrees that additional research should be performed to determine the relevance of technology in the events industry while acknowledging that digital engagement is not necessary or conducive to every type of event.
  •  
    This article has discovered the fact that the event industry was digitally immature. It also introduced a new concept which is called E4.0 into the academic literature. The article is meaningful since it has filled a gap in the literature relating to events and digital maturity and responded to some of the calls for research. The authors were also planning to make further research on E4.0, events, and digital maturity. They have mentioned that the studies on E4.0 itself were also requiring deeper research.
obena010

The Advantages of Hotels Using a Global Distribution System (GDS) - 1 views

  • Global distribution systems (GDS) have been a mainstay in the travel industry since travel agents began using the systems in the 1970s.
  • The main purpose of a global distribution system is to help travel agents search for hotel accommodations that fit a set of criteria.
  • They create a common entry point for multiple travel agencies and travel agents to access accurate information about travel reservation availability and prices.
  • ...25 more annotations...
  • 2) More Revenue
  • 1) Reach Market Segments Globally
  • This little piece of technology saves time and will lead to greater exposure for your property
  • 4) Instant Updates
  • 5) Grow The Lucrative Corporate Segment
  • 3) Growth Opportunities
  • GDS is an important mix into larger properties’ distribution channels. Improve your visibility to the one of the most profitable guest segment – the business client – and see your revenue grow.
  • The GDS can help hotel managers uncover new market segments to promote their products. In many cases, hotel operators discover through the GDS that there are traveler market segments interested in the products that they couldn’t previously reach. Leverage this channel’s distribution reach to be seen in a travel ecosystem that can get you lucrative corporate & group bookings. GDS Hotel bookings often result in multiple nights stays.
  • A lot of travel agents who specialise in corporate travel use a GDS to get their clients booked quickly and efficiently.
  • sing a GDS? Glad you asked! Here are some ways that it makes a hoteliers’ job more effective and efficient.
  • A lot of travel agents who specialise in corporate travel use a GDS to get their clients booked quickly and efficiently.
  • A lot of travel agents who specialise in corporate travel use a GDS to get their clients booked quickly and efficiently.
  • A lot of travel agents who specialise in corporate travel use a GDS to get their clients booked quickly and efficiently.
  • Global distribution systems (GDS) have been a mainstay in the travel industry since travel agents began using the systems in the 1970s.
  • A lot of travel agents who specialise in corporate travel use a GDS to get their clients booked quickly and efficiently.
  • A lot of travel agents who specialise in corporate travel use a GDS to get their clients booked quickly and efficiently.
  • Global distribution systems (GDS) have been a mainstay in the travel industry since travel agents began using the systems in the 1970s.
  • Global distribution systems (GDS) have been a mainstay in the travel industry since travel agents began using the systems in the 1970s.
  • It is a business-to-business system used by companies to stay on top of real-time data about the availability of travel arrangements, such as hotel rooms, to sell them to customers planning to travel
  • sing a GDS? Glad you asked! Here are some ways that it makes a hoteliers’ job more effective and efficient.
  • A lot of travel agents who specialise in corporate travel use a GDS to get their clients booked quickly and efficiently.
  • Hotels generate more revenue through a GDS because it places the hotel’s information, availability and rates in prominent locations where it is easy for travel agents to find.
  • Agent increase in use of GDS systems over the past 2 years: USA- 30%, Latin America- 49% , Europe & Middle East-47%, APAC-64%.
  • Through the GDS, the agents have access to live rates and availability, and they can easily book rooms for their clients.
  • This little piece of technology saves time and will lead to greater exposure for your property
  •  
    GDS has been around since the 1970s and is extremely beneficial for the hotel industry. It creates a common entry point for several OTA's and travel agents so that they can obtain accurate information about the hotels. 5 Benefits to GDS in hotels: Reach market segments globally, more revenue, growth, instant updates and growing the corporate segment. All these benefits of using GDS can result in greater exposure for the property.
  •  
    With the growing of the travel industry the GDS is a great tool that many travel agents use to narrow the search of what exact details they are searching for. GDS is an efficient way for agents to promote their product and services. This tool helps with the aspect in business such as revenue generated, growth opportunities, and give instant updates on rates so there is no secret.
  •  
    Five benefits of using a GDS's. Talks about reaching a global market, improving revenue growth opportunities and the ability to have live updates for prices.
mtedd003

UN report: Time to seize opportunity, tackle challenge of e-waste | UNEP - UN Environme... - 0 views

  • The world produces as much as 50 million tonnes of electronic and electrical waste (e-waste) a year, weighing more than all of the commercial airliners ever made. Only 20% of this is formally recycled.
  • worth over $62.5 billion
  • Global e-waste production is on track to reach 120 million tonnes per year by 2050 if current trends continue,
  • ...8 more annotations...
  • $62.5 billion, more than the GDP of most countries.
  • Less than 20% of e-waste is formally recycled, with 80% either ending up in landfill or being informally recycled – much of it by hand in developing countries, exposing workers to hazardous and carcinogenic substances such as mercury, lead and cadmium.
  • improper management of e-waste is resulting in a significant loss of scarce and valuable raw materials, such as gold, platinum, cobalt and rare earth elements.
    • mtedd003
       
      The resources not consumed but still existing in landfills.
  • circular economy in which resources are not extracted, used and discarded, but valued and reused
  • Nigerian Government, the Global Environment Facility and UN Environment announced a $2-million investment to kick off the formal e-waste recycling industry in Nigeria.
  • 100,000 people work in the informal e-waste sector in Nigeria.
  • PACE is a public-private collaboration mechanism and project accelerator dedicated to bringing about the circular economy at speed and scale.
  • The UN E-waste coalition is a group of seven UN agencies who have come together to increase collaboration, build partnerships and more efficiently provide support to Member States to address the e-waste challenge.
  •  
    The Platform for Accelerating the Circular Economy (PACE) is a public-private group consisting of more than 50 heads from various internal and external organizations. The group intends to fight the route cause of e-waste by repairing the method for which technology is recycled. The plan of action is to establish a circular economy. Materials are consumed, trashed, and eventually sent to landfills or sent for workers in toxic unsafe conditions to extract the precious materials. The world produces 50 million tons of e-waste annually, accumulating a worth of almost $62 billion. 80% of e-waste is improperly recycled in dangerous polluted conditions, creating an environmental hazard and unethical work conditions. Valuable resources such as gold, are also lost due to this poor method of recycling.Nigeria is one of the many countries that has exploited thousands of workers in the recycling of e-waste. In an effort to reform this issue, the Nigerian government has invested $15 million to employ PACE's circular economy. The design of a circular economy allows for products to be either made for longer use or recycled in a sustainable way. The circular economy will allow for a more efficient and environmentally friendly method of harvesting these resources while providing sustainable job opportunities.
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