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dvieg001

3 technology trends that will shape how restaurants function in 2022 - 1 views

  • Between labor shortages, supply-chain disruptions, and rising inflation, it’s a wonder the industry survived the past 12 months at all
  • 7% of respondents either somewhat or strongly agreed that adopting new technology over the last two years has been critical for the survival of their business.
  • Contactless will be the set standard
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  • COVID accelerated digital adoption in hospitality.
  • More and more of the business of running a restaurant — from ordering to payment — has been put in the hands of the customer.
  • Unique loyalty programs to give guests reasons to return
  • Restaurants that have implemented a pay-at-the-table solution have the capability of integrating loyalty and reward programs directly into the checkout process.
  • A lot of the traditional touchpoints in the dining experience have been transformed thanks to the widespread adoption of QR code digital menus, self-ordering, and self-payment options accessed via smartphones.
  • Human servers will never be fully replaced by technology, nor would many diners ever want them to be. The human element is still a key part of the experience for many restaurant-goers.
  • A cold, fully contactless experience isn’t what guests are craving. They want more convenience and control, certainly, but also more connection.
  •  
    This article explains how the restaurant business has adapted new technologies to overcome changes that came after COVID-19. The usage of these technologies allow the restaurants to minimize the contact points during the experience while also giving the option to the patrons to customize their experience as they want. It also talks about how technology is not a replacement for server or bartenders because the human contact is still part of the hospitality business
Danaisy Abascal-Yero

What's the Impact of Artificial Intelligence in the Hotel Industry - 0 views

  • help automate the customer support experience for their customers
  • It can help you magnify your business revenue and profits and scale your business to new heights.
  • It has helped businesses to improve the areas where businesses lack and optimize the customer service, maximize workforce efficiency, minimize time and effort, and scale business revenue and profits.
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  • With the introduction of AI and digitization in the hospitality industry, chatbots have become the preferred assistance for hoteliers to handle multiple guests.
  • You can get a holistic view of the profits, expenses, and other factors to remain on top of business cash flow. A
  • help you extract valuable data points from a large volume of data that can enable you to make well-informed decisions to increase your business numbers.
  • AI communication tools can help you answer queries around the clock in different parts of the world in different languages.
  • With quality 24*7 customer support, our team can help you solve the dynamic issues and problems that can help you clear the blockage in your business workflow.
  •  
    This article speaks about the extensive impact that artificial intelligence has on the hotel industry. The hotel industry was good before, but these new futuristic and techy advancements deliver premium guest experiences that create an everlasting effect. In return, it assists in expanding the business revenue, along with the profits, and creates a larger scale for the business. Some of the ways that big hotel brands are incorporating artificial intelligence is using chatbots. Chatbots help automates the customer support experience so customers are well directed in the right direction. Not only does it offer premium experiences, but it helps businesses to understand the customer's wants and needs to do so. It's a chain reaction. In hotel operations specifically, it helps to deliver a higher level of efficient and effective results when the demand grows higher. It also minimizes guest management time and effort. It is great for hotel operations, revenue management, next-level personalization, data analytics, and multilingual booking experience.
chadidscha

Electronic Waste Recycling: A Global Problem in Need of Solutions - 0 views

  • Cellphones, computers, and other technological products contain a number of valuable materials that must be mined. Rare earths, gold, palladium, copper, and more all reside within our cell phones, TVs, and more.
  • These valuable materials are acquired through intensive mining operations. The recycling of such materials from our old gadgets would allow us to reuse these valuable materials, ultimately requiring less mining and conserving our finite resources. According to the EPA, the recycling of one million cell phones yields 35,000 lbs. of
  • The toxic components in e-waste not only pose risks to workers in developing nations, but they also pose risks to the environment; where e-waste is either improperly handled or disposed of, there is risk of soil and groundwater contamination.
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  • Many have pinpointed improved legislation, advancement in recycling technologies, increased education, and more convenient recycling programs for resolving the electronic waste crisis. Some companies have already jumped on the bandwagon toward finding improved recycling methods.
  • The Washington-based company behind Redbox and Coinstar has developed a line of ecoATM kiosks, where consumers can conveniently sell their old phones for cash on the spot where they already shop.
  •  
    Electronic waste is a growing problem which affects our soil, groundwater, and more due to improper disposal. This problem was considered a conflicting issue in developing countries in the past; however, that no longer holds truth. Many nations and various companies have become more and more of this issue and try to tackle it by implementing legislations and recycling centers, which allow for proper e-waste disposal. The problem at hand can be dealt with, but a world-wide team effort is needed in order to combat this dilemma.
sydneywolfson

The Impact of AI on the Hospitality Industry | by Willa Zhou | Towards Data Science - 0 views

  • Countless hospitality industry leaders are increasingly leveraging the use of one specific tool in their hotels to increase personalization and exceed customer expectations: artificial intelligence or more commonly known as AI.
  • More and more hotels, especially large global hotel chains such as Marriott International, Hilton Hotels & Resorts, and Caesars Entertainment, have started implementing the use of AI in their hotels in the form of chatbot messaging, AI powered customer service, and data analytics in hopes of redefining the current industry standards on a personalized guest experience.
  • Marriott International, for example, has multiple chatbots including Marriott Rewards chatbots which are available on various platforms such as Facebook Messenger, Slack, WeChat, and Google Assistant (Bethesda
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  • By allowing guests to communicate in their native languages, chatbots seamlessly remove the language barrier with guests from all over the world
  • ilton introduced the world’s first AI powered hotel concierge robot named Connie, after its founder Conrad Hilton,
  • Connie was developed in collaboration with IBM with three main goals in mind: to decrease wait time in line, provide added efficiency in hotel operations, and surprise guests with an innovative and completely unique too
  • Connie is able to inform guests on hotel features, local attractions, and dining recommendations just like any front desk agent, concierge, or hotel phone operator would
  • Besides customer service improvements through chatbots and concierge robots, AI has also impacted the hospitality industry with the use of data analytics.
  • AI demonstrates a real promise in increasing convenience, enhancing personalization, as well as raising satisfaction and loyalty for hotel guests
  •  
    This article talks about AI in hotels. For example, the article mentioned the use of chat boxes for Marriot International. Another example is Connie, the first AI powered hotel concierge robot at the Hitlon. It is a unique tool and can help decrease wait time and provide added efficiency in hotel operations.
katvillaverde

Cybersecurity: A modern hospitality challenge - 2 views

  • These examples show that cybersecurity is an essential concern for both our private and our professional lives, as it can avert potentially disastrous information leaks.
  • The hotel Wi-Fi, for example, could be used to access guest’s private devices, such as mobile phones and laptops, or personal guest information could be leaked from hotel servers and databases if their protection is lacking
  • hey are a specially weak spot for hotels, as every process, be it online bookings, drinks at the bar or treatments at the spa, requires payment by credit card.
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  • T
  • The hotel’s problems start with a loss of trust and therefore business by the guests who were affected, and go on to legal issues which could potentially lead to time and money consuming lawsuits.
  • his could include staff training and awareness, regular system checks, as well as the conducting of regular risk assessments.
  • By being ready and equipped to deal with such incidents, the impacts of cyberattacks can be managed and therefore lessened.
  •  
    This article explains how hotels are very prone to cyber attacks since they store personal information of millions of travelers every day. They need to win over the trust of the guests.
kbroo026

Why restaurant data analytics are a necessary tool for success | Nation's Restaurant News - 0 views

  • Recent trends such as diverse sales channels
  • create a multi-layered restaurant operating environment, turning data analytics into a necessity rather than an option.
  • A central repository refers to
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  • the harmonization of records that creates a platform for activities, records, and transactions to be easily accessed, shared, and analyzed.
  • Information from data analytics should be simple, relevant, and accommodative to operations. Easily understandable metrics, such as weight-based food waste
  • represents simplicity.
  • Management should foster culture on “let’s look at the data first” instead of solving issues based on anecdotes and hypothetical terms.
  • Similar to an organized kitchen with streamlined production, restaurant management should take the same approach with data analytics. Organized data enables organizations to get a finger on the pulse of their business.
  •  
    Restaurants have long focused on improving kitchen efficiencies, but they now need to also focus on data efficiencies. Analyzing sales and labor reports on a daily basis rather than weekly allows managers to make more timely decisions that impact revenue and profit. Data should also be presented in simple, meaningful terms which benefit managers and line staff. Owners and GMs need to foster a "data first" culture when seeking to improve efficiency, service, and value.
waldjustin13

Father of Disruption Theory on Why Netflix Not Uber Is the Perfect Example - 3 views

  • The primary reason why Netflix is disruptive is that, when it launched its mail-in subscription service, it didn't go after the core customers of competitors like Blockbuster.
  • A disruptive company targets segments of the population that have been overlooked by its competitors, delivering an inferior (but more tailored) alternative, often at a lower price.
  • In the case of Netflix, the huge shift came with the rise of streaming video.
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  • The reason why disruptive companies are often able to rise so quickly is that their larger competitors overlook them.
  • But not every company that is innovative is disruptive
  • When it launched, Uber didn’t go after overlooked segments of the population, or provide a cheaper alternative to taxis. Uber just made a more convenient taxi system using your smartphone, going after the taxi companies’ core business right from the start.
  • It keeps the advantages it had at the beginning, and adds the things mainstream customers want.
  •  
    This article discusses why Netflix is the perfect example of a disruptive innovation and why Uber is not a disruptive company. "Not every company that is innovative is disruptive." Before Netflix exploded, it was overlooked by its competitors, which is part of the reason why it was able to rise so quickly.
psanc081

Smart hospitality-Interconnectivity and interoperability towards an ecosystem - 0 views

  •  
    Collection of data from internal and external allow the managers to use mention data to analyze, forecast and plan on marketing, channels of distribution and financial indicators such as occupancy, ADR, RevPAR, and costs.
naxiang2001

The sustainability tech trend changing the meaning of 'new' - 0 views

  •  
    This article discusses how new developments in technology are changing sustainability initiatives. However, in contrast to many of the discussions this week this article is not talking about sustainable trends in the technology industry but rather how technology can help encourage sustainability in other markets as well. For example, in this case the article is discussing how developments in apps and online sharing have created a whole new network of people buying and selling used and repurposed items on line. These kinds of applications are rewriting the meaning of a "new" item and helping to increase the useful life of items and decrease the amount consumed. Often times it seems people shop simply for the novelty of purchasing something new and exciting purchasing a used item from someone else can create this same feeling as it will be a new item for the person purchasing however this is a more sustainable supply line as the items are not simply thrown out after one period of usefulness. This new second hand market is also highlighting how much longer of a useful life many items have beyond that of their first owner.
jsanc478

Getting E-waste Right | Green Lodging News - 8 views

  • In the past decade, televisions have grown bigger, then flatter, then bigger again. The emphasis is on the new: buy now, because your old television is clearly, decidedly obsolete.
  • The demand for the current and the top of the line strikes a chord especially in the hospitality industry.
  • equal to, or greater than, those offered by their competitors.
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  • The result is a product cycle that matches the pace of innovation:
  • Between consumers and businesses, an estimated 50 million tons of electronic waste is disposed of each year. Some of that is recycled properly. The rest is not.
  • Nearly 400 million units of consumer electronics are sold per year. Relatively light regulations and recycling standards result in th
  • Multiple Solutions for Hoteliers Despite the doom and gloom, there are a multitude of solutions to the hospitality industry’s e-waste problem.
  • The remaining 86.4 percent made its way into landfills,
  • Old TVs and computer monitors contain lead, cadmium and brominated flame retardants; all of which are hazardous to personal and environmental well-being.
  • 90 percent of the e-waste that is recycled is sent overseas.
  • Developing countries have become ground zero for e-waste collection
  • . According to the U.S. Environmental Protection Agency, only 13.6 percent of all e-waste was recycled properly in 2007
  • That hotels upgrade their televisions is not an issue as long as their existing units are recycled properly
  • It starts with awareness:
  • Then hoteliers can move to change a different statistic:
  • , hoteliers should seek out domestic recyclers and take care of their e-waste recycling with proven, safe commodities.
  • Environmentally responsible, eco-savvy hotels are in vogue right now, appealing to customers with promises of sustainable travel and accommodation
  • Sustainable building materials, recycling services and even linen reuse programs are tangible ways for guests to see that their hosts are eco-conscious.
  • Green Hospitality with a Backbone
  • Green hospitality makes money, but it mustn’t be without a backbone.
  • Actual green hospitality outweighs the appearance of green hospitality
  • organizations hop on the sustainability bandwagon, it is more important than ever that recycling becomes permanent,
  • This means actively looking for and implementing recycling solutions, not simply shipping our problems overseas.
  • e recycle and reuse more than ever. B
  • E-waste recycling, for most people and companies, is not a day-to-day occurrence, which means we should be ready to handle it when the time comes
  •  
    This article is based on how we can improved e-wastes on doing little changes that will benefit on our future. Most of the e-waste is not recycle properly, we buy things after things and more after more, every time a new technology comes up there is the motivation on buying what is the lasted cool technology, and what about what we have , where does it go ? to the trash or recycle, but we do not know where that recycling goes, I believe learning more about it will help on our routine of how to recycle better and help with this process to proceed right.
  •  
    We quickly move to 'next' as far as technology goes and rarely think about how to get rid of it when obsolete. In the Caribbean for example, there are not may recycling plants for e-waste, in fact, many rarely do recycling on a whole. In the Turks and Caicos, disposing of a television or a phone is as simple as throwing it in the trash among everything else. What happens next? It goes into the landfills and there they lie. Imagine the toxic waste from over 40,000 inhabitants on a small island. While moving with the crowd seems to be the way of the world, I believe government entities must act swiftly in ensuring e-waste is disposed of correctly to preserve this island and its inhabitants for generations to come. The technology should not outpace the disposal thereof.
artandmer

Best Way to Display Photos in Weddings using Social Walls - 1 views

  • Technology has changed the way we interact with our weddings.
  • Most of the couples prefer having a website for a wedding combined with a Social wedding wall.
  • In Social Walls, Text, photos and video messages which are posted using the special wedding hashtag, are put together with the help of social media aggregator tool.
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  • after moderation, they are posted live
  • You can easily display a social media stream over an LCD screen or big plasma installed at the wedding location
  • The wedding hashtag you created for the posts should be placed somewhere where it is clearly visible
  • It’s a great way to see a wedding from multiple perspectives.
  •  
    Hotel certified wedding planners and event and catering managers can promote social media walls to weddings, social groups, and business conventions to not only enhance the guests' hotel experience, but to also generate organic UGC (user generated content) to use in its social media marketing strategy. A relatively minimal amount of hardware is required as building a social wall can be accomplished with either an LCD projector or LED screens and a social media aggregator tool. Hotels can create new revenue streams for their F&B Department.
CHARLENE ESCOE BARNETT

Top proximity marketing trends for 2021 - 1 views

  • Proximity marketing is expected to grow at a compound annual growth rate (CAGR) of 1.6% through 2021, expanding well beyond retail applications to benefit other businesses such as gas stations, restaurants, movie theaters, and hotels. Companies that now begin to make strides in understanding and integrating proximity marketing trends into their current strategic models will be at the forefront of their industries. 
  •  
    This article speaks about how companies from retail to hotels are using proximity marketing to reach their target markets. One constant with all is data capture. This trend is booming. As cited in the article, "Proximity marketing is expected to grow at a compound annual growth rate (CAGR) of 1.6% through 2021, expanding well beyond retail applications to benefit other businesses such as gas stations, restaurants, movie theaters, and hotels. Companies that now begin to make strides in understanding and integrating proximity marketing trends into their current strategic models will be at the forefront of their industries.
nsola015

What Are Self-Service POS Kiosks? - 0 views

  •  
    There are several pros and cons to self-service POS systems. Technology innovations will result in an increase in the amount of service businesses that will utilise self-service kiosks for contactless payments. Every business must evaluate which type of system would work best for the specific type of product or service offering. Retailers, restaurants, ticketing businesses and businesses with appointment checkins are likely to benefit from these systems. There are many solutions that can enhance customer service and business efficiency. Each business must carefully consider the advantages and disadvantages prior to investing in order to identify a system that fits.
imgonnarecit

Why unattended retail is exploding in response to consumer acceptance| NAMA 2022 | Retail Customer Experience - 0 views

  • A host of technologies and service concepts have come on the scene as of late: "smart" coolers, third party delivery, artificial intelligence, computer vision and biometric identity verification
  • Moderator Bill Moxey, director of strategy and planning at PepsiCo Inc., made one thing clear at the outset: Thousands of locations will be adding unattended retail concepts and technologies in the near future as the consumer's preference for self service is stronger than ever.
  • Consumers wanted to know exactly what they were getting… and they didn't feel pressure about somebody asking if they wanted a side."
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  • When consumers feel less pressure, they feel more comfortable…and we buy more," he said. They will spend 20% to 40% more per transaction in an unattended setting.
  • According to the research, half of consumers think unattended is faster and more than a third of consumers think unattended is more efficient, Moxey said. Two thirds say it is more comfortable, and one third like the ability to browse and purchase without interacting with employees.The biggest takeaway is consumers don't feel pressure and they feel safe.
  • When consumers get full control over the experience, they get more excited.
  • The expansion will include a projected 12,000 lodging sites, a projected 3,000 airports, a projected 11,000 health care sites, a projected 3,000 college and university sites (including gyms, libraries, common areas and auditoriums), Moxey said. The majority of expansion will be in healthcare, travel and recreation channels.
  • Coffey pointed out that consumers on average increased snack consumption from 2.2 snacks per day to over five snacks."The people at home were rewarding themselves between Zoom calls," he said.When they go back to work, these habits won't change, he said
  • lassman said the pantry/OCS future is hard to gauge since it depends on customer budgets. With economies scaling and budgets cycling, there will be some type of need, he said, but the scale of it is uncertain.
artandmer

Best Failover Routers for 2022 | Novotech Technologies - 2 views

  • An LTE failover router ensures that a network remains online and operational in the event of an internet outage. This is accomplished by including a secondary redundant internet connection that a network automatically switches to should the primary internet connection fail. 
  • A loss of internet connectivity, however brief, can have a substantial impact on a business's operations, resulting not only in lost revenue and productivity but potentially triggering a cascade of system failures.
  • A dual-WAN, or multi-WAN router allows simultaneous internet connection to two or more internet service providers
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  • Businesses and organizations are rapidly adopting more cloud-based services in their daily operations. This means automatic failover capability and uninterrupted network access have shifted from being merely valuable to being absolutely vital to keeping services running around-the-clock.
  • do your homework, and find a failover router that's right for your company
  •  
    This article explains the hardware (i.e. failover routers, dual-WAN routers) that are the key to internet redundancy when large business can not afford to have an outage. As businesses rely more and more on cloud-based computing, it is becoming more and more costly to have an internet outage. While the article might sell a good story, I don't feel like things are quite as good as advertised when trying to apply this in a hotel setting where oftentimes franchisor IT requirements only allow one static IP address and these routers require multiple IP addresses. I've personally experienced failures in the "last mile" of infrastructure (i.e. construction cuts a line or gophers chew fiberoptic cable) that even if the hotel has a failover router with multiple ISPs, the hotel would have experienced a complete outage due to the fact that both carriers were physically sharing the last mile. Maybe wireless network failover routers have more of a chance to thwart gophers and construction equipment? Conduct proper research to make sure your franchisor could accommodate a failover router.
vivduru

What will the metaverse mean for the hotel industry?   - Insights - 0 views

  • his principle idea – a fully immersive and persistent 3D
  • digital environment – is not a new invention. It’s been around since the ‘90s.
  • ach industry is scrambling to see how they can jump on this new concept that is destined to change the world. 
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  • realised that it can use the metaverse to sell rooms. Whereas before, guests only had photo
  • ustry has quickly
  • The hotel ind
  • s, copy, and reviews to go on
  • mmersive 3D tours 
  • This is what the future of holiday planning and window shopping will look like. 
  • n email with a polite hello and an offer to explore their other rooms could pique their curiosity and close some conversions. Perhaps you could automate a discount when they move to exit the tour? 
  • Making your event spaces metaverse compatible will make it a much more attractive location
  • The metaverse could also lead to a reduction in labour costs. By moving the front end booking office to the virtual realm
  • he hotel can also use the metaverse to improve the experience of the city or town they’re in. 
  • Let’s consider that 8 out of 10 Gen-Z and Millennial travellers emphasise the desire for a unique experience. 
  • from attracting and up-selling guests to improving events at hotel locations and improving the guest experience. A
  •  
    The Metaverse and what it means for the hotel industry. It is shifting the way hotels and events reach consumers. It is a new way in providing a different experience for customers in a way they could ever imagine. This article highlights this trend of the metaverse which is picking up and changing the way industries engage with consumers.Many companies are moving quickly to join the community of companies entering into the realm of the metaverse and what its impact has on costumer experience. The metaverse will drive workforce down and increase experience marketing tech touch for the consumer.
imgonnarecit

Cloud Computing Is Becoming the Default Setting for Enterprise Business - 1 views

  •  
    " It is a reasonable argument that the only reason millions of workers have been able to successfully work remotely over the past year is because cloud computing has reached a level of maturity that now makes working without the cloud unthinkable. Microsoft 365 is arguably the most widely used. Cloud computing is no longer a choice, but rather the default position of any organization that wants to remain competitive. The number of ShareGate desktop users performing on-premises SharePoint upgrades decreased by 19.7 percent in 2020. On-premises operations decreased by 60.63 percent. Operations to migrate from on-premises to the cloud increased by 37.2 percent. Cloud-based operations jumped by 50.1 percent. Cloud-to-cloud migrations increased by 67.9 percent and included the transfer of 144 percent more terabytes of data in 2020 versus 2019. Microsoft also made significant investments in industry specific certifications in financial services, energy, health and manufacturing to meet the stringent requirements of these heavily regulated environments, making it an even more attractive option for enterprise clients. He pointed out that companies that need extreme low-latency transactions, have geographical proximity restrictions or highly secure data handling needs should consider traditional methods as well as the cloud While security is improving, some old and new attack vectors remain for cloud-based applications. That threat landscape will continue to grow as the market for cloud and SaaS networks and platforms expands and bad actors follow the money. The cloud service providers are asking businesses to trade off convenience for control. That will never happen. Further, there is only one cross-cloud provider standard, K8. The other area in need of standardization is security notification. Every cloud provider reports security events to customers separately, with different languages and syntax. Cloud consumption is linear but cloud security notification is exponential.
bruss031

How Hotels Are Becoming Smarter to Adapt to Changing Times - 1 views

  • As one of the largest and oldest industries globally, hospitality has been adapting to a changing world for thousands of years.
  • the social distancing measures imposed by the Covid-19 outbreak have resulted in greater demands for cleanliness and contactless transactions. In contrast, concern over sustainability has made green initiatives a wise financial decision and a marketing necessity.
  • a 2019 PWC survey found that 70 percent of hospitality executives report being actively involved in IoT projects at their properties, compared to just 48 percent of executives from other industries.
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  • an IoT platform could save guest settings so that each time they book a stay at a particular property or brand, they will find the room tailored precisely to their preferences.
  • hotels are beginning to experiment with occupancy sensors in rooms, too (among other things) inform staff of the best times to clean a room to avoid guest disruption.
  • Hotels such as the YOTEL Boston, Aloft Cupertino, Renaissance Las Vegas, and Hard Rock Hotel Biloxi have begun experimenting with robot helpers to clean or provide contactless guest service.
  • For some hotels in Asia, robots proved to be the safest way to deliver food or vacuum the rooms of guests who were completing mandatory 2-week quarantine periods upon arriving in the country.
  • Starwood Hotels & Resorts has begun automatically adjusting indoor lighting in their public areas based on the amount of natural light entering the space.
  • the Wynn Las Vegas scans the temperatures of all people entering the hotel and pulls aside for additional screening of anyone whose temperature registers greater than 100 degrees.
  • In the future, facial recognition technologies could be used to allow staff to identify guests by name.
  •  
    While Covid-19 has caused some major challenges to the hospitality industry, the industry is particulairy known for changing and adapting to an ever evolving world around it. Covid created a big push for hotels and large properties to begin to assess their technology stratagies moving forward and the industry is expected to continue to see a large push for new advances in technology that not only will help to create more sustainable properties but an overall better and more enjoyable guest experience. While this does potentially create an overall more enjoyable guest experience, the upfront capital expenditures for properties could cause potential impacts to the bottom line as well as disrupt the guest experience during renovation times.
Adam Herrmann

IT Investment-Calculating the value of an IT investment - 1 views

  • This article will give you the basic skills necessary to analyze and create a valuation for a proposed IT investment.
  • Basic IT Investment Analysis Terminology
  • Capital Expenditure (CAPEX)
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  • Depreciation
  • Cash Flow
  • Discount Rate
  • Net Present Value (NPV)
  • discount the net inflow less the net outflow into a single value. If the number is positive, then the project would add value to the organization and if the NPV is negative, it would lower value of the organization.
  • Inflows: The inflows or benefits resulting from an IT investment can be subjective and less exact. Often times, the benefit of an IT investment is savings in time, client satisfaction or other "soft" numbers.
  • Outflows: Outflows are typically easier to estimate but some can be subjective as well.
  •  
    This article will give you the basic skills necessary to evaluate a proposed IT investment.These skills can be used in any industry including hospitality. At the beginning, it explains some basic IT investment analysis terminologies. Then it introduce two IT investment analysis methods: NET PRESENT VALUE; PAYBACK PERIOD. It also contains some link that would teach us how to use EXCEL to calculate data.
  •  
    This article explains how important it is to analyze and interpret new forms of IT technology to make the best purchase or investment. The articles starts by describing terms used in IT Investment. The first term is Capital Expenditure, which is any expenditure not for the usual maintenance and upkeep of the hotel or restaurant. For example, a Capital Expenditure would be obtaining a new PMS or renovating your banquet facility. The next term is Depreciation, which everyone should know is the amount of money lost on an investment of the course of its life. The third and fourth terms are Cash Flow and Discount Rate. Cash Flow is "the movement of cash in and out of the business", and Discount Rate is "analysis based on the dollar being worth more today than in 5 years". The second part of the article talks about investment techniques used. Many methods are used to help make sound investment decisions like NPV. NPV is Net Present Value, which is an assessment of long-term profitability of the investment made by adding together all the revenue over its life and deducting the costs involved. Another technique used to evaluate an IT investment is the Payback Period. This helps to evaluate how long it will take to make back your initial investment in the IT. The article goes into grave detail on both of these methods and believe this article can be very helpful for hotel/restaurant managers and owners when determining which investment should be made.
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