Travel Technology
Article | May 5, 2023
Most people associate the term "blockchain" with cryptocurrencies such as Bitcoin, Dogecoin, or Ethereum. Blockchain is the technology behind cryptocurrencies, but it is also a technology in its own right that has many uses.
Blockchain is an immutable ledger that tracks transactions and assets, like cash and patents. All parties have access to the same data simultaneously, eliminating intermediaries and making it a cost-effective way to track assets. It could, for example, track a flight delay and automatically refund a customer’s money.
A German blockchain start-up Etherisc launched an insurance product, FlightDelay, which uses blockchain to automatically issue policies and execute payouts for flight delays and cancellations on around 80 airlines. Customers can buy policies with cryptocurrency and receive claims in cryptocurrency.
Flight delays are where blockchain-based insurance can make a difference in the travel insurance domain. Data on delays and cancellations is readily accessible, and all assist in automatic payments. This way, companies that offer flight insurance can avoid higher claims-processing costs and save on data protection costs because blockchain is secure.
U.S. Insurance Regulations Prevent Blockchain-based Travel Insurance
In the U.S, there is a need for state-by-state approval for changes in regulations. Blockchain’s appearance in the U.S. insurance industry may take another ten or fifteen years. However, the potential of blockchain-based insurance products is huge. Insurance companies can sell them at much lower costs compared to traditional insurance products.
Blockchain Can Change the Travel Insurance Business
Interestingly, the U.S. already has an insurance product similar to FlightDelay but none of them have the blockchain component. Called ‘parametric insurance’, an auto payout is done when some parameter is violated. Using blockchain technology to offer this insurance could save money and enable insurers to pass on some of the savings to the customers. Insurance industry experts think blockchain will definitely make a mark in the travel insurance domain and can change the way travel insurance businesses operate at large.
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Hospitality Management
Article | June 19, 2023
The September 11th attacks. The Great Recession. The COVID-19 pandemic.
All three of these seismic and tragic events have resulted in heartbreak to humanity, including loss of life and our emotional well-being both individually and collectively. Of course, accompanying these global crises were monetary meltdowns reminiscent of the Great Depression that commenced in 1929 and lingered until the late 1930s.
After a “relatively” calm 70 years, the United States economy has suffered three devastating developments inside the last two decades, alone. There have been wars fought throughout the world and inflation escalations along the way, to be sure, but the start to the 21st century has suffered escalating and unusually concentrated economic calamities some that have profoundly altered the very fabric of our lives, both personally and professionally.
Indeed, on the business front, such periods have been among the most perhaps the unequivocal most trying of times. Amid current circumstances as the coronavirus rages on around the globe, I recently connected with internationally-renowned business restructuring executive James “Jim” Martin, founder of ACM Capital Partners with offices in Charlotte, Denver and Miami. Having spent the last three decades leading international middle-market companies through periods of distress and transition to actualize stability and growth, Martin is uniquely well-positioned to share insights on how business can rally to best assure a “COVID comeback.” Here’s what he had to say.
MK: First, before addressing the current coronavirus situation, what can you tell us about how you’ve helped companies navigate previous “rough waters”?
JM: Relative to the September 11th attacks back in 2001, I’ll share a representative example of a strategic pivot that didn’t just help a company survive, but actually drove profit. After that horrendous event, I stepped in to assist a large aviation maintenance repair-and-overhaul facility whose revenue had been cut fully in half immediately following the attacks the result of many carriers permanently parking older aircraft (including the 727 fleet). The sizable challenge presented was to maintain a 1000-person labor force while allowing the industry the necessary time to recover. To do so, we created a captive subcontracting company to which we transferred one-third of our labor force. During our troughs, we contracted this labor to our competitors and, during peak periods, we utilized this labor for ourselves. Thus, not only were we able to retain our skilled, well-oriented labor force during the recovery, but that very staff actually provided additional, supplemental profit. The end result was that we sold the business for $138 million, which provided our new investors with a 33 percent internal rate of return (IRR).
Less than a decade after 9/11, amid The Great Recession in 2008, I entered another industry that proved to be among the most brutalized by a global economic downturn: automotive supply. My client was a key supplier to the “Big 3” U.S. auto manufacturers.
At the start of 2008, the industry forecast was the production of 18 million vehicles in North America. Come summer, however, it was clear the automakers would not come near reaching that forecast due to the financial crisis. This did not come as a complete surprise to us, though, because amid our firm’s protocols we had had already fully immersed ourselves in our client’s industry and employed forecasting tools alerting us of trends ... this one in the wrong direction. So, we were privy to the situation well before management and others within the industry. By late June 2008, we instituted cost-cutting maneuvers and furloughs that enabled the company to withstand the industry’s brutal second half of ’08 that would result in two of the “Big 3” automakers filing for Chapter 11. Despite the industry producing less than half—as much as eight million—of its original vehicle-production forecast, our client not only survived, but ultimately grew and prospered.
MK: Turning attentions to COVID-19, what do you feel is integral for businesses to survive and recover?
JM: For businesses to recover from the coronavirus shutdown, it’s going to take a two-pronged approach: both financial and human capital. Starting with the financial, it will be a “loan-ly” world for those not well-versed in the intricacies of SBA, PPP and other “economic disaster” lending. Consider how expeditiously those programs were rolled out. Then consider how even more quickly they were scooped up. Did anyone really read those loan documents in full, or even halfway through, initially or even to this day?
My guess is at least half of the companies receiving COVID-related loans took a very “CliffsNotes” approach to these agreements. The result is there’s a solid chance funds were used incorrectly, which is going to make a lot of the loans, shall we say, less “forgivable.” For example, if your company’s payroll roster is shorter today than it was pre-virus, the portion of the loans forgiven is likely to be less.
And while your mind may rush to claiming ignorance and throwing yourself upon the mercy of the government to which you already pay taxes, realize that third-party capital is likely to participate in this market through securitization. This means that thousands of SBA loans could be bought, then packaged to be sold to the secondary market, at a discounted rate, no less. If this happens, understand that the purchasers will have the full intention of holding their borrowers (i.e. small business owners) to paying back 100 cents on the dollar.
So, those companies who received loans and are required, but unable, to pay them back in full may be exposed to either foreclosure or, worse, a “loan to own” scenario. In other words, much like the agreement that comes with your big-tech user agreements, like those prompting users to “click agree,” the fine print matters.
What this means to recovery is that, once again, cash is king: gather it; preserve it; cease lines of credit; liquidate what you can; negotiate costs down with suppliers. And if your company had a healthy bottom line pre-COVID, than a professional familiar with these trenches can help you look to refinance or bring in equity.
With all of that said, the key to a COVID-19 recovery is going to be adhering to the rules of a lender’s road, as well as the ability to navigate the red tape when you veer off that road. If you have read all the fine print and properly managed your loan, congratulations! You’ve acquired some really cheap capital. For those who didn’t do their research, however, this road to recovery likely will need some paving.
MK: What about the human capital you mentioned?
JM: Yes, and then we arrive at the human capital. Lots of companies today are excessively top-heavy. Remember the part about removing emotions from this process? Companies that quickly recognize cuts need to be made will be better positioned to recover than those who dawdle. Again, compiling and preserving cash is going to best position a business for recovery.
This is an instance where it’s especially beneficial to know when to pull triggers (best if earlier than others) and to make decisions that are not based on emotions a tall order for many CEOs, which is why many turn to turnaround experts. However it’s undertaken, what’s certain is that reducing human capital is painful, but it is also often necessary and almost always beneficial.
The upside is that, when the virus no longer exits, businesses can already be well-positioned for a fairly quick recovery. Maybe not v-shaped sans a vaccine, but quick relatively speaking due to the downturn having been so specific to one singular causing factor.
MK: Tell us a bit about your role as and general value of a turnaround expert when turmoil strikes a business.
JM: During times of difficulty, owners and executives can greatly benefit from specialized knowledge that’ll help them best navigate those unchartered waters that are often entangled in a lot of red tape. So, turnaround experts bring to the table a litany of tried-and-true “been there, weathered that” experience and expertise. There’s simply no substitute for engaging with a partner whose entire mandate is ensuring your company’s survival and success during some of the most grim and challenging times it might experience those professionals who are willing to spend sleepless nights figuring out how to ensure the company meets payroll; who’ll work around the clock to keep the company’s doors open; and who can tackle challenges without being hindered by emotions that understandably weigh on a business owner or manager. It takes this kind of specialized expertise, experience and grit to lead companies through periods of distress and transition, to stability and growth.
No stranger to corporate chaos, during Martin’s own three decades as a globally-regarded turnaround expert, he has reportedly created and restored nearly $1.5 billion in value to lower middle-market companies; raised an additional $1 billion in capital; and managed mergers and acquisitions in excess of $500 million all collectively representing his company restructuring portfolio valuation in excess of $3 billion.
Today, as the coronavirus continues to wreak havoc on business operations far and wide, take heed that there are various key strategic and creative tactics that can help businesses not only weather the storm, but even emerge stronger and more financially secure on the other side.
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Hospitality Management
Article | July 24, 2023
Discover the solutions and services of the top 25 revolutionary travel management companies that are transforming the industry in 2023. Integrate the one adhering your business needs and budget.
Businesses seeking stress-free and streamlined corporate travel solutions can rely on travel management companies. These experts provide customized travel arrangements, taking care of every aspect of business travel, from flight and hotel bookings to travel policy compliance, support, car rentals, and more. With advanced technology and online booking tools, they offer cost-effective deals while ensuring adherence to corporate travel policies. Additionally, they empower businesses to design their travel expense policies, resulting in an enhanced corporate travel experience for employees.
1 Expertise in Field
Travel management companies (TMCs) are experts in the field of business travel. They handle emergencies with proper understanding and remedy measures. Some travel risk management companies are specially devised for this purpose.
2 Being More Organized
TMCs organize the operations of business travel more efficiently. Business travel involves massive paperwork, especially in big groups and itineraries. The paperwork associated with corporate travel is managed by international travel agencies in a way that is organized, thereby enabling travel companies to allocate their attention to other crucial matters.
3 Making Informed Decisions
Employees must adhere to the corporate travel program or policy when they travel for business. Travel policies vary across different organizations and typically encompass guidelines that employees are obliged to follow while traveling. They make travel decisions for the company according to their travel policy. TMCs also advise employees to meet business travel requirements without breaking the company travel policy.
4 Enhanced Networking
TMCs have established relationships with travel and hospitality companies worldwide over the years sent in the industry. Business travel companies or clients could get exclusive rates on travel occasions through TMCs. They provide better deals within a travel budget than any direct travel booking.
5 Expense management
TMCs are specialized in finding and negotiating the best travel deals with enterprise providers and partners. They have special access to lower rates on the airline, hotel rooms, and transportation. As a result, they reduce overall business travel costs and offer competitive name-brand selections.
6 Business Travel Support
The companies can reach out to the travel consultant day and night with business travel support. Furthermore, the employees are free from the stress of tracking various vendors, as they can get all of them on one platform, which is accessible through a variety of different channels.
Top 25 Revolutionary Travel Management Companies
To enhance their business growth, travel companies can utilize the following list of travel management companies as a reference:
1. Emburse
More than 12 million business professionals, including CFOs, finance teams, and travelers, trust Emburse in spend optimization for expense, travel management, and payment solutions. It helps FORTUNE 100 corporations, startups, public sector agencies, and nonprofit organizations, through automation, analytics, and spending control. It streamlines processes and increases spending visibility, compliance, and positive financial outcomes.
2. East West Hospitality
East West Hospitality has more than 30 years of success in businesses like association, vacation rental and property management, developer support, hotels, spas, fitness, restaurants, and retail operations. It simplifies complicated travel operations. It makes stay effortless with its extensive experience and local expertise. It offers memorable destination experience through its trusted hospitality services.
3. Wexas Travel Management
Wexas Travel Management is a full-service travel provider to companies and organizations that travel on business. It works with businesses in different sectors like financial, legal, marine, oil and gas, insurance and pharmaceuticals. Its consultant-managed and digital tools are customized to individual requirements. With the support of a well-established account management team, it provides a broad range of travel-related services.
4. Nomadix
With over 25 years of experience, Nomadix has over 5 million daily internet connections in 150 countries. It helps hotel and property owners, brands, property management groups, and managed service providers (MSPs) with solutions like internet access gateways, application management appliances, visitor-based networks, digital voice assistants, bandwidth management, and managed Wi-Fi.
5. HotelKey
HotelKey has direct connectivity to major OTAs or GDS channels. Its all-in-one system includes core PMS, built-in CRS distribution, automated revenue management, property website hosting, and a no-commission direct bookings engine. In addition, its platform provides web apps for the back of the house and mobile apps for the front desk, housekeeping, and maintenance teams.
6. Bonotel Exclusive Travel
Bonotel Exclusive Travel, an inbound tour operator for luxury travel, offers exclusive deluxe hotels, resorts, and upscale boutique properties. It has a vast network of suppliers, direct access to the international client base, and tour operators worldwide. It has developed strong business relations with tour operators and can provide access to hotel partners which makes it unique.
7. Peachtree Hospitality Management
Peachtree Hospitality Management, a division of Peachtree Hotel Group, is a best-in-class hotel management company that creates loyalty among the stakeholders like associates, guests, and owners. Its proprietary systems and processes maximize financial performance, enhancing efficiency and customer experience. In addition, it provides dedicated hotel management services with the extension of expertise to owners as a third-party hotel manager.
8. AmTrav
AmTrav enhances the productivity of business travel. It offers services for expense management, corporate travel, software, travel productivity, and business travel management. In addition, its platform provides personal service with travel experts and relationship managers through advanced technology, which is helpful for business travelers, travel arrangers, and travel managers.
9. Boatsetter
Boatsetter, a leisure, travel & tourism company, is specialized in boat rental and charter, collaborative consumption, marine industry, travel, and adventure. It has partnered with GEICO and BoatUS to design an exclusive Peer-to-Peer Boat Rental Policy, inspiring boat owners’ engagement and encouraging entrepreneurship on the water. It helps to review the booking requests and inquiries from renters, manage all their bookings on the website or the application, and the payouts, which are processed quickly and connected to their bank account directly.
10. Norse Atlantic Airways
Norse Atlantic Airways offers affordable transatlantic flights with environment-friendly and comfortable Boeing 787 Dreamliner aircraft. It offers affordable fares to destinations and service on board modern and fuel-efficient Dreamliners for corporate and personal travel. It strengthens the employer-employee relationship and has entered into collective bargaining agreements with cabin crew and pilot unions in the U.S., U.K. and Norway. It incorporates a low-cost business model and approach for the cost-efficient airline without prior financial restraints.
11. InsureMyTrip
InsureMyTrip, an online travel insurance comparison site, serves customers worldwide with its licensed customer services. Its unique customer advocacy program provides assistance throughout the travel journey. It provides recommendations of best plans per the trip details and the best travel insurance plan that matches the traveler’s need, irrespective of the commission or company, with a money-back guarantee. In addition, its licensed representatives, Anytime Advocates, help with the insurance claim process.
12. Sonder Inc.
Sonder Inc., a hospitality company, provides a seamless business travel management experience through technology and innovation. It offers a variety of accommodation options, from rooms to suites and apartments. Its application empowers guests with self-service features and 24/7 support. Without any formality, it offers simple self-check-in to boutique bathroom amenities.
13. Operto Guest Technologies
Operto Guest Technologies, a hospitality automation and IoT operating system for vacation rentals, hotels, and serviced apartments, is revolutionizing hospitality management. It provides personalized stays, contactless check-in, guest satisfaction, operational efficiency and more revenue opportunity through technology that connects teams, guests, managers, smart devices and ancillary third-party service providers. With purpose-built software and smart IoT devices, it offers property managers unique real-time visibility and control. Its automation features include integrated keyless entry, energy savings, noise and occupancy monitoring, and personalized in-suite technology.
14. Life House
Life House is a vertically integrated hotel software, brand, and management company. It provides operational expertise to build robust software to enhance profitability and operational ease in independent hotels. It specializes in hotel software development, financial reporting, interior design, product management and operations, hotel management, and enterprise SaaS.
15. PCH Hotels and Resorts
PCH Hotels and Resorts is a franchised management company with Marriott. Beginning with the acquisition of the Grand Hotel Resort & Spa, PCH has grown to become the top hospitality employer in Alabama. Currently, PCH manages four Renaissance Marriott resort properties, three Marriott resort properties, one Autograph Collection resort, one select service IHG property, and one Outlet Shop. Each property is minutes from the extensive world-class Robert Trent Jones Golf Trail.
16. Spotnana
Spotnana powers unparalleled global travel experiences. It modernizes the travel industry's infrastructure to bring travelers freedom, simplicity, and trust everywhere. Its travel-as-a-service platform makes travel simpler and affordable for corporations. It's our ecosystem of agency, supplier, and technology provider partners to increase operational efficiency, new revenue opportunities, and innovation.
17. GetYourGuide
GetYourGuide is a travel bookingplatform connecting travel enthusiasts, experts, and technologists with people. It helps in discovering the destination’s best activities and attractions. In addition, it simplifies the digital travel reality by offering data-driven insights, technology, and market expertise through its destination management company database.
18. VTrips
VTrips offers services for vacation rental property management, guest management with dedicated property managers and best advertising and marketing approach. It is the premier property management company serving in Alabama, Florida, Georgia, Hawaii, Maryland, New Mexico, North Carolina, South Carolina, Tennessee, and Texas. It also provides vacation rental guest experiences through its quality management and personalized services for real estate and corporate travel.
19. Trip.com
Trip.com specializes in OTA, flight tickets, hotel booking, train tickets, and internet services. It has an extensive hotel network for a diverse choice of accommodation. Its flight network has over 2 million individual flight routes connecting more than 5,000 cities around the globe. It combines 24/7 English customer service and various travel products necessary for a successful trip.
20. Deem, Inc.
Deem, Inc., a corporate travel booking software, helps in policy adherence, better travel decisions, employee engagement, and cost control through secure solutions. It allows travel managers to customize their travel programs. It integrates into travel and expense management companies & travel agencies with powerful APIs and design.
21. Mondee Holdings, Inc.
Mondee Holdings, Inc is a group of travel technology, service, and content companies driving innovation in the leisure, corporate, and retail travel markets. It delivers a revolutionary technology platform of SaaS, mobile, and cloud products and services to a global customer base. Major corporations, SMBs, travel agencies, and new gig economy workers use its easy-to-use technology platforms to access global travel content, services, and products. Corporations like Rocketrip and TripPlanet trust it for cost-saving, employee safety, and sustainable future.
22. Priceline
Priceline, a part of Booking Holdings, Inc., provides the best deals for hotel rooms, flights, rental cars, vacation packages and cruises. It specializes in online travel services and ecommerce through its internet publishing platform. It uses cloud computing to provide personalized and alternative recommendations for travel.
23. Egencia
Egencia, an American Express Global Business Travel Company, is a B2B travel tech platform. As part of the valuable marketplace in business travel, it provides data insights and AI-driven innovation that power the travel programs of 9000+ companies in more than 60 countries. It specializes in online business travel booking, purchasing, technology, travel management, corporate travel management, and travel app.
24. Forbes Travel Guide
Forbes Travel Guide renders hotel, restaurant, and spa reviews, travel advice, learning tools, service training, guest experience, and customer services. Its star rating standards reflect the industry's highest levels of service and facility measurement worldwide. With experience in the industry, it provides more reliable information about the travel recommendations and booking.
25.ADTRAV
ADTRAV provides technology solutions for business travel management of corporations, government agencies, and non-profit organizations. Through the help of federal contractors, it maintains compliance with federal travel regulations and fulfills the audit requirements of the DCAA with its government travel expertise.
Conclusion
Collaboration with travel management companies has many advantages, like expense management, business travel support, enhanced networking, making informed decisions, being more organized, and expertise in the field. However, business travel must integrate with the companies according to their budgets and requirements. The travel companies must keep aside the stress of planning, booking & tracking the travel vendors for employees' business travel and rely on TMCs for a cost-effective and comfortable corporate travel experience.
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Hospitality Management
Article | June 20, 2023
Elevate your expertise with these must-read hospitality management books offering a comprehensive guide to enhance your skills, providing industry trends-related insights and live cases & examples.
In the constantly evolving hospitality industry, professionals must stay abreast of the latest trends and insights. Whether you are an industry veteran, an aspiring hospitality worker, or a student pursuing a degree in hospitality management, the right books can provide you with valuable knowledge and direction. The growth of the hospitality industry on a global scale has led to the emergence of a wide range of exceptional books that cover various topics. These include digital marketing strategy, e-commerce tourism, personal experiences, practical advice, and in-depth industry analysis. This curated selection of ten top books on hospitality management offers valuable insights into the industry, allowing you to stay ahead of the curve and enhance your expertise in the field.
1. Unreasonable Hospitality
Author Name: Will Guidara
For professionals in the hospitality and tourism sector looking to advance their knowledge of hospitality management, the book Unreasonable Hospitality: The Extraordinary Power of Giving People More Than They Expect is a must-read. One of the books on hospitality management written by Will Guidara, a former co-owner of the famous eatery Eleven Madison Park, it imparts essential lessons and insights from his journey to turn the struggling business into the world's best restaurant. Guidara emphasizes the transformative power of going above and beyond anticipation through extreme alterations, a strong collaboration between the kitchen and dining room, and remarkable, personalized kindness experiences. This national bestseller book encourages readers to discover the wonder in their work and produce incredible experiences for others with its captivating anecdotes and industry experts' wisdom.
2. Be Our Guest: Revised and Updated Edition
Author Name: Theodore B. Kinni
Be Our Guest: Revised and Updated Edition: Perfecting the Art of Customer Service (The Disney Institute Leadership Series) is one of the essential hospitality management books for industry professionals seeking to improve their customer service skills. Based on the renowned Disney methodology, this book emphasizes exceeding customer expectations beyond mere satisfaction. The book reveals exceptional business strategies that underpin the enchantment of quality service, using insights not typically found in conventional workplaces. Whether one works in hotels, restaurants, or any other hospitality-related industry, reading this book on hospitality management will help envision new opportunities and provide techniques for exceptional customer experiences. In addition, Kinni has published twenty books on topics covering sales, marketing and leadership, targeting hospitality management as the focused audience.
3. First Class Travel on a Budget: How to Hack Your Credit Cards to Book Incredible Trips for Less
Author Name: Zachary Abel
Discover the secrets for five-star vacation on a specific back pocket budget with "First Class Travel on a Budget: How to Hack Your Credit Cards to Book Incredible Trips for Less." In this insightful guide, Zachary Burr Abel shares his expertise in navigating airline loyalty programs, credit card promotions, and hidden travel fees. With actionable advice and humorous anecdotes, reading this hospitality and tourism management book will help professionals learn how to fly first class, find deals on rental cars and hotels, earn airline points, and maximize credit card rewards. This invaluable resource is a must-read for anyone in the hospitality industry looking to elevate their expertise in managing travel and providing exceptional guest experiences.
4. Hospitality Management People Skills and Manners On and Off the Job
Author Name: Lyn Pont PhD
For professionals seeking to start their career or improve their career in hospitality, one of the must-reads hotel management books by Pont is Hospitality Management: People Skills and Manners On and Off the Job. This hospitality book covers various topics, including service, relationships, integrity, communication, personal image, and creativity. Focusing on soft skills and the cultural expectations of guests, Pont provides practical advice and industry insights to help readers excel in their careers. Whether you're a seasoned executive or new to the industry, this treasure trove of information will equip you with the necessary tools to deliver exceptional customer care, represent your organization with professionalism and confidence as well as help you to stand out in the competitive hospitality industry.
5. Strategic Management for Tourism, Hospitality and Events
Author Name: Nigel G. Evans
Strategic Management for Tourism, Hospitality and Events is a comprehensive guide designed to equip students in the hospitality industry with essential strategic management principles. This exceptional book bridges the gap between theory and practical through industry-based case studies and examples, offering a deeper understanding of strategic management in the context of tourism, hospitality, and events. The third edition of this book features updated international case studies covering SMEs and large-scale businesses integrated throughout to show the various applications of strategic management theory, big data, artificial intelligence, sustainability, and innovation. With accessible language and helpful features, this resource is a valuable tool for students seeking to enhance their knowledge and excel in the dynamic field of tourism, hospitality, and events management.
6. Setting the Table: The Transforming Power of Hospitality in Business
Author Name: Danny Meyer
One of the bestselling hospitality and tourism management books, Setting the Table: The Transforming Power of Hospitality in Business, is a book by Danny Meyer, an acclaimed restaurateur behind successful ventures like Union Square Cafe and Shake Shack. Meyer shares his invaluable insights on developing a dynamic philosophy called Enlightened Hospitality, which focuses on fostering strong relationships within the organization and delivering exceptional customer satisfaction. It is one of the influential hospitality management books that draws from real-life experiences and teachings applicable to anyone in the hospitality industry or any business sector. This motivational work, considered a landmark in the field, provides valuable lessons for managers, executives, and staff, enhancing their effectiveness and deepening their appreciation for achieving excellence in their work to improve hospitality experience.
7. Operations Management in the Hospitality Industry
Editor Name: Peter Szende, Alec N. Dalton (Editor), Michelle (Myongjee) Yoo
To improve operations and enhance hospitality management expertise, the book titled ‘Operations Management in the Hospitality Industry’ is an essential resource for the tourism and hospitality experts. This book covers various topics crucial to operational success in restaurants, resorts, and other hospitality establishments, as well as equips readers with fundamental techniques and tools for analyzing and improving operational capabilities. With its comprehensive approach, incorporating key theories, frameworks, and industry examples, the book offers valuable knowledge for students preparing for their careers and working professionals.
8. Event Management for the Tourism and Hospitality
Author Name: Bonita M. Kolb
If you are looking for a comprehensive guide, Event Management for the Tourism and Hospitality Industries is a book designed to equip readers and practitioners in the hospitality industry with the essential knowledge and skills for planning, managing, and evaluating events. This book covers various topics, including visitor segmentation, budgeting, promotion, and post-event assessment, while addressing contemporary issues such as environmental sustainability, cultural diversity, technology, and community engagement. Through international case studies, readers will gain real-world insights and learn how to connect events with local heritage and culture, delivering personalized experiences to visitors. It is one of the best hospitality management books that includes a practical approach and detailed event plan outline.
9. Tourism Management
Author Name: Stephen J. Page
One of the best books for hospitality management and tourism by Stephen Page, Tourism Management provides a thorough understanding of the fundamental principles of tourism. Currently in the 6th edition the book offers a global perspective on the industry, and will not only benefit students pursuing a degree, diploma, or simply studying the subject, but it will also help professionals in the tourism industry. This book includes content on contemporary issues affecting businesses, enhanced sustainable development strategies to overcome climate change challenges, and a section with different perspectives from China and South America on using taxation to limit travel air behaviour. Furthermore, it combines textual content and features case studies with diagrams, and images, offering valuable insights into the evolving landscape of tourism management.
10. Hospitality Management: A Brief Introduction
Author Name: Roy C Wood
An easy-to-operate introduction for students of hotel and hospitality management and hospitality studies, Hospitality Management: A Brief Introduction offers a concise and comprehensive overview of the hospitality industry, making it an essential read for students new to the industry. Authored by Roy Wood, an expert in academia and practice, this book covers key areas such as employee relations, accommodation and food management, marketing and sales, industry strategy, management roles, education, and future trends. By drawing on a range of established research and incorporating the perspective of the hospitality consumer, Wood provides readers with a well-rounded understanding of the industry's realities and challenges. This book is a valuable resource for anyone studying or working in hospitality management.
Summing Up
The hospitality industry is transforming rapidly, driven by technological advancements, changing consumer expectations, and emerging trends. As we look to the future, hospitality professionals must proactively stay ahead of the curve and elevate their expertise. These hospitality industry books empower readers to navigate the evolving landscape, embracing innovative practices and sustainability and delivering exceptional guest experiences. By advancing their knowledge and embracing essential insights and strategies, hospitality professionals can position themselves for success in the dynamic world of hospitality management operations.
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