We asked our IHIF AB does profit really matter?
Having reviewed HOW and IF profit matters, the panel are now looking at how to sustain that profit by investing in technology.
But what does investing in technology mean?
Owen reminds us that the cost needs to be factored in as the need for contactless technology and investing in it is not going away post pandemic.
Consumers are very much used to a frictionless experience since the pandemic, how can this continue and develop in the sector?
Coll adds that while direct business is not possible in the resort and leisure segment, there will be a change in how data is collected and shared.
When considering technology, businesses also need to look at digital marketing, data collection and understanding our customers. "We are living in a world where there will be more competition and less data", said Cornwall.
Grove asks "Is there a data gap or a skills gap?" The model of funding technology is no longer capex but instead subscribing to services which are not accounted for in the same way. Businesses need to reconsider how they analyse the costs.
This month's panel was hosted by Jonathan Langston and Julie Rey-Gore with guests:
Helena Burstedt, Head of Hotels, Aliseda Inmobiliara
Javier Coll, Group President, Global Business Development, Apple Leisure Group
Finnbar Cornwall, Industry Leader Travel, Google
Michael Grove, MD EMEA, HotStats
Joanne Owen, Global Co-Chair, Hospitality & Leisure, DLA Piper
Sophie Perret, Senior Director, HVS London