- Innovation in hospitality is risk-averse, short-term focused, and lacks a clear vision.
- A lack of synergy across functions and stakeholders, hinders effective innovation.
- Innovation is expensive, causing hospitality organizations to adopt a cautious approach to avoid financial risks.
- Older properties struggle to install the necessary infrastructure for innovation due to high costs and disruptions.
Our Advice
Critical Insight
Innovation is about delivering value, which may or may not involve technology. Effective innovation considers the purpose and context of its application.
Impact and Result
- Define the initiative and its purpose by outlining the business need. Illustrate the current vs ideal process using value chains, while considering alternatives.
- Conduct a cost-benefit analysis, including the intended business value and accountability. Determine projections, document and track benefits in real-time using KPIs, and establish accountability with a RACI chart.
- Craft a persuasive business case, effectively communicating the transformative value of the project to stakeholders.