Mazars publishes global study on AI in Hospitality Industry

Global audit and advisory firm Mazars has launched its Global Study on Artificial Intelligence (AI) in the hospitality industry. The aim of this report is to shed light on a range of interconnecting strategic issues that the hospitality industry now faces as it enters an era where disruptive technologies have become widely accessible across all industries.

The study reveals that new AIrelated technologies are set to dramatically change how the hospitality industry operates in the future, notably revolutionising the guest experience and optimising business operations. However, it also points to the need for hotel companies to be aware of the stark difference in appetite and preferences, especially when comparing Chinese travellers to the Western world. Differences are also observed regarding the types of AI applications preferred, and the willingness to share data in order to experience such services.

According to Cédric Haaser, Partner and Group Innovation and Technology Leader at Mazars “some of these technologies are set to dramatically change how the hospitality industry operates in the future. We are already beginning to see the use of AI and machine learning to carry out simple customer service tasks, as well as powering ‘smart’ hotel rooms that can adapt and predict individual guest requirements”. Haaser added that “It is an exciting time to be in the hospitality industry, where technology-led innovation is beginning to revolutionise the guest experience. At the same time, competition from new players is beginning to impact and reshape the sector. Going forward, how the industry reacts to such change is not only important to its future success, but also integral to the continued success of the wider travel and tourism sector, that now accounts for 10.5 per cent of global GDP.

The report suggests that this scenario “requires strategic vision and decision making that embraces technology as an integral, rather than a separate, driver of business growth and improvement. It also requires strong leadership and trusted partners that understand the issues that not only underpin the increased use of technology, but also how such use impacts every aspect of the business model. It also requires strong and disciplined execution capabilities that ensure swift, efficient and successful delivery of the strategic plans and decisions made.”

The report also shows that technology-led innovation levels are incredibly high at present, and with the full extent of the use of big data yet to be explored, it is evident that the hospitality industry is only at the start of this journey. “Yet while enhanced guest experiences can lead to enhanced returns, the industry also needs to pay attention to the wider aspects of embedding technology into the business model”, it concludes.

Mazars Malta managing partner Anthony Attard explained: “As technology pushes the boundaries of what can be achieved, hospitality businesses will need to adapt their models at a much quicker pace than previously required. In what is a creative and inspirational era for the industry, having the confidence to apply technological innovation will increasingly come from a deep understanding of the issues, the practicalities of implementation and the expectations from guests that, as in any other area of the business, might vary dramatically from one region to another.” To access this Mazars report, go to https://www.mazars.com/Home/Ne ws/Our-publications/Surveys-andstudies/2018-Global-Study-on-AIin-Hospitality. For more information about Mazars Malta, visit www.mazars.com.mt