Navigating Digital Transformation: Optimizing Hospitality Operations To Enhance Margins and Growth

What's Inside

Given the combination of consumers’ heightened demand for leisure and travel, the tight labor market, rising unforeseen expenses and volatile macroeconomic conditions, understanding and effectively managing costs and margins has become more crucial than ever. Today, hospitality businesses must aim to harness the capabilities of digital transformation technologies for better cost and margin management.

We delve into the challenges and expectations around cost and margin management in the hospitality sector—including hotels, restaurants and other hospitality industries (such as fitness centers and theme parks)—through the lens of digital transformation technologies. We examine the current cost and margin management pain points of hospitality businesses, as well as their tech and data usage challenges and their expectations regarding emerging technologies, such as artificial intelligence (AI) and machine learning (ML).

This report is produced and made available to non-subscribers of Coresight Research in partnership with Workday, a leading cloud-based financial and human capital management software platform.

Data in this research report include:

• Estimated global hospitality workforce management software market size for 2023 and 2030
• Proprietary survey data on the costs hospitality businesses found most difficult control and the unexpected costs they occurred over the past 12 months
• The impact of unexpected costs on hospitality businesses’ margins over the past year
• Survey data on the challenges hospitality businesses encountered while managing store staff in times of fluctuating demand and the challenges they encountered while making their operations adaptive to a fast-changing market

Other relevant research:

• Navigating Digital Transformation: Optimizing Retail Operations Amid Margin Pressure
• Workday is a member of our updated Tech 25 focus list, covering retail-technology companies to watch
• Visit the Coresight Research Retail Technology Hub to explore reports, data and competitive landscapes on technology
• See all Coresight Research coverage of emerging technology
• More Innovator Research from Coresight Research

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