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.

In this infographic, we present research highlights on 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. Discover how to harness technology to improve cost and margin management!

Our analysis is based on a Coresight Research survey of key decision-makers at hospitality businesses globally.

This infographic 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 infographic include:

• Costs that hospitality businesses found most difficult to control, and unexpected costs they encountered, over the past 12 months—overall and breakdown by geography
• Technology solutions currently used to manage costs and margins, and top three challenges in using those technologies
• Top technology that will most positively impact hospitality companies’ ability to proactively identify unexpected costs, and areas in which AI (artificial intelligence) will benefit cost and margin management

Other relevant research:

• Read the full report from Coresight Research x Workday: Navigating Digital Transformation: Optimizing Hospitality Operations To Enhance Margins and Growth
• Navigating Digital Transformation: Optimizing Retail Operations Amid Margin Pressure: Coresight Research x Workday
• View the other infographics in this series, which focus on retailing in North America, Europe and Australia/New Zealand.
• 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