In the lifecycle of any business, there comes a crucial moment to pause, reflect, and plan for the year ahead. Establishing a solid foundation is essential to inspire teams, move in a positive direction, and grow your customer base while meeting their needs. Reflecting on 2023 and predicting upcoming trends can be a game-changer, positioning you against competitors, ensuring customer satisfaction, and motivating staff. As we kick off the year, our leadership team shares insightful predictions on staying ahead of the curve. 

Chief Sales and Marketing Officer, Stephen Martin: 

• The guest journey remains a focal point for the industry as consumer expectations shift. We are already seeing the industry transforming by integrating artificial intelligence (AI) into hotel operational tools to better the guest experience for more efficient automated check-ins. As this trend progresses, developing new technologies will be indispensable to maintaining competitiveness in the market. 

• "High-tech, high-touch" is resurfacing as a key trend, emphasising that technology should complement human service rather than replace it. As hospitality tech is expected to grow in 2024, RMS technology is critical in bridging the gap between staff and guest experiences. By leveraging technology, RMS empowers staff to deliver personalised and attentive service while enhancing operational efficiency, upholding hospitality's essence in the digital age. In 2024, we are committed to providing tech that enables better connections with guests.  

Managing Director EMEA, Zen Valli: 

• 'Workations' are here to stay. Merging work with vacation by visiting a destination while continuing to work will only continue and increase. Employers implementing 'workations' observe several benefits, including increased employee satisfaction, attracting top talent, and improved employee well-being. According to research by Deloitte (2023), 80% of respondents prefer a job that allows them to explore and grow various skill sets rather than a job focused on a particular set of skills. Hospitality providers who offer co-working areas with facilities to support this trend are seeing many benefits, including revenue and guest satisfaction.  
• AI will continue to enhance guest personalisation. Despite facing economic challenges, businesses are ramping up their investments for personalisation. Approximately 69% of business leaders are boosting their financial commitment to personalisation initiatives. With AI driving the next level of customer experience, AI algorithms will analyse customer preferences, past behaviour, and contextual data to offer personalised recommendations for accommodations, dining options, activities, and amenities. 
• Staff shortages in the hospitality industry continue to worsen post-Brexit, with vacancies up 72% and EU worker numbers down 26%. To cope, operators must offer competitive salaries and benefits while leveraging technology like AI to streamline operations and allocate resources efficiently. Social media recruitment and fostering a positive workplace culture will remain vital strategies to attract and retain talent in 2024. 

Business Development Manager – Payments, Duncan Waterman: 

• The payment space will significantly shift with the widespread adoption of Embedded Payments. By embedding payment gateways, businesses can manage reservations, check-ins, and payments from a unified interface, streamlining workflows and enhancing overall operational effectiveness. RMS Pay is focusing on delivering a product that seamlessly merges with operational workflows for enhanced user experience and efficiency. 

• The payment industry is set to prioritise Secure Payments through PCI DSS Compliance and the widespread adoption of 3D Secure technology. PCI DSS ensures a secure environment for companies handling credit card information, while 3D Secure adds an extra layer of protection to online transactions through authentication. These measures offer dual benefits: Robust fraud prevention, safeguarding both customers and businesses and building customer trust by assuring the secure handling of payment information. We will see many more security advances over the next year.  

• Payment Automation will be a crucial trend in streamlining financial processes. Programmable or inherent automation that replaces time-consuming tasks like end-of-shift balancing and chasing payments. More operators will be looking to adopt an automation approach that offers time savings, reduces manual efforts, enhances accuracy by minimising human errors, and contributes to improved cash flow through the timely processing of payments.   

Head of Sales – India & South Asia, Vivek Gangishetty: 

• Room availability and online channels are set to grow in South Asia during 2024. The current hospitality landscape reveals over 2.5 million available rooms, projected to increase to over 3 million daily by the fiscal year's end. Notably, 65% of these rooms are transacted through diverse online channels, showcasing technology's pivotal role in revenue generation. The data underscores the industry's increasing reliance on technology for hotel bookings, signalling a noteworthy shift towards online platforms to support growth. It will be imperative for hotels to connect with robust online booking technology, such as RMS, to secure a competitive advantage in the evolving digital market. 

• Technology investment trends show that hotels in the region are directing more than 10% of their budget towards technology and allocating an additional 15-18% for customer acquisition. The focal points for hoteliers include meta-marketing and online booking tools to boost revenue, along with AI and Machine Learning tools for operational optimisation and cost reduction. The strategic allocation of funds indicates a widespread acknowledgment within the industry of the crucial role of staying technologically competitive and improving customer outreach. 

Vice President of Sales & Marketing – Asia, Jasmine Leong:  

• Positive outlook for 2024! 77% of hotels in the Asia Pacific region anticipate increased occupancy in 2024, particularly in upper upscale and luxury segments, with a 73% project rise in Average Daily Rate (ADR). This optimistic outlook suggests a potential upswing in the industry, particularly in high-end segments, signalling economic recovery and an increased demand for premium accommodations. The expected ADR increase is a promising indicator, pointing towards a favourable market environment poised to support robust revenue growth. 

• Embracing innovative cloud-based technology for tax compliance is increasingly prevalent in the hospitality sector. I anticipate a rise in adoption among tech-savvy operators, given its efficacy in navigating governmental regulations, simplifying tax calculations, and efficiently managing the paperwork. Notably, in regions like the Philippines, where diverse tax regulations span islands and mainland territories, meticulous compliance management is paramount, especially for owners with multiple properties. RMS is a perfect example of how technology collaborates closely with hotels, ensuring seamless adherence to compliance standards. The significance of technology in modern business operations, particularly in financial compliance, underscores its indispensable role in shaping an airtight process for hotels.