5 must-have tech capabilities to run your hospitality business in 2024

Digitalization in Hospitality: Enhancing Guest Experiences and Operations

The hospitality industry experienced a marked slowdown since 2020, but now after a period of transition, it is facing a growing demand. This resurgence in demand, has prompted hotels to raise their efficiency standards and prioritize delivering exceptional experiences to their guests. In this context, more and more establishments in Spain are turning to ERP systems as fundamental tools to achieve these goals.

Content

1. From recovery to digitalization     

2. What are the ERP features that can revolutionize your business operations management?

3. Where to start?

From recovery to digitalization 

Spain has emerged as one of the most important tourist destinations in the world, from the beginning it was able to position itself as a benchmark in the hospitality industry both at a European and global level. In fact, tourism has a fundamental role in the Spanish economy and is positioned as one of the most important sectors in terms of contribution to the Gross Domestic Product (GDP) and job creation. 

The health crisis has affected the sector, but already in 2021, the hospitality industry (including accommodation, restaurants and nightlife) in Spain was recovering, spending around 65.43 million dollars (USD) on software.

By 2024, the sector's spending on software is projected to reach US$126.2 billion. This investment is a reflection of the will to reinvent itself and adapt to new trends and market demands

"15.93% of Spanish hospitality establishments are highly digitized, while 32.41% are on track to be"

Report on the state of the digitalization of the hospitality industry in Spain

By BCC Innovation (a technology centre specializing in gastronomy at the Basque Culinary Center) and Delectatech, a Barcelona start-up specializing in Artificial Intelligence.

What are the must-have tech capabilities that

can revolutionize your business operations management?

1.    Financial Visibility and Operational Efficiency

The centralization function of financial data is one of the most important and cost-effective, thanks to the automation of manual tasks in accounting, significantly reducing the risk of human error. Simplified real-time access to revenue and expense information leads to greater cost control and effective budget management. That operational efficiency can translate into significant cost savings in the long run.

2.    Inventory and stock management

Inventory management in hospitality, whatever the type of business, is essential to providing an optimal customer experience. Like financial automations, integrating information about products, raw materials and suppliers into the ERP can lead to greater cost control and avoid shortages or overstocks by having real-time visibility. This ensures, for example, that restaurants, bars, and room services are always well-stocked, improving both the guest experience and profitability.

3.    Scalability

When choosing an ERP, it is important to consider its scalability potential, as it must be able to adapt easily as the business grows. Whether it's when adding users, hiring additional modules, or expanding internationally, an ERP must grow along with the business. While it may not be a priority at first, it can avoid having to replace the entire system and helps ensure that operations remain efficient as the company expands.

4.  Streamlining booking and availability management

An essential module of ERPs in hospitality is reservation management. ERP systems often integrate booking management functions that allow you to manage availabilities and cancellations, automatically synchronizing the information with online distribution channels.

5.    Opera PMS and Netsuite Cloud ERP Connector

Bring IT has developed Hospitality 360º, the perfect combination of OPERA PMS and Netsuite cloud ERP. Opera is one of the most common hotel management systems, now you can unify Netsuite's powerful ERP, thanks to a plug-and-play application that seamlessly connects front-office and back-office functionalities, optimizing everything from bookings to financial information.

Where to start?

Investing in an ERP system can lead to more effective management, a better guest experience and greater adaptability to the changing demands of the sector. As the hospitality industry continues to evolve, an ERP is becoming increasingly indispensable to remain competitive and thrive in this environment. 

These are just a few of the things you should keep in mind when looking for the perfect ERP features for managing your business operations. To learn more about Bring IT and the Netsuite implementation process, request a Demo, or contact one of our experts.