Technology and Innovation in Hospitality Asset Management
Expert-defined terms from the Certificate in Hospitality Asset Management course at Stanmore School of Business. Free to read, free to share, paired with a professional course.
Technology and Innovation in Hospitality Asset Management Glossary #
Technology and Innovation in Hospitality Asset Management Glossary
A #
A
Asset Management #
The systematic process of developing, operating, maintaining, upgrading, and disposing of assets in the most cost-effective manner to support an organization's strategic objectives.
B #
B
Big Data #
Large volumes of structured and unstructured data that can be analyzed to reveal patterns, trends, and associations, especially relating to human behavior and interactions.
Blockchain #
A decentralized, distributed ledger technology that securely records transactions across multiple computers, providing transparency and security in asset management.
C #
C
Cloud Computing #
The delivery of computing services, including storage, servers, databases, networking, software, and analytics, over the internet to offer faster innovation, flexible resources, and economies of scale.
Customer Relationship Management (CRM) #
A technology for managing a company's relationships and interactions with customers and potential customers, typically using data analysis to improve business relationships.
D #
D
Data Analytics #
The process of examining large data sets to uncover hidden patterns, unknown correlations, market trends, customer preferences, and other useful business information.
Data Security #
Measures taken to protect data from unauthorized access, use, disclosure, disruption, modification, or destruction, ensuring confidentiality, integrity, and availability.
Dynamic Pricing #
A pricing strategy in which prices are adjusted in real-time based on demand, supply, competition, and other market factors to optimize revenue and profitability.
E #
E
Electronic Point of Sale (EPOS) #
The electronic system used for processing transactions, managing inventory, tracking sales, and analyzing customer data in hospitality operations.
Enterprise Resource Planning (ERP) #
Integrated software systems that manage an organization's core business processes, such as finance, HR, inventory, procurement, and customer service, in real-time.
Experiential Technology #
Technologies that enhance customer experiences, such as virtual reality (VR), augmented reality (AR), and mixed reality (MR), creating immersive and interactive environments.
F #
F
Facility Management #
The practice of coordinating people, processes, and technology to ensure functionality, comfort, safety, and efficiency of built environments, including hotels and resorts.
Forecasting #
The process of making predictions based on past and present data to anticipate future trends, demands, and opportunities in hospitality asset management.
G #
G
Guest Feedback Management #
Systems and processes used to collect, analyze, and act on guest feedback to improve service quality, guest satisfaction, and overall performance.
H #
H
Internet of Things (IoT) #
A network of interconnected devices, sensors, and software that collect and exchange data, enabling smart applications and automation in asset management.
K #
K
Key Performance Indicators (KPIs) #
Quantifiable metrics used to evaluate the effectiveness, efficiency, and performance of an organization, department, or individual in achieving strategic objectives.
L #
L
Location #
Based Services (LBS): Technology that uses geographical location data to provide information, entertainment, security, and other services tailored to users' current location.
M #
M
Mobile Payment #
Transactions made using mobile devices, such as smartphones and tablets, to pay for goods and services, offering convenience, speed, and security in hospitality operations.
N #
N
Network Security #
Measures taken to protect the usability, reliability, integrity, and safety of networks and data, preventing unauthorized access, misuse, modification, or denial of service.
O #
O
Online Reputation Management #
Strategies and tools used to monitor, influence, and manage online reviews, ratings, and comments to build a positive reputation and attract more guests.
P #
P
Property Management System (PMS) #
Software used to manage reservations, check-ins, check-outs, room assignments, billing, and other operational tasks in hotels, resorts, and other accommodation facilities.
R #
R
Revenue Management #
The strategic pricing and distribution of hotel rooms, services, and amenities to maximize revenue, profitability, and occupancy levels based on demand and market conditions.
S #
S
Smart Technology #
Connected devices and systems that use sensors, data, and automation to improve efficiency, sustainability, safety, comfort, and convenience in hospitality asset management.
Supply Chain Management #
The management of the flow of goods, services, and information from raw material sourcing to production, distribution, and delivery to customers, optimizing costs and value creation.
T #
T
Technology Integration #
The process of combining different technologies, systems, and applications to work together seamlessly, enhancing operational efficiency and effectiveness in asset management.
Virtual Reality (VR) #
A computer-generated simulation of a three-dimensional environment that can be interacted with in a seemingly real or physical way, offering immersive experiences to users.
W #
W
Wireless Technology #
Communication technology that allows data to be transmitted over a distance without the need for wires or cables, enabling mobility, flexibility, and connectivity in hospitality operations.