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Cost management in the hospitality industry can be applied in various ways. One practical application is in the use of digital tools to enhance customer service while reducing costs. For instance, allowing guests to check into their hotel rooms, choose their rooms, and access their keys through a mobile app. This not only improves the guest's experience by providing faster, more personalized service, but also reduces costs for the hotel by eliminating the need for check-in lines and physical keys. Other applications can include efficient energy management, waste reduction, and strategic sourcing of supplies to reduce costs.
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The most important element in cost management, says David Axson, managing director at Accenture Strategy, CFO & Enterprise Value "is to live and breathe a relentless customer focus. All too often cost reductions lead to service reductions, opening the door to disruptors who can deliver great service at the same or lower cost. Digital tools allow organizations to deliver better service at lower costs – it's no longer a trade-off of one for the other. Think about automatically checking into your hotel room, choosing your room and accessing your key through the app on your phone. For the hotel this lowers costs (no check in line, no plastic keys, etc.) while for the guest it delivers faster, more personalized service."
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Maximize profitability with our Cost Management presentation. This deck includes frameworks and charts that take both internal and external factors in...
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