Entrepreneurship for Hospitality Leaders
Visionary attitudes can transform existing organisations through commercialization of new ideas. This subject examines the fundamentals of entrepreneurship, innovation and creativity as they apply to hotels and hospitality organisations competing in an internet-enabled world. The subject will also address commercialization a new business, product of service concept from inception to market, with a focus on leveraging evolving distributions channels and disruptive technologies.
Upon completion of this unit, students should be able to demonstrate, in the appropriate context, the ability to:
|a.||Identify and appreciate the dominant traits and characteristics of an entrepreneur, and have self-awareness around his/her own traits and characteristics|
|b.||Understand the concept of entrepreneurship, particularly within a hotel environment|
|c.||Understand the impact that social media, the sharing economy and technology broadly has on new product/service adoption and distribution in the hospitality sector, and the opportunities these present|
|d.||Create a comprehensive business plan for a new product, at a Board Level presentation standard|
|e.||Understand the change management and project management concepts that underpin successful implementation of a new product/service innovation|
Assessment One: Individual Report -Critical Discussion on the impact, role and future trends of disruptive technology on the Australian Hotel and Hospitality Industry – 30%
Through research identify and discusses the impact, role and future trends of disruptive technology on the Australian Hotel and Hospitality industry. The word count for the report is 2000 words +/_ 10% any material presented over this will not be considered for marking.
Follow a report format
Style: Report format- grammatically correct
Impact, role and future trends of disruptive technology on the Australian Hotel and Hospitality Industry
Next generation genomics – Web data mining & Big data
The hotel industry is a dynamic one with customer satisfaction and customer loyalty being extremely important. It is essential that the hotel industry updates itself as per the latest technologies and considers using it to improve the quality of its services. Data mining and Big data technologies are of great importance to the hotel industry as this enables them to find information on customer preferences and being able to serve better. It is important that hotel chains use Big data to understand market changes and customize their offers accordingly. A lot of hotels and chains of hotels and hospitality organizations are using web mining as it is an inexpensive way of bringing in business intelligence. Smaller organizations are also able to use Big data for expanding their business and this has proven to be of great utility to them.
Data mining and Big data is an inexpensive technology that helps hotel and hospitality industry to grow in terms of customer relationship management.
Assessment of web technologies for hotel and hospitality industry in Australia
Web mining has picked up part of prominence generally as it offers free data and is a rich wellspring of information at national and universal levels. It gives organizations the required business knowledge inputs. Learning, abilities and data increased out of these correspondence empowered data frameworks is of awesome use to a business as it can limit the utilization of heuristics and can construct the greater part of its choices with respect to ongoing and refreshed data which is in a few cases unreservedly accessible or accessible at an exceptionally ostensible cost.
This empowers a business to build up a few abilities and remain adequately focused in the present period of globalization. Organizations are additionally empowered to grow and convey everywhere throughout the world with a tick of a catch because of the appearance of data frameworks (Snijders, C.; Matzat, U.; Reips, U.-D.¸ 2012). It ends up imperative for a business to have the capacity to grow long haul relationship with web administration systems and advances keeping in mind the end goal to acquire greatest advantage out of web mining. Web mining empowers a business to have the capacity to execute business knowledge without similarity or cost bothers. It makes a suitable business knowledge strategy and model for little and enormous organizations (Magoulas, Roger; Lorica, Ben, 2009).
Web technologies are being used widely. Web mining helps organizations obtain insights into market trends and customer satisfaction levels which is crucial for them to be able to manage larger market segments. As globalization sets in, it is quite essential that there be detailed understanding of the management of resources and inter cultural aspects. Web mining enables organizations to achieve this to a great extent.
The present circumstance is of business advancement in light of joining authority and innovation to the most ideal degree. This helps make a more grounded association among business accomplices and providers (Magoulas, Roger; Lorica, Ben, 2009)
It additionally makes deftness in the business procedures and this is critical keeping in mind the end goal to guarantee better levels of intensity for the business. It is critical that a business remains concentrated on creating solid level of systems administration and correspondence ties with the greater part of its business accomplices. This is conceivable in light of formation of an innovation based framework which can empower business accomplices to develop as a group. This can help a few business forms move toward becoming synergized and thusly can enable the organic product appropriation to organization develop past its present geological limits also (Magoulas, Roger; Lorica, Ben, 2009).
Business Intelligence is an imperative piece of present day associations with world class foundation. They enable multinational associations to end up to a great degree viable in the tasks through computerization and the utilization of business knowledge frameworks. They can help make better levels of viability and in addition help guarantee that there is compelling decrease of human exertion and additionally human blunders at working environment. This can help make a solid effect on the intensity and market position of a firm. Along these lines innovation can help make better effect in a few associations and it has been utilized adequately in the past by a few MNC's running from IT organizations to little retailers (Beyer, Mark¸ 2010).
Findings and Discussion
Client Relationship advertising (CRM) is an extremely well known term utilized as a part of promoting. In basic wordings it alludes to every one of those endeavors of an association going for keeping up an enduring business association with its present clients. It might incorporate data innovation being utilized for helping the salespersons or basic showcasing endeavors coordinated at dreary deals. CRM is utilized as a part of both Business to Business (B2B0 and in addition Business to Customer (B2C) showcasing.
A great deal numerous data advancements, including equipment and programming are utilized as a part of the endeavors to empower needs. The databases are utilized of remarketing purposes and furthermore to assess the client life cycle. With a specific end goal to enhance and make its use more powerful it is fundamental that there is a superior mix and continuous application even in the event of promoting, which is at present confined just to the exchanges identified with lodging. If there should be an occurrence of the business work force having nitty gritty data about the advertising perspectives, it can enhance client relationship based showcasing (Laney, Douglas, 2001).
Web mining forms are to be centered around conveying the most extreme conceivable utilization of web advancements. This includes the utilization of a critical strategy to discover and sort information. In the event that information isn't all around arranged or all around oversaw, it could bring about vast arrangements of information which could mislead key choices. Business insight when actualized through data frameworks including huge information and important programming can be utilized to enhance information administration to an expansive degree. Along these lines it ends up conceivable to build up a more grounded affect on the sustenance and activities of the association (Magoulas, Roger; Lorica, Ben, 2009).
It is fundamental to convey high caliber and development as far as data frameworks and its usage. The procedure starts with finding applicable information, checking its unwavering quality and realness and after that utilizing it properly.
Data is important for basic leadership and sharing of data furnishes organizations with a practical answer for data gathering forms. It enables organizations to exploit combining or gathering to build more grounded squares which in turns encourages them grow all around. Sharing of data enables organizations to comprehend the examination forms taken up by different organizations and how they strategize and coordinate information administration and business investigation in it.
Entrepreneurial elements for adoption of big data
Innovative applications and reaching out to customers who can adapt to this technology are two important elements that enable the adaptation of Big Data technologies. Change is basic keeping in mind the end goal to encourage adjustment to these innovations and make a solid comprehension about the motivation behind why these progressions are fundamental. Just when we see advantage in these innovations us would be able to adjust them. It is vital that IT and data be utilized successfully with a specific end goal to accomplish this in an adjusted way. In the event of improvement of a business insight outline, it is critical to center around similarity and cost as two vital components that effect the decision of programming and different components (Magoulas, Roger; Lorica, Ben, 2009).
The plan and improvement is to be founded on Big Data advancements as these are a portion of the current parts of information and business investigation in exhibit times. Huge information basically alludes to expansive arrangements of information, which are huge to the point that business information preparing devices are deficient for investigation of information. As hotel and hospitality industry grows in terms of competition, it is important that there be use of innovative ways in which Big Data can be used for creating improved levels of growth in management of data and customer satisfaction or customer relationship in the organization (Snijders, C.; Matzat, U.; Reips, U.-D., 2012).
Impact, role and future trends
Big Data is growing in popularity. It has helped organizations ensure that there are better levels of efficiency in dealing with various aspects of business development in the hotel and hospitality industry. This can enable them to focus on building long term relations and ensuring efficiency in their operations. It can help them understand their market trends effectively and help them focus on improving competitive strengths. Big Data also helps them analyze their performance when compared to their competitors (Beyer, Mark, 2011).
The client life cycle examination is unquestionably greatly valuable as it evaluates the gainfulness of a client and furthermore details an investigation in the matter of what amount can be put resources into a client keeping in mind the end goal to keep up client relations and increase out of it. This comprehends the level of gainfulness too. All things considered it goes for expanding the gainfulness of an association through the measures of CRM where in the advertising endeavors are exceedingly engaged (Magoulas, Roger; Lorica, Ben, 2009).
In view of these components, the utilization of business insight instruments is critical for display day associations. Business insight is essential for exhibit day associations. It is basic for them to build up themselves as equipped and expanding their skills. It can enable a business to develop as far as process capacity and competency. Keeping in mind the end goal to guarantee that the business associations are in a superior frame to build up their tasks through innovation and in the meantime are additionally in a situation to make better market nearness through cost streamlining. It is important for hotel and hospitality industry to focus on delivering high quality service to their customers as this matters in terms of delivering better value to customers and Big data can help them achieve this. Big data helps them mine web data for innovative solutions, industry standards, market trends and many more factors which impacts the industry.
It requires to be all around oversaw and very much executed in light of a key point of view on mind. The specialized, business and framework abilities that data frameworks work force ought to have incorporate the mix of innovation and business to create better levels of basic leadership frameworks. At exactly that point the firm would be able to accomplish its vision of consolidating authority and innovation for guaranteeing a superior key development and staying dynamic. These parts of the business are critical and it is basic for the business to accomplish better aggressiveness too keeping in mind the end goal to make due in the market (Snijders, C.; Matzat, U.; Reips, U.-D., 2012).
It is extremely important that hotel and hospitality industry considers the impact of Big data in order to remain competitive. It is crucial that there be better understanding about how Big data technologies be focused on customer relationship management in order to improve customer satisfaction levels (Laney, Douglas, 2001). It is important for small and big hotels to understand global market trends as well as local market trends and big data can help them understand these trends with better accuracy. Moreover as Big data technologies, web mining and data mining are not very expensive, it is possible for hotels to use this easily. It forms an essential aspect of they remaining competitive and relevant.