Digitalisation Is the Key to Future Business Success - Discussing with Regards to Hospitality & E-Banking

INTRODUCTION

This is the age of technology, everything we do is in some way or the other connected to machines, computers, or the internet. Digital media and technology plays an important role in the mans day-to-day life style. According to the survey conducted by ‘The Telegraph’ , an average teenager spends 31 hours a week online, whereas an average adult spends about 20 hours a week using the internet or any kind of media. Technical inventions are becoming a part of our daily routine. From simple things like booking a taxi or online food ordering to electronic voting everything is simple now-a-days due to digitalisation. Everyday more and more inventions are taking place thus making our lives much more simple and convenient, But what about the business world ?.

Every business has to keep up with time now. The consumers are like a hungry giant, and what does the giant like ? INNOVATION. Thus we hereby discuss that “ Digitalisation is the key to future business success” and we are going to argue in the fields of Hospitality and E-Business respectively.

Here we shall be reviewing the Hospitality and E-Banking sectors which are among the most rapidly moving towards total digitalisation. As competition is at its peak, hotels and banks have to come up with new technologies in order to able to sustain the changing times.

We would be discussing the various sectors of Hospitality industry like Tourism , Hotels , global distribution systems(GDS) and Internet based distribution system (IDS). While discussing about the same we would also take into consideration how restaurants are using the digital media to improve their service and goodwill.

E-business a wide term, but in this discussion we will only be having a look at how online banking systems, e-Banking has revolutionised themselves in order to keep up with the times.

Theoretical Background

From information distribution and marketing to travel, the impact of internet has included into every aspect of travel and hospitality business. According to ‘Forrester Research (2002)’ , the number of Americans making online travel bookings in 2002 grew to 23.3m people. He stated that online travel sales was $20.4 billion in 2002 while online hotel reservations reached $ 3.8 billion . In the year 2000 Zhou and Ling conducted a research and found out that around 58% of the american population world prefer use of internet for making their travel reservations over the printed brochures.

On the suppliers’ side, large travel information distributors have been taken over by a number of third party websites. Most of such third party websites are owned by the large multi-national corporations based in the United States. Microsoft is the owner of expedia.com , while Travelocity.com is owned by