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Time for the Hospitality Industry to Embrace the "Fail-Fast" Culture

by MyCheck

January 15 2016



Time for the Hospitality Industry to Embrace the "Fail-Fast" Culture

The hospitality industry faces a period of rapid change. Mobile payments are starting to take off, with VentureBeat reporting 12 percent of consumers using a mobile payment option for in-person transactions. Marketing, guest engagement and guest technology expectations are also changing. IT executives need a plan to accommodate for these changes, and a long development cycle is going to leave them far behind the competition. Enter “Fail-Fast”.

The fail-fast culture comes from software development, where failure states were quickly reported and fixed to continue the project without huge bug-fixing rounds at the end of a cycle. The fail-fast culture has moved outside of its traditional application thanks to big data. With IBM reporting 2.5 quintillion bytes of data created every day, businesses have a significant amount of data to use when adopting agile project methodologies.

This business culture combines with big data analytics to allow teams to speed up the testing rate for different ideas. The successes get incorporated into operations quickly, while the team learns from the failures. Agile development brings many benefits to the hospitality industry, as it adjusts to major changes.

The Benefits of the Fail-Fast Culture in the Hospitality Industry

Big data analytics are a necessary part of utilizing the data that every hospitality industry has on their operations, guests and other vital areas. It's not enough to look at the data once and set changes into stone. Hospitality companies need to continually test, collect results and adopt an innovative culture that thrives due to the failures encountered throughout the process. Gaining a competitive advantage in the hospitality industry is increasingly difficult, making analytics and a fail-fast culture necessary for getting ahead of the current trends, improving the customer experience and standing out in an overcrowded market.

Failure is often considered a four-letter word in business development, but it's a necessary part of harnessing the advantages big data brings to the hospitality industry. A data-driven approach with a fail-fast culture creates an innovative and flexible environment. Practically speaking for mobile payments, what this means is developing an app with limited functionality (as opposed to a full experience that incorporates loyalty, gift cards, etc.), field testing in a beta store, getting real operational feedback, and implementing the findings in a more comprehensive solution and rollout. Companies that adopt this approach can react quickly to changing market conditions instead of coming in after the latest hospitality trends.

Read More on Fast Fail Culture

Sources:

http://www-01.ibm.com/software/data/bigdata/what-is-big-data.html

http://venturebeat.com/2015/07/12/these-9-trends-show-the-future-of-mobile-payments-and-banking/

http://www.hospitalitynet.org/news/4063735.html

http://www.newyorker.com/business/currency/fail-fast-fail-often-fail-everywhere

 

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