Innovative Management Strategies for Hotel and Restaurant Businesses and Tourism: A Catalyst for Economic Growth

Abstract

The modern development of the hotel and restaurant business and tourism in the context of digitalisation and globalisation of the economy necessitates the introduction of innovative technologies to improve the competitiveness and sustainable development of the industry. The study's relevance lies in the need for a comprehensive analysis of the impact of digital innovations on the interaction of these industries in the context of rapid changes in market requirements. The study aims to investigate the synergy of the hotel and restaurant business and tourism as a factor of economic development. It seeks to develop innovative approaches to management in these industries. The study uses literature, comparative, and content analysis to assess current trends and management tools. The findings show that integrating artificial intelligence, blockchain technologies, and digitalisation of processes contributes to increasing the efficiency of operations, improving customer experience and ensuring transparency of business processes. The integration of ICT in the hotel and restaurant business makes it possible to address some of the operational challenges, harness resource efficiency, optimise sustainability, and ultimately set apart customer value propositions. The practical significance of the work is to formulate recommendations for enterprises to adapt to global challenges by introducing digital tools and sustainable practices. The proposed approaches can be used to develop business development strategies that will help increase its economic efficiency and regional development.