In a survey of delegates, 87 percent stated that the most important subject facing the industry was the challenge of creating sustainable and profitable models for trading in the New Economy, to deal with the following issues:

• Changing nature of the customer
• Changing nature of product competition
• Ability to attract available capital
• Dis-intermediation of traditional booking channels.

The delegates also agreed that technology was the main change agent to deliver customer expectations and that significant breakthroughs were still required in the areas of Application Service Providers, CRM, broadband communications and wireless technology. They also discussed the challenges in quantifying the three different components of a hotel�s value - brand, operator and asset owner.  Consideration was given to the issue of branding in the 21st century of the global hotel industry.

Commenting on the Forum�s conclusions, Ian Graham, Director of Hospitality Solutions at Andersen said: �The CFOs who attended this year�s Forum remain concerned to find and apply the right business model for the differing e-commerce offerings that are becoming available.  We are in a period in which technology is enabling major change in processes.  Many in the industry are clearly eager and willing to embrace the new technology, but there is widespread recognition that change only happens successfully through people in the business buying into appropriate behavioural change. 

The most important group of people for whom behavioural change is going to be critical is the customers and intermediaries who use the different products and services offered by the industry.  Building intelligence about customer attitudes and expectations is going to be critical in ensuring that the technology, process and business model changes that we will see implemented, deliver the potential levels of value to all stakeholders.�

Co-host Hans Lindh, Head of Hotel Industry at American Express Establishment Services added:  �The twin issues of attracting talent and reaping the fruits of new technology were again identified by the Forum as the two main challenges facing the industry.  Talent is required to leverage the benefits that the new technology can provide, ensuring pay-back on these significant investments.  More fundamentally in an environment were all stakeholders �employees, guests and shareholders � have become more quality conscious, the industry needs to attract, retain and develop talent in order to deliver on its core proposition:  customer service.  The fact that these issues are contemplated by the CFO community not only underlines their significance to the industry, but also illustrates how the finance role has evolved from one focused on accountancy to a strategic leadership role.�

Andersen is a global leader in professional services. It provides integrated solutions that draw on diverse and deep competencies in consulting, assurance, tax, corporate finance, and in some countries, legal services. Andersen employs 85,000 people in 84 countries.