The impact of innovation on the development of hotel and restaurant enterprises

Abstract

The article analyzes the dynamics and development of innovations in service industry. It was found that innovations are a huge incentive for the further development of the hotel business; which contributes to meet world standards of hotel services. The article substantiates the need to introduce innovations in domestic hotel enterprises in order to reach a larger number of potential consumers of hotel and restaurant product. Based on the study, the author draws conclusions about the feasibility of using innovation as an important tool for the hotel enterprises development. It is generalized that the use of new technologies of investment process management in the hotel and restaurant business at the present stage of economic development is an important task, which is of great interest to managers of enterprises in this field.

Keywords

• innovation strategy
• hotel industry
• competitiveness
• financial risk
• service process
• long-term strategy