Glossary
Explore key trends, metrics and technologies shaping today's hospitality.
MICE
Acronym for meetings, incentives, conferences, and exhibitions.
BEO (banquet event order)
A core document bridging event planning and F&B operations.
RevPAR
Revenue per available room – a cornerstone hospitality metric.
TREVPEG
Total revenue per available guest – comprehensive profitability.
PMS (property management system)
The central hub governing hotel rooms and booking logic.
CRM (customer relationship management)
Software managing interactions with guests and corporate buyers.
API integration
A protocol bridge enabling distinct applications to communicate.
LLM (large language model)
Advanced AI framework trained on massive datasets.
Generative AI
Intelligence capable of self-authoring content and quotes.
Food waste
Profit margin hemorrhage driven by inaccurate grocery purchasing.
SSOT (single source of truth)
An architectural paradigm utilizing one reliable master record.
On-premise vs. cloud
Hosting models dictating server location and reliability.
Dynamic pricing
Live automated price adjustments maximizing revenue yield.
Lead conversion
The ratio of successful sales against inbound commercial inquiries.
Tech stack
The collective assortment of operational software.
PnL (profit and loss)
High-level financial snapshot tracking operations.
Predictive analytics
Forecasting booking behavior via big data intelligence.
Automation flow
Unsupervised command triggers relaying backend data.
Up-selling & cross-selling
Passive commercial techniques to increase invoice volume.
AI agent (virtual desk)
A generative communication protocol aiding the front desk.