At HITEC 2024, Simone Puorto interviewed Parag Doshi, Chief Technology Officer of M3, to discuss M3's role in the hospitality industry and the transformative potential of AI. M3 specializes in accounting and back-office systems designed to optimize profitability for its customers.

Introduction and Company Overview

Parag Doshi introduces himself as the Chief Technology Officer of M3. He explains that M3 provides advanced accounting and back-office systems, optimizing profitability for hospitality customers. While M3 operates behind the scenes without a direct guest interface, its software is crucial in enabling seamless hospitality operations.

Background and Experience

Parag shares his extensive experience in various regulated industries, including healthcare, finance, and energy, before joining M3. He emphasizes the importance of data sharing and security, a necessity in these regulated fields. Parag appreciates M3's collaborative environment, with most employees based in Atlanta, Georgia, fostering a dynamic and innovative workplace.

Predicting AI's Impact in 2025

Parag provides insights into AI's future in the hospitality industry. He emphasizes that while 2025 will see advancements, the true transformation will likely unfold beyond that. He notes that the hospitality industry is fragmented and reluctant to share data, a significant barrier to leveraging AI effectively. He compares AI to the human brain, capable of detecting nuances and making predictive diagnoses, but it requires access to high-quality data.

Data Integration and Quality

Parag stresses the importance of integrating and democratizing data in the hospitality industry. Current practices involve delayed and inconsistent data sharing, which hinders effective integration. He argues that the industry needs to focus on establishing a solid data foundation in 2024 and 2025. Once this foundation is in place, the industry can capitalize on and monetize data, creating predictions and insights that were previously unimaginable.

AI's Role in Automating Mundane Tasks

Parag addresses concerns about AI replacing jobs. He believes AI will eliminate mundane tasks, such as bookkeeping, allowing financial professionals to focus on more strategic activities. By automating routine tasks, AI can enable accountants to become true financial advisors, optimizing resources and making informed decisions based on data.

Future Vision for Financial Operations in Hospitality

Parag envisions a future where hospitality companies, especially in financial operations, leverage AI to propel innovation. AI will take over repetitive tasks, enabling human brains to focus on higher-level decision-making and strategic planning. This shift will elevate the role of financial professionals, transforming them into key advisors within their organizations.

Conclusion

Parag Doshi's insights highlight the need for data integration and quality in the hospitality industry to fully leverage AI's potential. M3's focus on optimizing back-office operations positions it as a key player in this transformation. This interview is part of Hospitality Net's HITEC 2024 series, showcasing thought leaders driving innovation in hospitality technology.

 

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