OYO Hotels & Homes, the world’s leading chain of hotels, homes, and spaces has recently announced its new business direction, centred four strategic objectives towards building a leaner, healthier, and more agile organisation. These include sustainable growth, operational excellence, training & governance, and driving a clear path to profitability for 2020 beyond.
From one hotel in Gurgaon in 2013, OYO has enjoyed the love and support of thousands of OYOpreneurs (employees), asset owners and customers and therefore grown to 800+ cities across the world. During this period, OYO has actively evolved as a company, encountered several opportunities and challenges and accordingly adapted to change. As the company enters 2020, it is taking steps to optimize and strengthen the business by focusing on four strategic objectives of sustainable growth, operational excellence, path to profitability and training and governance.
As this strategy comes into effect, OYO will be focusing on the following –
- Sustainable Growth: Balance the speed of our growth with our operational capabilities, to ensure our growth is sustainable.
- We have built world-class capabilities since we started and in 2020 we are forming a Global Capabilities Team for each core function that will dramatically shorten the learning curve of every OYO market through knowledge sharing and drive consistent strategy and execution across our brands, teams and locations.
- Operational and Customer Excellence: Leverage technology and data insights along with our culture of service to simplify operations and drive consistent, high-quality execution
- Drive uniform adoption of our own tech products across different geographies. This also makes our guests’, hotel partners’ and our lives easier and efficient.
- Move 90%+ hotels from OYO to >7/10 rating through network planning, technology-enabled tools and targeted investments
- Increase efficiency while focusing on core businesses and rationalizing growth avenues
- Focus on profitable locations and buildings and avoid growth that dilutes our margins
- Further, reduce operating costs
- Training and Governance: Enable OYOpreneurs with the right tools to drive productivity, consistency and governance, while building a high-performing and employee-first work culture
Commenting on the development, Rohit Kapoor, CEO – OYO India & South Asia,
said, “We are excited about OYO’s 2020 vision. The senior management team in India and I are fully committed to creating a sustainable business model following our core values. We will continue to double down our efforts in providing enhanced customer experience, delivering value for our asset owners while ensuring the professional development of all our OYOpreneurs and building a fantastic culture. We have a terrific business not just in India, but also globally.”