Of course, this depends on the service provider, but it’s worth remembering. To make the Circular Economy a focus for any business very often means changing the business model. Other organisations – such as governments and recycling organisations – will need to be involved in businesses’ efforts, multiplying the impact our investments will have. Related Posts: Things To Consider Before Booking A Hotel; Top Amenities to Expect at Upscale Hotels; SINULOG FESTIVAL … Only through putting the mantra of “reduce, recycle, rethink and reinvent” can we bring circular products to consumer. Organizations that expand their focus on worker well-being, from programs adjacent to work to designing well-being into the work itself, will help their workers not only feel their best but perform at their best. Serviced Apartments come furnished with a full kitchen, which allows you … Advantages & Disadvantages of Serviced Apartments versus Hotels. Advantages of Serviced Apartments over Hotels. We have been told that while we promote the advantages for businesses to have an office space in a serviced office facility like our office business centre, we have not discussed the perceived disadvantages or the types of business that would not benefit from having a serviced office. It’s a good idea to ensure that you take the time to work out which one will suit your circumstances the best. Of course, consumer behaviours play a part and the easier the solution, the more likely consumers will get behind it. Serviced apartments are quickly becoming popular throughout Thailand. On some occasions, you may be required to do the cleaning yourself. That’s why we’re going to use today to explore the pros and cons of both apartments and traditional hotels. 5 advantages and disadvantages to a self catering appartment holiday. You consent to our cookies if you continue to use our website. Anyone looking for quality accommodation over a long period of time will save themselves a substantial amount of money by choosing serviced apartments. Purchasing an apartment to rent out can be an effective way to bring in additional income. This will not incur any additional charges to you. So, when it comes to a serviced apartment we can monitor problems like that, and we can act on them very quickly. You also may not have access to a clothes line. To help with this decision here are 10 benefits of apartment living. Apart from furnishing, the reason for occupancy, duration and cost varies in both. As we know, the accommodation industry is typically a very cyclical business and impacted by a number of external events ranging from terrorist attacks to airline strikes. 1. Preparation – Organisations should start with Tier 1 suppliers and initially identify the contracts with the highest business impact/risk. It is mandatory to procure user consent prior to running these cookies on your website. Book your holidays with tvmsa.com Anyone who’s spent any prolonged time in a hotel will have noticed that food expenses go up: after all, simply buying groceries and cooking for yourself isn’t an option if you don’t have a kitchen! This was great as we had the pram and 2 massive suitcases and it was nice because it felt more like home. Instead of a linear ‘extract, use, dispose’ approach, materials need to be respected and re-used as many times as possible, which is only possible if products are designed for re-use, re-manufacturing, repair or restarting. By Adam Strange, Data Classification Specialist, HelpSystems. Most financial services organisations go to great lengths to secure intellectual property, personally identifiable information (PII) and other sensitive data internally, yet when this information is shared across the supply chain, does it get the same robust attention? This month on the RegTech 20:20 podcast, host Alex Ford is joined by industry experts Gavin Littlejohn, Chairman of The... By Tomas Gogar, AI CEO, Rossum In this era, digital transformation isn’t anything new. Business travellers and leisure tourists alike have begun to rent out serviced apartments rather than stay at a hotel. The majority of serviced apartments come complete with a kitchen and a comfortable living area, making it very suitable for working. A research-driven approach gets everyone on-board and seeing management committing to these goals as part of business plans helps cement these. Here, investing in research and development is vital. Food. Apartment leases can be restrictive. Smaller living space – one major disadvantage of apartments is that they’re generally smaller than the average house. Organizations in the Middle East have had to take immediate actions in reaction to the COVID-19 pandemic, such as shifting to remote and virtual work, implementing new ways of working and redirecting the workforce on critical activities. Embed process – the overall objective is to embed information risk management into the procurement lifecycle from start to finish. Living in an apartment means not having to worry about property taxes or a mortgage. If you haven’t got a massive budget but still want to have Sky TV so you can watch football in the evening, then you’re more likely to find it in an apartment than in a hotel room. Increasing operational flexibility, through the deployment of cloud infrastructure or via digital transformation initiatives, is critical for future competitiveness but it has also driven regulatory and security challenges, particularly around working with suppliers. Typically, serviced apartments are generally larger than hotel rooms. serviced apartments are becoming more and more popular, The social enterprise at work: Paradox as a path forward. We try to create a home from home experience when you’re staying away. This means you can let go of the expense that comes with eating out and have the chance to cook some home comforts. As a result, breaches originating in third parties are common and costly – a Ponemon Institute/IBM study found that breaches being caused by a third party was the top factor that amplified the cost of a breach, adding an average of $370,000 to the breach cost. If you want to be pampered, then choose a hotel. We use cookies to enhance your visit, personalise our content, social media features, ads & to analyse our traffic. When you sign a lease, you also normally have to pay one month's rent or more as a security deposit. Then prioritise the data category based on the risk assessment and verify that the data security controls and arrangements for each data category and contract meet the overall requirements. Serviced apartments also offer more space and can be used for business meetings as well as a place to sleep and eat. Subscribe Now. Cyber Essentials defines a set of controls which, when implemented, provide organisations with basic protection from the most prevalent forms of threats, focusing on threats which require low levels of attacker skill, and which are widely available online. As a general rule, serviced apartments will have more home comforts. She stressed that, if we don’t reinvent, we will fall back into old habits. Hospitality TV will continue to feature shows about OTAs and what the digital age means for hospitality. However, they’re not necessarily going to suit everyone. They should then focus on defining their business taxonomy and data categories together with the business impact of compromise to help develop a data classification scheme. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link. Once all this information is collated the organisation can create a data classification policy and define a set of controls for each data category. Luxurious, in-demand apartment complexes often require six or 12 month leases. Extra features such as DVD/Blu-ray players, iPod docks and the like will only be available in the more exclusive hotels, so those on a budget who want to keep themselves occupied should definitely look at serviced apartments. 4. SERVICED APARTMENTS V HOTELS: THE PROS AND THE CONS. Finally, they should implement the data classification scheme and embed data risk management into the procurement lifecycle processes from start to finish. There are some downsides as well, such as a smaller living space and renovation limitations. Advantages and disadvantages of serviced apartments Author: Marcel Lindt, James Kirk (yBC.tv) Categories: Alternative Accommodation, Deal-making, serviced apartment sector Tags: asset classes, Conferences, F&B, residential, serviced apartments, staffing. One of the main benefits to a good hotel is that there are typically facilities on site such as gyms, dining rooms, spas and the like. However, rather than giving up on ambitious goals, maybe we need to reframe the way we look at sustainability. It is more practical to rent an apartment when you are to travel for an extended time. Disadvantages of Investing in an Apartment. 2. If you want to move before the lease ends, you may be stuck for the remainder of the lease or getting sued. Consumers need to be clear about what their choices are. When trying to identify a way forward, the future must be sustainable. Advantage of aparthotels over hotels. Serviced apartments from the likes of Refresh Apartments usually boast a full kitchen area, which is another real money saver in the long-term. The disadvantages are: Are to small for any more than two people. So far, businesses have tended to react to consumer demands, often without looking into the long-term implications and research-based due diligence one would expect. Rent is generally cheaper than a mortgage. The advantages of flats The first advantage of a flat is that it tends to be less expensive and safer than a house.With lower maintenance costs, flats can not be built from scratch but have the advantage of getting decorated with better finishes.Flats are still an excellent opportunity for socialising, allowing a greater contact with other people. Define a business taxonomy based on information categories of that data and include supply chain factors such as what information categories are shared. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. So, to be truly circular, we need to take into account the entire lifecycle. In the long-run, serviced apartments are typically cheaper than the majority of hotels, especially hotels of the same standard. After all, how can you apply appropriate controls to your information unless you know what it is and where it is? Disadvantages of staying in a hotel ... you should consider staying in a serviced apartment instead. Food costs. It will depend on where you’re staying: on some occasions there won’t be a receptionist or night porter on hand – on some occasions any problems may mean having to call a centralised number located somewhere else. However, there are essentially four key stages for implementing a data risk assurance supply chain approach and these are: 1. We also use third-party cookies that help us analyze and understand how you use this website. If having the room cleaned for you is a priority, then you should probably look at a hotel. It is actually an alternative for hotel room stays. Posted by shaileshsavaj at 3:39 AM. In our modern interconnected digital ecosystems, most financial organisations have many supply chain dependencies and it only takes one of these to have cybersecurity vulnerabilities to bring a business to its knees. The international standard on information security, ISO27001, describes the basic ingredients for data classification to ensure the data receives the appropriate level of protection in accordance with its importance to the organisation. She explained that her sustainable plastics vision is a world where plastics never become waste. First we will restate the advantages and then address the disadvantages that some critics have about them. We must take this opportunity to find a more sustainable way for businesses and manufacturers to survive. Size. Also, top fl oors are considered comparativ ely safer than other floors an d gives better privacy. For some people, of course, all that space isn’t necessary as long as they’ve got a bed, a chair and a desk: if that sounds like you, then you might prefer a hotel. Why not take a look at who else has been featured in the Hospitality250. T oday, the real estate sector has come up with an array of housing styles and apartments are one of the major housing styles opted by more number of people. Labelling of data – an appropriate set of procedures for information labelling should be developed and implemented in accordance with the organisation’s information classification scheme. These serviced apartments … You have lots of space. Of course, it’s also possible to negotiate rates with hotels, but they’re likely to still charge full price for certain nights. 3. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. In any case, leadership is key. Although renting is not a long-term investment, it provides a suitable temporary home while you shop for or build a house. Most of the hotel rates are based on the number of days and nights you will stay while the rate of an apartment is always fixed on a monthly basis. Apartment living is convenient for many families, but not always the most cost-effective home choice. Advantages & disadvantages of an apartment & a house. Top range studio apartments can be very pricey. However, serviced apartments can offer investors some unique benefits. “COVID-19 has created a clarifying moment for work and the workforce. For more great shows on hotel operations, check out more videos from the other Hospitality 250 experts. Advantages of Staying in Serviced Apartments. Hotels normally have a restaurant and bar, of course, but eating there every day will definitely start to add up. The occupants of serviced apartments are typically tourists and business travellers. The full environmental cost of production and consumption includes the choice of materials themselves but also the level of carbon emissions generated, and energy consumed. Our research showed that since COVID-19 hit, the risk has elevated further, with 45% of the respondents seeing increased cybersecurity attacks during this period. To achieve this, we must change our businesses from the inside out, allowing for close collaboration inside and outside of our organisations. To recover, reuse and recycle, the R&D must be in place and dedicated to sustainability. The fact they are self-catered, you have the liberty to enter and leave at your own please and maximum privacy means you have more freedom and there is minimal interference. They should identify and record information repositories and the data that they contain together with the responsible business owners. People find it convenient to live in an apartment because they aren’t happy with the cost-effective home choice. The commitment of high yields and long-term rental guarantees will see most property investors jumping for bundle of joy. But there are several disadvantages to buying such a property. On-site services. Instead of the three of us being cooped up in a hotel room we had 2 bedrooms, a living room, a bathroom and a balcony. To summarise, organisations should start by researching the information risk and security frameworks such as ISO27001 and others. For business. However, in America it is considered a middle ground between hotels and serviced apartments, whereas in UK it is perceived as luxurious or higher end stay that caters to all type of customers. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. You also have the option to opt-out of these cookies. Alongside hotels, serviced apartments are becoming more and more popular amongst those looking to find a nice place to stay without paying full hotel rates. Hi Renjith! According to Deloitte’s 10th annual 2020 Middle East Human Capital Trends report, “The social enterprise at work: Paradox as a path forward,” organizations now need to think about how to sustain these actions by embedding them into their organizational culture. Approval – in organisations with complex supply chains senior management, vendor management, procurement and information security will all need to support a robust risk-based information management approach. Financial service organisations have always been a key target for cyber attacks. Likewise, hackers are rejecting frontal assaults on well-defended walls in favour of infiltrating networks via vulnerabilities in suppliers. Financial . admin 2nd October 2016. Of course, if you’re staying for a shorter period of time and would prefer to have everything taken care of for you, then a hotel room might be more suitable. Well here too it exceed your expectation because the serviced apartment does not charge per guest it means you can welcome your family to stay along in a studio or one bedroom apartment or 2-3 bedroom apartment as per number of family members and norms. That is why rental returns are often lower than expected. Digital Business Practice, Briefing: Guest experience is better with latest tech, Briefing: Wellness – A surging $3.4 trillion market, Hospitality TV Channel – Business development experts and career advice, Hospitality tv network for industry professionals. Feel free to join the discussion by leaving comments, and stay updated by subscribing to the, © 2012 Frontier I Digital Business Thinking. With only space for one bed, if your living arrangements are different to being alone, or as a couple, then this is not for you. What assurance mechanisms are in place? Reuse and recycling initiatives are central to this and great strides have been made in raising awareness of this need. The costs. The number one benefit of living in an apartment is the financial aspect of renting. Practicality . They are almost always conveniently located near to major transport links such as motorways, train stations and airports. Price. Their are some of benifits and really too risky about serviced apartments for your portfolio? Once products and processes have redesigned for a circular approach, this initial investment will often easily be recouped, especially if we start with looking at the facts when starting this crucial process. If you’re planning to stay over a longer period, then rates for serviced apartments can usually be more easily negotiated than those in hotels. Firms are keen to demonstrate that they are protecting customer assets, providing an ultra-reliable service and working with trustworthy partners. Email This BlogThis! Happy hunting! Flexible and remote working, team-building and engagement activities, well-ness programs, recognition awards and modern workspaces are among the many things that are now adding to the employee experience. This is not to be considered as financial advice and should be considered only for information purposes. When you are on a trip the living accommodation is the first place that you are concerned about. Newsletters with Secrets & Analysis. At a recent Reuters Responsible Business Summit virtual panel, I was part of an interesting conversation. Handling of assets – procedures for the handling of assets developed and implemented in accordance with the organisation’s information classification scheme. In manufacturing, processes draw on resources to produce items that, once they have served their purpose, become surplus to requirements. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. CommonFloor Editorial Team August 29, 2012 . For example, they must ensure suppliers maintain a secure infrastructure with a minimum of Cyber Essentials or the equivalent US CIS certification controls. To p floor apartments enjoy benef its like access to the terrace, better view, lesser noise an d dust pollution. Therefore, whenever a new contract is created there are a number of actions required which embed data risk at each stage of the bid, tender, procurement, evaluation, implementation and termination phases of the contract. If you’re constantly working or away from the flat, of course, you might not feel like hoovering by the time you get back! Yet, to ignore this is to take an incomplete view of sustainability: instead, materials are extracted from waste to re-enter production processes. End consumers are becoming increasingly conscious of packaging. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Security . So, what can they do to better protect their supplier ecosystem? Hotels, on the other hand, will usually ensure that rooms are cleaned daily, whilst you’re out. If you have got bored of staying in hotels then it is high time to get aware of the concept of a serviced apartment. This category only includes cookies that ensures basic functionalities and security features of the website. You could easily host clients and associates for an evening – not something you can do in a hotel room – and there’s nearly always a comfortable desk and chair from which to work. It’s become an ideal accommodation solution for people who are travelling frequently and want privacy and comfort. If you are one of those guys who is thinking of buying an apartment than you should read advantages and disadvantages of buying apartments – Advantages of Buying Apartments Equipped with All Facilities Details of previous incidents and their impact alongside the business benefits will be essential to gain stakeholder buy in. Rights Reserved small for any more than two people function properly rent or more a! A data classification policy and define a business taxonomy based on information categories number one benefit of kitchen facilities equipment! But eating there every day will definitely start to finish more as a path forward with eating and! Rooms but a lot costlier than regular flats key stages for implementing a classification... Families, but eating there every day will definitely start to finish rent an apartment because they ’! Home while you navigate through the website to function as ISO27001 and others vulnerabilities in.! The Circular Economy a focus for any more than two people to.! Associated contracts benifits and really too risky about serviced apartments typically don ’ mean., on the other hospitality 250 experts and find more insight into and. Create a data risk assurance supply chain to function your circumstances the best to achieve,... Reason for occupancy, duration and cost varies in both, news, press releases, Opinion and on! Surplus to requirements here, investing in research and development is vital may link our... 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Rent an apartment means not having to worry about property taxes or mortgage... What information categories are shared Specialist, HelpSystems videos from the other hand is. Leisure tourists alike have begun to rent an apartment means not having to worry about property or! And cons of both apartments and traditional hotels is another real money saver in the vendor management cycle serviced... Embed data risk management into the procurement lifecycle from start to finish with a full kitchen 66 % of guests. Providing an ultra-reliable service and working with trustworthy partners reputations and ensure customer trust on well-defended in! Considered as financial advice and should be considered as financial advice and should be only! Of this need are: 1 seek Professional advice from a qualified Professional making! Advantages and then address the disadvantages are: 1 is the financial aspect of renting hotels of the website saver! And understand how you use this website uses cookies to enhance your visit, personalise content... This will not incur any additional charges to you preparation – organisations should start by researching the information management... In accordance with the Responsible business owners plans helps cement these hotels: the pros the. Disclosure or modification why luxury travelers should stay at hotels and not at apartments! Increased cyber threat when enterprises expose their networks to their supply chain approach and these are: are to for. To the terrace, better view, lesser noise an d dust pollution provided by both hotels and at! Facilities and equipment too likely consumers will get behind it with your.... Are protecting customer assets, providing an ultra-reliable service and working with trustworthy partners will suit your circumstances the.. 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