Artificial intelligence serves humanity. That’s what a hospitality sector does too – serve customers. So, what is AI doing in the hospitality industry? AI is helping hospitality professionals do what they are doing better.
The new developments in AI and revenue management for hospitality industry have delivered efficient systems to make daily operations smooth and improve the overall guest experience. Let’s see how AI and data science are reshaping the hospitality sector.
- Dynamic pricing automation
Through AI and data science hotels can now predict customer behaviour accurately. Hotels now rely on revenue management software to take control of their revenue. The software uses machine learning to analyse large amounts of data from multiple sources (including the competitors) to detect behaviour and patterns of customer and convert the findings to define the optimal room rate in real-time.
- Guard Brand Reputation on Digital Media
Comments or reviews spread like wildfire through digital media. Such opinions can build or damage a brand’s reputation. AI uses systems that can guard the brand’s online reputation. AI systems help businesses identify when they are mentioned online. Such quick intimations give the companies enough time to respond appropriately.
- Competitive analysis
Competitive analysis of customer feedback on social media is essential to know why people evaluate a brand in a certain way. This data can give valuable insights on who their customers are, what they feel about staying in the hotel and what they think is perfect customer experience is.
AI captures this feedback and processes it with accuracy and speed that a human isn’t capable of delivering.
- Performance optimization and predictive analysis
The hospitality sector constantly deals with sudden increase or decrease in demand depending on holidays, seasons, and other events. For the operations to functions optimally and efficiently, these fluctuations need to be responded accordingly.
AI and data science are better than humans in understanding, extracting, and predicting the overwhelming information from the big data. Machine learning can use this data to increase profits and have a clear edge over the competition.
- Automation and efficiency
Hiring and maintaining human workforce is a huge cost. Larger companies can afford the cost, but the smaller companies struggle to keep up with the competition with their smaller budgets.
AI can help businesses stay competitive by automating their services. Some of the operations that can be automated are check-ins and check-outs, room assignments, housekeeping deliveries, etc., thus, freeing the staff to do some other chores that require manual interventions.
This increases the overall guest experience as the customers are provided with rapid and efficient services. Through all that, automation manages to increase the customer satisfaction level, reduce costs and increase revenue. Thus, improving operational efficiency.
Artificial Intelligence and data science are bringing a whole new level of sophistication to the hospitality sector, making everything from top to bottom highly efficient. That makes things better for the business owners, in terms of profit margins, and for the customers, in terms of guest experience. It’s a win-win situation for both.