Friday, September 20, 2019

6 Ways Artificial Intelligence is Remodelling Hotel Revenue Management

The recent advances in technology have made AI more accurate and reliable, enhancing its importance in the business world. The hospitality industry is increasingly using hotel revenue management software that leverages AI to generate more bookings and drive revenue. AI and business intelligence have become an inevitable part of the hotel industry with a promise to deliver a delightful guest experience and enhance hotel reputation.

Here’s how the adoption of AI is further impacting the operations of the hotel industry:

1. Bookings

When a direct booking platform is powered by artificial intelligence, it drives direct bookings for the hotel and boosts guest loyalty by offering a seamless online experience. Hotel revenue management software relies on learning models to analyze data and identifies the most profitable pricing variations based on supply, demand, and competition. This makes the booking process seamless and drives more direct bookings.

2. Pricing

Hotel data analytics help accurately determine the most beneficial room rate. Based on the data, hotel revenue management software sets the best price for unsold rooms. This ensures a guaranteed increase in bookings and maximizes hotel occupancy round the year.

3. Marketing

AI-powered hotel data analytics are enabling hotel owners to personalize marketing campaigns that target ideal customers. Hotel revenue management software can also be used to track booking patterns, guest preferences, activities of interest, seasonal demands, and eating habits to identify untapped revenue opportunities and optimize marketing strategies. Marketing teams that customize their messaging based on expected guest motivations and emotions are most likely to drive business growth.

4. Selling

Analyzing booking patterns and seasonal peaks is just like predicting stock price. Hotel data analytics use past data to foresee the future and also create feedback loops to help hotels optimize their selling strategies. With hotel revenue management software, no courting is needed with shot-gun approach ads and emails. With AI, all the digital campaigns are now shifting their approach from interrupting offers to personalized touch points that can be flawlessly woven into the guest experience, on property and off property.

5. Guest Experience

Personalization is the key to sustainable success for any hotel. That is why hotels always make it a point to deliver a positive guest experience. With human intervention, the confirmation email goes, “Thanks for your reservation, Josh. We look forward to serving you!”

But, hotel data analytics know and understand every customer’s history so the next time they book a room at your hotel, your automated email will read, “Thanks for staying with us again, Josh. We have reserved a pool facing room for you! You also get a special discount on the beverages.” The email will also contain images that are relevant to the customer’s lifestyle and preferences.

6. Customer Service

Customer service and satisfaction are an important part of the hotel industry and with hotel revenue management software the possibilities of ensuring a positive and pleasant guest experience are endless. AI is empowering hoteliers to increase the level of personalization, tailor services to guest recommendations, respond to online reviews in real-time, and adapt to customer preferences for increased conversions.

From front desk and room service to cleaning and maintenance, AI is taking over every human function with its ability to analyze and automate. This ultimately means that hoteliers can save a lot of time, money, and human effort without compromising on the quality of customer service.

Hotel revenue management software is designed to fine-tune data at every point – from arrival, departure and dining preferences to birthdates, marital status and preferred language. When every bit of information is stored and analyzed automatically; hotels can stay focused on delighting their guests and driving business growth.

Karan Iyer
Karan Iyerhttps://www.aiosell.com/
Karan Iyer is an end-to-end digital marketer and blogger who inherently understands the hotel industry with his hospitality background. Karan knows how to convert the pain points and challenges of the hotel industry into business opportunities, and that’s what he writes about for his readers. He also shares industry trends, insights and news to help his readers stay up-to-date.

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