IMPACT OF Artificial Intelligence (AI) ON HOTELS

Technology has brought lots of changes in every field; no trade is untouched by it. Similarly, technology has played a vital role in the hotel industry a lot, and hotel businesses that are not responding to this appeal will be out of business sooner or later. Technology helps increase business efficiency and optimize different processes, reducing manual work, and improving customer experience.

A study by McKinsey Global Institute projected that up to 800 million jobs could be displaced by automation by 2030, although they also stated that new jobs will be created by Artificial Intelligence (AI).

It's important to understand that this is a two-sided coin.?Hoteliers who understand how to leverage AI tools to become more efficient and effective will become more valuable than ever.?Those who don't educate themselves may find themselves in a more challenging situation.

AI has the potential to improve efficiency, increase revenue, and enhance guest experiences. Artificial Intelligence (AI) is rapidly transforming the hospitality industry, and its impact on hotels is not far-reaching. AI has the potential to improve efficiency, increase revenue, and enhance guest experiences.

????????Intelligent Assistants or use of Chatbots to improve the booking experience.

????????Check-in process becomes quicker, more friendly, and more convenient.

????????Modernizing hotels for better, streamlined services.

????????Helping in monitoring Flight Fares and Hotel Pricing.

AI, combined with the developments of Web3.0, will offer seamless interaction across the industry, resulting in a travel experience that has multiple models connected to deliver better experiences and match the demands of the end-user

Hotel Operations

Artificial intelligence (AI) can highly be helpful in hotel operations by automating repetitive tasks such as booking and contactless check-in processes, freeing up staff to focus on providing personalized service to guests. AI can also enhance customer service through the use of chatbots and virtual assistants that can assist guests with booking reservations, answering questions, and providing recommendations.

Guests come from all over the world. This means, of course, that your guests will speak multiple languages. Chatbot translators can make life much easier for guests when they book their rooms.

AI will be integrated with virtual reality and augmented reality to provide guests with immersive experiences such as virtual tours, virtual room selections, and virtual events.

Additionally, AI can improve housekeeping room assignments and maintenance by using sensors and cameras to monitor and control the temperature, lighting, and security of guest rooms, optimizing pricing and revenue management through data analysis and predictive modeling, and improving energy efficiency by using smart building systems. Furthermore, AI will enable automated check-out, allowing guests to check out from their room using their mobile device or voice commands and receive their bill via email or text message.

Artificial intelligence is set to transform the hotel guest experience in the next 10 years by providing more personalized and efficient service through the use of personalization and recommendation engines, automation of repetitive tasks, virtual assistants, smart room technology, and concierge services.

?

Hotel Revenue Management

It can be enhanced by using predictive form to analyze historical data and predict future demand and revenue, optimizing pricing and availability to maximize revenue. AI can apply demand-based dynamic pricing intelligently. AI can also optimize inventory management by forecasting demand and adjusting room availability accordingly, resulting in increased revenue by selling more rooms at higher prices during peak periods and reducing unsold inventory during off-peak periods. Personalize pricing and offers to individual guests based on their preferences, past behavior, and demographics, allowing hotels to increase revenue by targeting the right guests with the right offers at the right time. Identify opportunities for upselling and cross-selling to guests, and optimize pricing and inventory decisions in real-time based on market conditions, guest behavior, and other factors. AI can help hotels to identify patterns and variances in revenue data that can show new revenue opportunities and trends.

?

Hotel Marketing

AI is expected to change hotel marketing through more targeted and personalized marketing campaigns based on individual guests' preferences, past behavior, and demographics. It will automate repetitive and time-consuming tasks such as data analysis, customer segmentation, and campaign management, allowing hotel marketers to focus on more strategic activities, analyze large amounts of data, and use predictive analytics to forecast customer behavior and market trends, resulting in more effective marketing strategies and data-driven decisions. AI will allow hotels to automate and optimize their digital advertising campaigns, by identifying the most effective channels, audiences, and times to advertise, resulting in more efficient use of the advertising budget.

Hotel Sales & MICE

Bring in more business travelers by leveraging predictive analytics to forecast future demand for group sales, allowing them to proactively target potential business travelers and anticipate changes in demand. AI can automate repetitive tasks such as data entry, follow-ups, and lead generation, and sales managers to focus on building relationships with key clients and closing deals. AI can assist in real-time analytics to track the performance of group sales and identify areas for improvement and optimization by making real-time decisions based on market conditions, guest behavior, and other factors, and identify new revenue opportunities.

?

Human Resources and Labor

AI is to bring change in human resources practices in hotels in several ways. One way is through automating repetitive tasks such as screening CVs, scheduling interviews, and doing background checks. This will save time and resources for professionals, allowing them to focus on more strategic activities such as building relationships with key clients and providing personalized service to guests. AI can also be used to optimize scheduling and workforce management by forecasting demand and adjusting staffing levels accordingly, resulting in more efficient use of hotel resources. AI can also be used to analyze employee performance and provide feedback, identify training needs, and track employee engagement. By providing insights from data analysis, hotels can implement programs to improve employee retention and satisfaction.

Hoteliers that don't self-educate will be left behind. Hotels that do not educate themselves about AI and its potential in the hospitality sector may miss out on the benefits it can bring to their business, such as increased profitability, improved guest experience, and a competitive advantage over other hotels.?