Since the term Artificial Intelligence (AI) came into existence, there have been lots of tools, software, Etc., developed to its aid. It’s quite a buzzword in today’s world and has successfully incorporated itself into several industries.
Apart from the usual, some fields are using Artificial Intelligence triumphantly. Medical and Healthcare, Banking, Sports Analytics and Activities, Agriculture and Farming, Retail, Shopping and Fashion, Self-Driving Cars, Autonomous Flying, and this list is endless. As per stats, a growth of around 270 million US Dollars is expected in the AI industry in the coming four years. As per a report, 60 percent of the customers have readily submitted their information to AI, and 15 percent of industries have opted for AI for better interactions with their customers; these stats show a positive response towards AI.
Hospitality is an industry that has used AI to its best and also has gained momentum in the past years. Hospitality is no exception to this technology; this industry domain has always tried to keep up with the growing trends. This industry’s primary fuel is customer satisfaction and the a critical aspect that cannot be overlooked by this industry.
In the past few years, by the use of AI, this industry has been targeted at upgrading its services and integrating how they meet their customer’s needs. Some of the names of this industry who have used this technology and created a benchmark- Airbnb and OYO. These two companies have attained much popularity worldwide.
Data that is provided by the customer is used to tailor their experience. Machine Learning, or ML and Data Analytics, use the data that is obtained from the customers and helps this industry to personalize the experience of the user. For example, the mobile or web application of Airbnb or Oyo or Trivago uses ML and Data Analytics for recommendations, bringing the best deals, Etc. Thus, data plays a vital role here; with more data, the results get better.
Customer Satisfaction holds the utmost importance. Obtaining feedback from customers would have been a difficult task; Chatbots are the counter to this problem provided by AI. Chatbots interact with the customers and gain insights about their needs. Amazon Echo is intensively used in some hotels to enhance their guest experience.
AI is contributing to the evolution of Revenue Management. The advances in AI have helped automate the rate updates and pricing decisions. AI is also helping in recognizing customer behavior or patterns. The data gained is used to recommend the deals that might interest the customers accordingly. Revenue Management uses Data Analytics to present their customers with prices that suit them; in other words, this technology uses the past data and brings the offers that a customer might be interested in buying.
The Analysis goes as per the behavior of the customer, the time of the year they have chosen to travel in the past, the mode of traveling, locations they prefer the most, etc., this comes under Operational Analysis.
There’s always room for improvement. Young hoteliers can find the steps that are helpful while also coming face-to-face with the ones that aren’t. This is allowed through real-time observation of internal processes that are done through operational analytics. Businesses can consider competitive Analysis, always research customer reactions in different seasons, social media reputation through online feedback, monitor mentions of brands, or try to know why people start bookings but do not complete them. Staff skills and IT infrastructure determines the number of data science applications.
Visualizing the performance of each department of any hotel or resort Etc. Visualizing tools assist this industry to collect data and monitor the areas that can be improved. Competitive Analysis is there to watch the brand over social media. Now, this helps this industry to know who are their target audience, what are the things that a customer looks for while searching for a hotel, Etc.
AI, with the help of other tools that it is providing like Natural Language Processing(NLP), Computer Vision, and much more it helps this industry to build its potential and gain the trust of its customers as well as customer loyalty.
AI has come a long way from the day it was coined; exponential growth has been recorded in this technology and also in the industries that have used it. However, there is more that can still be done to make this technology better. It will be no surprise if I say that in the coming years, almost every field will be incorporating AI. It is not only for the ease that comes with this technology but because it has helped several industries grow in various aspects. To be honest, AI has just scratched the surface and there’s a long way to go.