AI in the hospitality industry has proven to be revolutionary. This intelligent technology integrates with customer relationship management tools which allows you to manage guest data efficiently and grow your hotel business. By utilizing the full potential of AI – based hotel management software, you can capture a gamut of information such as:
- Location preferences
- Booking patterns
- Customer preferences
- Hotel rating inquiries
- Payment methods, etc.
And based on this data, you can create a revenue management strategy that assures an increase in bookings and revenue.
Let’s understand how AI and machine learning have changed the face of the hospitality industry.
The Capacity of AI – AI is the key to making revenue management system in hotels flawless. It is a reliable solution that allows simplification and synchronization of data in real-time, at a speed much faster than humans. And since the hospitality industry revolves around data, AI boosts the overall productivity in a hotel. It improves cloud computing and caters to data-driven reporting. Further, an AI-driven CRM tool updates and optimizes guests’ data while maintaining accuracy in results, which may not be possible if the CRM is handled by the staff members.
Personalization via Machine Learning – AI and machine learning allow the management of robust guest profiles without the need for manual entry. It allows maintenance of customer database that is accessible to the staff. For example, if a particular guest asked for a foam pillow during their stay, the request will be stored in the CRM so that the hotel can offer personalized experience the next time that guest visits.
Better Hotel Market Segmentation – AI-powered CRM identifies the target market for the hotel industry. It allows understanding how guests interact with different communication channels and make booking decisions. For example, if your guests tend to book rooms in your hotel during holidays, the CRM segments the guests into categories and update the message marketing strategy accordingly. It also optimizes up-selling marketing and rolls out offers that cater to a specific set of guests, taking customer experience notches higher. And this is an effective way to boost revenue in hotels dramatically.
Dynamic Pricing – Hoteliers use machine learning to support inventory management and pricing decisions. They analyze integrated external and internal data to predict demand and set prices accordingly. For example, if some of your guests visit the website to check out your rooms with a river view but leave without booking it, then the revenue management software would suggest optimal prices that suit the budget of your potential guests. This can boost bookings and maximize revenue generation.
Personalized Communication Through Chatbots – Intelligent chatbots and messaging platforms allow sending guests the right message at the right time. They are pre-programmed to supplement the entire stay of guests in your hotel. They are responsible for automated booking confirmation messages, pre-arrival messages, etc. to give a personalized treatment at all stages and improve their overall experience. They also cater to up-selling and cross-selling, increasing the revenue further.
AI-driven Revenue management eliminates the guesswork and helps you make decisions that assure revenue growth. So, analyze your requirements and current data and see how you can leverage technology to grow your hotel business.