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Driving Profitability With Precision: AI’s Pivotal Role in Revenue Management?
Andrew Rubinacci | November 30, 2023
By Andrew Rubinacci Revenue management systems play a critical role in the hospitality industry. Traditionally, these systems attempt to predict future demand from past trends to optimize pricing. That’s a reasonable approach. But as the pandemic taught us, relying on the past to predict the future doesn’t always work - the unexpected still occurs. Now, what if I told you it was possible to predict future demand based on current trends? How would that impact your pricing strategies? We’ve come a long way since the first RMSs hit the scene. And the recent advancements in artificial intelligence have made them more powerful (and rel...
5 Tech-Driven Hospitality Trends to Expect in 2024 and Beyond
Joe Vargas | November 29, 2023
By Joe Vargas As we approach 2024, the hospitality industry’s landscape is set to undergo significant transformations characterized by increased personalization, automation, AI, and cybersecurity, just to name a few. Moreover, these advancements will not only redefine the guest experience but also push the boundaries of what is possible in the sector. The good news is that the outlook remains promising, with recent Expedia data revealing that almost half of people prioritize travel more now than they did pre-pandemic, and nearly 80% plan to embark on leisure travel into 2024. In fact, the global hotel industry is expected to reach a...
How AI Will Create Adaptable Hotel Websites
Adam Mogelonsky, Larry Mogelonsky | November 22, 2023
By Adam Mogelonsky, Larry Mogelonsky Unveiled just over a year ago, ChatGPT is still foremost on our minds and numerous hoteliers already see the value in how this technology will scale their businesses in the near future. But what underpins ChatGPT is what’s called machine learning (ML) and there are several companies that have been in weeds with it for long before this became a buzz term. Namely, using ML we can now reorder and rewrite website content on the fly to adapt to the customer at any stage of the guest journey. This idea of adaptable hotel websites with automated personalization and integrated booking engines (IBEs) that h...
How Hotels Are Turning to AI
JLL | November 6, 2023
Hotel rooms are starting to feel like they were made just for you. Personalized music plays when you open the door. Lighting and air-conditioning are set to your ideal levels. A menu of the family’s favorite movies pop up on the TV, while the mini fridge is free from any food allergies. Behind it all: a hotel industry racing to deliver unique guest experiences fuelled by new technologies and artificial intelligence. “If knowing your guest is a priority to winning loyalty and increasing spend, then AI has tremendous potential in helping build guest profiles,” says JLL’s hotel asset management expert Ross Beardsell. “If a gue...
Looking at the Net Revenue Impact of Chatbots With Tata Crocombe
Adam and Larry Mogelonsky | October 25, 2023
By Adam and Larry Mogelonsky Artificial intelligence will be a topic for hotels for decades to come, but right here in Q4 2023, it’s all about deploying incremental solutions to drive more and more efficiencies and profitability. Foremost amongst all the other AI tools that hotels can deploy is the guest-facing chatbot which has the potential to help drive a channel shift away from more expensive third parties. And yet, it’s rare to see a lot of financial scenarios published on the matter that explicitly show the contribution of these technologies onto the bottom line. In collaboration with Tata Crocombe, we investigated the chatbot...
How Hoteliers Are Using AI for Revenue Management
Dr Cindy Heo | October 2, 2023
By Dr. Cindy Heo Hotel revenue management is the process of optimizing revenue by predicting demand and setting prices accordingly, most commonly found in hotels to forecast occupancy in order to maximize their room rate, hotel marketing strategy, and overall property performance. It's a complex and ever-evolving field for a revenue manager to navigate, with many channels and tools to keep up-to-date with. But it is a key function for any hotel that wants to remain competitive in today's marketplace to get a firm handle on in order to welcome more guests through their doors. Today, Artificial Intelligence is making the job of data analysis...
CEO Spotlight: Former Google Exec Jens Munch Shares His Journey of Disrupting Hospitality With AI as Co-founder of FLYR for Hospitality (Formerly Know
Alan Young | September 20, 2023
By Alan Young, Hospitality Industry Advisor, College Professor, and Co-Founder of Puzzle Partner The technology sector is defined by constant motion: the relentless exchange, disruption, and evolution of big, innovative ideas brought to the table by bold, innovative minds. The most influential players in the space are those with a seemingly insatiable appetite for change and optimization, and it is precisely that hunger that has occupied Jens Munch throughout his career. Within the hospitality industry, Munch is known as the Founder and CEO of Pace Revenue – a platform created in 2016 to revolutionize how hospitality approaches revenue m...
What’s the Buzz Among Today’s Hoteliers?
Mike Gray | September 12, 2023
By Mike Gray What’s on the minds of hoteliers? What’s keeping them up at night? And what makes travelers happy and eager to return? Some of the best places to have these candid discussions are at the industry’s conferences and events, and this year’s lineup has not disappointed. From AAHOACON and BITAC, to HITEC and The Hospitality Show, I’ve been traveling steadily, attending 13 events since January. Yes, the meetings business is growing, up 30% this year. Additionally, eight out of 10 business travelers expect to take trips to events in the next six months. It’s great to be on the road catching up with industry colleagues ...
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