artificial intelligence
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...
Travel Outlook Partners With MosaicVoice To Bring the Power of Artificial Intelligence to the Hospitality Industry’s Leading Call Center
Travel Outlook The Premier Hotel Call Center | September 21, 2023
SANTA FE, NEW MEXICO (September 2023): Travel Outlook, The Premier Hotel Call Center™, is pleased to announce a partnership with MosaicVoice, a groundbreaking AI call center solution that offers real-time guidance to agents. MosaicVoice and Travel Outlook partnered to develop a revolutionary tool for Travel Outlook’s call center agents to help them handle hundreds of global clients while providing on-site level customer service. MosaicVoice gives Travel Outlook agents an edge over the competition by increasing call quality and significantly reducing the amount of time required for training. MosaicVoice provides on-screen guidance fo...
AAHOA Endorses the Ethical and Beneficial Use of AI in the Hotel Experience
AAHOA | September 1, 2023
ATLANTA, Ga. – AAHOA, the Asian American Hotel Owners Association, a leading innovator in the hospitality industry that represents 20,000 hoteliers, proudly endorses the findings of a recent study conducted by the University of Houston’s Conrad N. Hilton College of Global Hospitality Leadership. The study examined hotel guests' acceptance of artificial intelligence (AI)-based systems and how they are reshaping the industry. Additionally, Morgan Stanley Research on Aug. 18 issued a report, “AI for Hotels: Will the Hotel of the Future Fit in the Palm of Your Hand?,” which documented the upsides of early adoption of AI technologies ...
How AI Will Affect Paid Search for Hoteliers
Valentina Suarez | August 28, 2023
By: Valentina Suarez Artificial Intelligence or AI, is already making a huge impact on a variety of global industries, including hospitality. Google has already seen success with their own AI implementations, including their fully AI-powered Performance Max ads, which have seen ‘on average over 18% more conversions at a similar cost per action’ vs. other paid search ads. A separate case study by Google found that India’s travel booking engine, Goibio, saw a 25% increase in hotel transactions with Smart Bidding, with a 22% lower cost per conversion rate for non-brand paid search campaigns. With any new innovation, adopting A...
Virtual Reality in Hospitality: A New Dimension of Luxury
Kevin D’costa | August 17, 2023
Immersive technologies such as virtual reality (VR) are becoming more popular by the day, redefining the entertainment industry with innovations like never before. Spatial computing, Metaverse and other new virtual adventures may have been more famous for their entertainment-based applications, but businesses increasingly realise their potential as an operational tool. VR is specifically helpful in delivering critical information to potential customers before making purchase decisions. But what are the other out-of-the-world experiences that VR promises to the hospitality industry? 1. Virtual travel Virtual explorations are one of th...
How to Address AI’s Energy Demands? AI Can Help With That
JLL | August 4, 2023
Sustainability efforts are putting the focus on data centers Generative AI technologies that can turn simple phrases into stunning, photo-realistic images have sparked the world’s imagination. They also require a substantial amount of energy. Researchers estimate that running one generative AI algorithm requires up to five times more energy than a regular search engine query. Just training ChatGPT took the same amount of energy as driving 123 combustion vehicles for one year. With AI queries on the rise – openai.com alone pulled in 1.9 billion visits in May 2023, according to SimilarWeb – the boost in energy requirements matt...
5 Ways AI Is Creating New Demand in Commercial Real Estate
JLL | July 21, 2023
Much of the attention around generative artificial intelligence (AI) has focused on its transformative potential. For the real estate sector, however, the analytical prowess of AI and its ability to unearth new avenues of demand for space are what’s sparking interest. “AI has enormous potential to reshape real estate, with near- and long-term impacts ranging from the emergence of new markets and asset types to innovations in investment and revenue models,” says Yuehan Wang, Global Research Associate, Real Estate Technology, JLL. “A rapidly expanding AI ecosystem and its supporting infrastructure will...
AI and Data Analysis Dominate Discussions at HITEC and HSMAI in Toronto
Jason Freed | July 7, 2023
MDO is back from a busy week in Toronto talking all things Artificial Intelligence and Data Analysis! At the Revenue Optimization Conference, held as part of HSMAI’s Commercial Strategy Week in conjunction with HITEC, the vibe focused on how an influx of readily available data is leading to modern approaches to revenue strategy. In a panel discussion titled, “Beyond the Rs: Revenue Strategy is More than Rooms Revenue, Rates, and RevPAR,” Jenna Villalobos, Senior VP of Commercial Strategy at Outrigger Hospitality Group, and Kathleen Cullen, Senior VP at PTG Consulting, shared a wealth of best practices for moving from a revenue m...
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