FREMONT, CA: Smart software and cloud computing have seen drastic improvements in ROI as signing up for intelligent software services and optimizing the business operations have become a matter of spending a few dollars. Many companies in the hospitality industry are improving their business strategies by using smart and affordable solutions like artificial intelligence (AI) to increase the revenue per available room (RevPAR) within a certain time.
Organizations can boost their incomes by utilizing AI in maintaining the inventory and applying it to the resources in the best possible way. They can use the technology to enhance the services being delivered to the guests and build a long-lasting relationship with the guest who can be frequent visitors.
AI-driven channel manager (CM) used in the hospitality industry can manage and share every inventory on a single dashboard and check the channel performance to identify which channel gives a better result. In the same way, the company can remove the channels that do not show good results in booking and also set a rate plan for the CM to follow so that it can set up the idea for the rest of the rooms.
The use of a revenue management system (RMS) in the industry will allow the company to examine the performances in the past and plan accordingly for the remaining days. It takes into account the market forces that reflect the tourist traffic of the city and analyzes the competition via online channels. A well-equipped RMS will keep the company informed about the market pricing and make changes in the prices to keep up with demands.
With the help of AI, a booking engine can be put into service by the companies to let the user book rooms directly with affordable prices on the website. A direct booking feature on the website is necessary as it will collect useful data about the guest like the size of the family, their preferences, and affordability, which can help to serve the guest better.
Through AI, the company can study extensive data generated by the customer and filter meaningful insights to provide the much needed personalized services to the guests.