AI to Standardize Travel and Hospitality

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AI to Standardize Travel and Hospitality

CFO Tech Outlook | Friday, May 31, 2019

FREMONT, CA: The hospitality sector is rapidly diving into technology such as IoT, cloud, biometrics, and Chatbots. The speeding up has been particularly noticeable in the uptake of AI. From customization and marketing to revenue management and pricing, AI has become a key player. A few years ago, 'Big Data' was an unavoidable phrase, but with the advancements in data processing and information storage, computers can now ingest and analyze record amounts of facts and figures―giving rise to smart applications for everyday use.

Essentially, contemporary society is witnessing a movement into a different level of interaction through machines and software comparable to the advancements in mobile application developments and cloud technologies a decade ago. A rapid rise of start-ups that are making the booking and customer experience more personalized, sophisticated, and guest-centric―are leading the way toward new levels of consumer engagement and satisfaction.

In the environment of automating businesses and fully leveraging the technology gains, any business will soon be left behind if it fails to keep up with the rivals become increasingly competitive and innovative in keeping their guests happy. In retail, for example, add-on items are more effectively recommended―in cybersecurity fraud can be detected―and in healthcare, the success of specific treatments can be more quickly understood.

In hospitality, the initial objective has been in improving the guest experience, but there is more to the intriguing use of AI in the emergence of technology platforms that strengthen data security. For example, some platforms now permit users to expand their revenue management horizons beyond hotel rooms into areas such as parking and conference facilities. Portals that combine data to increase competence and augment AI systems will not only help users make better decisions but will also enhance the guest experience.

From Big Data, AI, and Chatbots to the IoT, innovations are rolling out at a dizzying rate. Major advancements emerging in hospitality today are integrated with sales, marketing, and revenue management to change the infrastructure and produce an efficient and empowered end-result. 

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