Hotel revenue management strategies are crucial for improving every hotel’s bottom line. It all starts with excellent guest experiences, as they inspire customer loyalty, and that loyalty leads to more recommendations and naturally more revenue.

To create outstanding guest experiences, you need to be customer-centric, streamline your daily operations, work with detailed performance and customer data, and provide high-quality services.
This is all something that big hotel chains have been doing effectively using hotel software, but it has been a challenge for many smaller chains. Luckily, artificial intelligence is here to level the playing field.

What Is the Future of Artificial Intelligence in Hospitality?

Artificial Intelligence is revolutionizing the hospitality industry, completely changing the way hoteliers work, and taking customer experiences to a whole new level. It helps hoteliers predict trends, optimize their prices, maximize occupancy, streamline their daily processes, personalize the guest experience, and much more.

It helps them provide truly delightful experiences, and improve their bottom line, which is why AI isn’t going anywhere anytime soon. More and more hotels are bound to start implementing it, as it has the power to completely transform their business.

Why Is AI Being Adopted by Hoteliers?

Hoteliers are adopting AI precisely because of its power to improve guest experiences and streamline business processes.

When you integrate AI with your hotel software, you can start personalizing interactions with your guests on all the platforms you use and start generating a lot more revenue. Needless to say, personalization leads to repeat customers and loyalty.

What’s also great about AI is that it’s available to everyone. There are more and more hotel software solutions with integrated AI, not to mention that anyone can now create their own AI-powered chat-bot for 24/7, real-time communication.

How Hoteliers Are Increasing Revenue by Using an AI-Integrated Hotel PMS

Whether you’re a hotel owner, hotel manager, or hotel revenue manager, be sure to follow in the footsteps of successful hoteliers who are using AI-integrated hotel PMS to boost their revenue. These are the steps you should take.

Personalizing Guest Experiences

With a hotel PMS fuelled by AI, you can send customized offers to your guests at the right time of need. The system will use machine learning to learn about your guests’ needs and preferences so that you can meet them effectively.

What’s more, you can use an AI chat-bot that will be available 24/7 for all the questions your guests may have. AI chat-bots provide instant, real-time answers, and can interact with hundreds of users simultaneously.

Removing Friction from the Booking Process

This is also where an AI chat-bot integrated with your cloud based hotel PMS can be useful. It can make the booking process completely frictionless, enabling people to book a room in a matter of seconds, freeing up time for your staff, and saving you money in the process.

An AI-based web booking engine can suggest upgrades, sell services based on room selection, and if it’s a repeat guest, it can look at their preferences and make recommendations to upsell accordingly. This not only provides a unique guest experience and a great deal of personalization, but it also helps improve revenues and ARR.

Optimizing Pricing and Maximizing Occupancy

Seasonal changes and holidays lead to various demand fluctuations in the hospitality industry. With AI, you can maximize your hotel occupancy, and optimize your prices, because AI can accurately predict trends and market changes.

AI can predict room demands based on market conditions and events happening around the area, it can look at running trends on OTA’s and help hoteliers push or push down rates.

Analyzing Big Data

AI uses big data to help you continually improve your booking platform, the services you offer, and the overall knowledge at your hotel. It helps you get to know your customers better and gives you feedback on improving your efficiency and performance.

In doing all that, it saves you a lot of time and helps you reduce costs, ultimately enabling you to generate more revenue. AI can help personalize guest services and allow hoteliers to identify the correct services.
This way, hoteliers can add more facilities based on guest preferences and the market segment they cater to. It can help improve RevPAR via recommendations and sales suggestions to customers, completely based on their spending patterns and earlier stay histories.

Enhancing Reputation Management

Reputation management is a huge part of hotel revenue management. AI can help you learn what people are saying about you so that you can respond accordingly and keep improving your business.
It can sift through social media, review sites, and various other platforms so that you can prevent potential PR crises before they even take place.

When it comes to hotel business, the quality of guest experience is transformed by artificial intelligence, so hoteliers should definitely jump on the Bandwagon and join the revolutionary ride. Integrate AI with your cloud based hotel PMS, and start delighting every customer with outstanding, unique experiences that will compel them to keep coming back.

Are you ready to embrace AI and take your hotel to the next level? Try our free online hotel management software demo right now, choosing the date and time that suits you best. Try the trial for free to see how it fits your needs so that you can make a wise decision.

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About The Author

Deepak Chauhan

Deepak Chauhan is responsible for marketing and positioning of “mycloud” platform and is a veteran in the hotel software industry with over 25 years’ experience giving him a strong understanding of the product requirements in the industry. He has very rare mix of working in operations of various hotels and chains for over 10 years and then co-founding a software product and service company, servicing 5 star hotels and chains for 14 years.

Deepak has led the development and marketing of cloud based hospitality systems to meet the specific, business objectives of small and mid-size properties across the globe and has worked closely with a diverse group of hoteliers and hotel technology vendors.