The Future of Hotel Revenue Management
We live an IoT era where even the basic activities of our lifestyle are now dependant on digital technology, AI and Data. Right from ordering our favourite food to purchasing emergency medicines online, everything revolves around sophisticated digital resources and devices. Needless to say, the role of Artificial Intelligence and Data Analytics has found its way into hotel revenue management as well!
Hotels around the world are deploying big data and artificial intelligence to keep track of industry pricing, rival promotional strategies, and even discounts. Today’s smart hotelier is all about strictly keeping tabs on market occupancy, price optimization alerts along with gaining insights into clientele trends. This helps him to forecast the pricing strategy with lucrative offers and privileges which not just increases the guest frequency but ensures maximum returns and high profitability as well. Thanks to the prowess of AI, machine learning and data science that helps hoteliers to take speedy and effective decisions to drive growth and performance of their hospitality set up. This also beautifully sums up how imperative automation technology actually is for The Future of Hotel Revenue Management.
Tools like IBM Watson, Rev+, Microsoft Azure etc. are increasingly becoming popular due to high demand from hospitality organisations. These tools help in predictive analysis, dynamic pricing and quality process all of which encompasses hotel business intelligence. The hospitality industry is a diverse field which also includes sports, theatre, cinema and concerts apart from temporary stay options. AI can help increase revenue by adapting prices to fluctuating demand.
Smart IoT Technology in Hotels has opened up many exciting avenues when it comes to fully automated rate updates and reservation delivery, automatic payments upon reservation or check-in and so much more. Discover and harness the potential of The Future of Hotel Revenue Management with Lekhwar Hospitality. We provide expertise in the form of manpower as well as technology that ensures steady growth, immense profitability and affordable deployment of resources.