AI in "Travel & Hospitality"
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The demand for hotel and tourism has dramatically transformed. Consumer behavior in hospitality has also changed. The change has a significant impact on the management and marketing activities of the hotels across the globe. Over the past year, new expectations, and new technologies have been evident in the international hospitality market.
How AI can help?
Artificial Intelligence is playing a crucial role in Travel & Hospitality sectors, primarily because of its ability to save significant money, eliminate human error and deliver superior service. Customer Service is a vital part of this industry, with hotels often living and dying based on the way they treat their customers. With AI, the possibilities for improving this aspect are almost endless, ranging from increased personalisation to tailored recommendations.
Recommendation Platforms: A highly accurate demand forecast is the only way retailers can predict which goods are needed for each store location and channel on any given day—which in turn is the only way to ensure high availability for customers while maintaining minimal stock risk. Machine Learning makes it possible to consider their impact at a detailed level, by individual store or fulfillment channel.
Smart Travel Assistants: Recommendations typically speed up searches and make it easier for users to access content they’re interested in, and surprise them with offers they would have never searched for. Recommendation System, which uses ML algorithm, has seemed to be an integral part of any retailers, e-commerce sellers, and merchandisers not only due to its simplicity but also due to its ability to unlock business values that is usually hidden within massive chunks of transaction data.
Price Predections: Sometimes retailers face challenges when it comes to making a decision on price changes. For most of them, seasonal trends and tendencies are given priority in making those decisions. Using predictive analytics here can help identify the best time to start decreasing or pushing prices in the other direction. AI can monitor features such as a pricing map of the market and compare demands to find out what the prices should be like.
Supply Chain Management & Logistics: AI helps retailers understand exactly how their supply chain is operating, make improvements throughout and eliminate waste and overhead costs. AI has numerous applications across the retail supply chain including but not limited to autonomy, modeling, forecasting and optimizations which can reduce supply chain delays, optimize demand and foster capacity planning and significantly reduce costs.
Customer Service and Compaints Resolution: The use of artificial intelligence in customer service is not only revolutionizing the customer support function but also improving customer loyalty and its brand reputation. Thanks to the availability of tools like AI-powered customer service bots, companies in the B2C industry segment are increasingly entering an age of automated customer service that is boosting the brand experience for customers.
Why choose us?
It’s no secret that adopting AI technology is key for retailers to succeed. Still, some organizations aren't yet investing. Why? Uncertainty about how to begin, a perceived skills gap, and general conservativeness in the use of technology are the primary barriers.
We at RadomeTech believe AI is crucial for every business entity. Thus we have a developed a tool which lets the user have the power of Artificial Intelligence and Machine Learning !