AI in "Travel & Hospitality"
Driven by growing customer expectations in relation to hygiene standards, exceptional service and customized personal experiences, the hotel industry is facing a vast set of challenges. 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 can AI 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: Possibly, it is the most common application case of Data Science. With a minimum data on typical searches or preferred offers, a powerful recommendation algorithm can be built, which learns even more from a user’s personal browsing behavior to offer more personalized and more valuable suggestions.
Smart Travel Assistants: Smart programs which are trained to perform a specific task upon user’s request, are often referred to as “bots” or “chatbots”. People seek comfort in their day to day activities. Thus, intelligent concierge services, driven by artificial intelligence (AI) are gaining momentum in travel industries. The booking of trips is just one of the highly automated areas using algorithms.
Revenue Management Systems: Revenue managers are responsible for determining the best room rate at a given time in order to maximise bookings and revenue. With new online travel agencies and websites this task has become impossible to do manually with unparalleled levels of data being produced daily. Revenue Management Systems (RMS) automatically collect and compute large amounts of complex data and run it through models to output easily understood insight along with the best possible room rate and all in real time. Also a properly trained system is able to effectively sift through the signals detected from market variables, discover patterns and anomalies and then use that information to make predictions for guest arrivals and calculate the optimum prices as the market changes.
Market Segmentation: Market segmentation is not a revolutionary idea and it has been used in the past with good results. However, with the power of new technologies we can now do more than simply categorising guests into large segments such guests on a family holiday or business travellers. Using market segmentation techniques Machine Learning can be used to compute dynamic clusters of guest types that are fluid and change in real time. This new information can automatically be processed by a Machine Learning system to update things in real time so your segments are always valid and up to date.
Customer Experience: A good customer experience has to be one of the top priorities of any business but it could be argued that in no other industry is it more prevalent than the hospitality one. A comprehensive knowledge base can help tailor a guest’s experience to them in a way that cannot be achieved without the support of Machine Learning. In addition to the customer experience enhancements one of the main ways that Machine Learning and Artificial Intelligence solutions can help create a more unique and appealing customer experience.
Why choose us?
Artificial intelligence (AI) is transforming the travel industry smarter than humans. Utilizing AI is way ahead by offering the best deals to customers as well as accelerating business growth. AI is completely redefining the travel industry. Artificial intelligence technology is benefiting both the travel industry and travelers to explore the unexplored world.
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 !