Five Ways on how Artificial Intelligence is Reshaping Hotel Revenue Management

Hotel revenue management software is used to track booking patterns, guest preferences, and seasonal demands, among others, to find new opportunities and maximize marketing plans.

FREMONT, CA: The hospitality industry is gradually employing hotel revenue management software that takes advantage of artificial intelligence (AI) benefits to create more bookings and maximize revenue. AI and business intelligence have become a vital part of the hotel industry, offering excellent customer experience, and improving hotel reputation.

Here are five ways on how AI is reshaping hotel revenue management:

Pricing

Hotel data analytics can precisely decide the more profitable room rate. Hotel revenue management software can establish the right price for unsold rooms based on the data, guaranteeing an increase in booking, and enhance hotel occupancy throughout the year.

Customer Service

Hotel revenue management software offers many positive guest experiences as customer service and satisfaction are essential in the industry. AI enables hoteliers to enhance personalization, customize services based on guest recommendations, respond to online reviews in real-time, and accommodate customer preferences for optimized conversions.

As AI takes over tasks such as room service, front desk, cleaning, and maintenance, hoteliers can save time, money, and effort without sacrificing the quality of customer service.

Selling

Hotel data analytics uses past data to anticipate the future and develop feedback loops to help hotels enhance their selling strategies. No courting is required with shot-gun approach ads and emails with hotel revenue management software. With the help of AI, digital campaigns have changed their approach to personalized touchpoints that can be seamlessly implemented into the customer experience on and off the property.

Bookings

A direct booking platform powered by AI boosts direct bookings for the hotels and drives guest loyalty by providing a smooth online experience. Hotel revenue management software depends on learning models to evaluate data and find the most profitable pricing difference according to the supply, demand, and competition, making the booking system flawless and optimized for more direct booking.

Marketing

AI-powered hotel data analytics allow hotel owners to customize marketing campaigns that target specific customers. Hotel revenue management software is used to track booking patterns, guest preferences, and seasonal demands, among others, to find new opportunities and maximize marketing plans. Marketing teams that personalize their messages according to anticipated guest motivation and emotions have more potentials to boost business growth.