AI-controlled Hotel Room Pricing: The Index Fund of Revenue Management
In his article, Sage's Matt Schwartz explores the impact of artificial intelligence (AI) on the travel industry. It highlights that while AI will change how people travel, it will not alter the fundamental reasons why people travel, which are to create lasting memories, enjoy unique experiences, and spend time with loved ones. The synopsis acknowledges the potential for AI to enhance travel through advancements like auto-pilot and...
It seems that everywhere you turn, people are talking about artificial intelligence, and it’s time to have an honest conversation about AI and travel. Will AI change travel? Yes. If you’re a hospitality technology professional, should you be concerned? No. Let me explain….
AI will not change why people travel. As humans, we travel to create lasting memories, to enjoy unique experiences, and to share time with family and friends. Unless AI gets implanted into our cerebral cortexes, like in the science fiction novel Ready Player Two by Ernest Cline, AI will never replace the taste of a fresh croissant from a boulangerie in France. AI will never replace the feel of skiing fresh powder while taking in the beautiful views of the Rocky Mountains. AI will never replace the smell of savory spices coming from the kitchen of an informal restaurant in India. AI will never replace the sound of the Amazon jungle. And, AI will never replace the sight of the sheer awesomeness of wild animals roaming the Serengeti plains in Tanzania. Okay, maybe AI will get pretty close for sight and sound, but the taste of a fresh croissant? No way.
The Hotel Yearbook Technology 2023
The 2024 edition of "The Hotel Yearbook (HYB) Technology," curated by EHL's Ian Millar, offers a comprehensive outlook on the emerging technology trends and innovations poised to shape the global hotel industry. It amalgamates insights from a multitude of industry thought leaders, spotlighting key foresight in several tech-oriented fields. This includes anticipated evolutions in the future tech stack, which will drive operational efficiencies, the 'human stack' that explores the intersection of human resources and technology, and the application of Generative AI in creating novel customer experiences. Overall, this HYB edition serves as an essential guide for understanding how technology and innovation will redefine the industry landscape.