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Opinion Article Technology

Is Generative Al Over-Hyped or Does It Have Real Business Value?

For the past year, generative AI has been everywhere, but is it all hype? I set out to explore this question with HSMAI Marketing Advisory Board at a recent meeting. There were mixed opinions in the room, highlighting both the potential and the challenges of integrating AI into the hospitality sector.

Michael J. Goldrich
By Michael J. Goldrich, Founder and Chief advisor, Vivander Advisors

3 Key Suggestions from Our Discussion:

  1. Invest in AI Education and Understanding
  2. Develop Clear AI Policies and Guidelines
  3. Foster a Culture of Collaboration and Knowledge Sharing

AI’s Promise and Pitfalls

Our discussion revealed that some still view AI with a degree of skepticism, concerned about the hype and possible limitations of the technology. Others, however, see immense promise in AI’s ability to revolutionize various aspects of hotel operations. This divide underscores a broader need for more education and understanding of AI’s capabilities and limitations.

The key challenge lies in balancing the opportunities AI presents with the risks it carries, particularly concerning data privacy and regulatory compliance. Adopting AI isn’t just about harnessing new technology; it’s about doing so responsibly. This requires cautious, informed approaches, coupled with clear guidelines and policies that mitigate potential risks while maximizing benefits.

One consensus among participants was the vital role of continuous learning and knowledge sharing. To effectively leverage AI, hotel executives and staff need to understand its complexities and stay informed about the latest developments. This involves not just individual learning but also fostering a culture of knowledge sharing and collaboration. Regular discussions and exchanges of best practices can help create a more informed and prepared industry, ready to harness AI’s potential.

As technology continues to rapidly improve, these insights can help set us up for success and make informed decisions about integrating AI into our organizations.

Further Reading:

Technology
Michael J. Goldrich
Michael J. Goldrich
Founder and Chief advisor, Vivander Advisors

Michael J. Goldrich, founder and chief advisor of Vivander Advisors, excels in digital and AI strategies, driving transformative growth. His expertise in generative AI establishes him as a prominent figure in this fast-growing field. He developed a five-step process to guide companies in AI transformation.

The Hotels Network
Supplier

The Hotels Network, a Lighthouse company, is an innovative technology company working with over 20,000 hotels around the globe. Boasting an international team of specialists with deep expertise in hospitality, product design, AI, and consumer marketing, the company offers clients a full-stack growth platform to power their direct channel. By leveraging a series of integrated tools and analytics, hotel brands can attract, engage and convert...

HSMAI (USA)
Association

HSMAI is a global organization of sales, marketing, and revenue management professionals representing all segments of the hospitality industry. With a strong focus on education, HSMAI leads the way in identifying and communicating trends in the hospitality industry. Operating as a leading voice for both hospitality and for sales, marketing, and revenue management disciplines, HSMAI connects its members with customers.

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