Artificial Intelligence (AI) can sift through and dynamically draw insights from mountains of data (operational, performance, guest, pricing, comp set, BI, marketing data, etc.) to allow hoteliers automate or augment operations, processes and decision making via various hospitality tech applications in guest services and operations, revenue management, CRM, guest communications, BI, digital marketing, personalization, inventory distribution, etc.
Obviously, it is up to specialized hotel tech vendors to carry the torch and create various AI-powered applications to solve concrete business needs and help the industry overcome its technology deficiencies. In the same time, hoteliers need to monitor, proactively familiarize themselves with and invest in the AI and other next gen technologies that are quickly making their way into hospitality.
The question is, what are the top five AI-powered applications that are must-have today and can solve the most immediate issues and deficiencies in hospitality?
The AI world is shifting rapidly to become part of a technology platform outside of specific lines of business or business functions. The intent being that system logic and computing power can be applied more generically to a range of data problems or opportunities. That's a good thing.
Specifically to the hospitality industry the major parts that are/should utilize/can benefit from artificial intelligence;
Revenue and Pricing - accumulating data and crunching large volumes of calculations based upon data input and pattern recognition is modern revenue management. An old technology for our industry but still not as deployed as it should be. People can't do this on any necessary level of effectiveness based upon the breadth and depth of information involved.
Supply Chain - the ability to monitor, manage and effect supply chain based upon real time information flow from order to consumption is underdone in hospitality and a massive area for improvement. The benefits include less cash tied up in stock, JIT procurement meaning higher quality, fresher product, turnover, performance and profitability. Hospitality is short timeline manufacturing. We need to see it that way.
Talent identification - intelligence coming into the talent-role matching and speeding the timeline between job seekers and opening would make the world of difference. Given the amount of information candidates and employers contribute to job sourcing this should be further progressed.
Customer optimization - examining and analyzing the behavior of the customer and applying logic based rules on how to best match the customer need with revenue opportunities across the business is the big piece that the industry needs. A perfect candidate for artificial intelligence at the individual or personalization level of data.