Gone are the days when having a personal computer or a smartphone connected to the Internet conferred bragging rights. Digital technology is getting more and more accessible, influencing how people work, relax, and plan their vacations. People’s expectations for a hotel experience have grown, and hoteliers had better keep pace with innovation. Let’s imagine you have to choose between two hotels offering rooms for the same price. The former provides facial recognition check-in and a chatbot that answers your questions in a couple of seconds, while the latter has only comfortable rooms to offer. What hotel would you book? The answer is obvious.
The previously mentioned features are based on AI and data science. We talked with data scientists, start-ups, and hotel representatives to find out how hotels use AI and data science to evaluate their performance and provide an innovative guest experience.
1. Revenue management
Revenue management (RM) is the application of data and analytics to optimize product price and availability for maximum revenue. In other words, a revenue management specialist is looking for ways to sell the right product (i.e. a room) via the right distribution channel, for a reasonable price to a customer who is ready to buy.
Specialists monitor various metrics …