Hotel revenue management strategies are crucial for improving every hotel’s bottom line. It all starts with excellent guest experiences, as they inspire customer loyalty, and that loyalty leads to more recommendations and naturally more revenue.
To create outstanding guest experiences, you need to be customer-centric, streamline your daily operations, work with detailed performance and customer data, and provide high-quality services.
This is all something that big hotel chains have been doing effectively for years, but it has been a challenge for many smaller chains. Luckily, artificial intelligence is here to level the playing field.
What Is the Future of AI in Hospitality?
AI is revolutionizing the hospitality industry, completely changing the way hoteliers work, and taking customer experiences to a whole new level. It helps hoteliers predict trends, optimize their prices, maximize occupancy, streamline their daily processes, personalize the guest experience, and much more.
It helps them provide truly delightful experiences, and improve their bottom line, which is why AI isn’t going anywhere anytime soon. More and more hotels are bound to start implementing it, as it has the power to completely transform their business.
Why Is AI Being Adopted by Hoteliers?
Hoteliers are adopting AI precisely because of its power to improve guest experiences and streamline business processes.
When you integrate AI with your hotel software, you can start personalizing interactions with your guests on all the platforms you use and start generating a lot more revenue. Needless to say, personalization leads to repeat customers and loyalty.
What’s also great about AI is that it’s available to everyone. There are more and more hotel software solutions with integrated AI, not to mention that anyone can now create their own AI-powered chatbot for 24/7, real-time communication.
How Hoteliers Are Increasing Revenue by Using an AI-Integrated Hotel PMS
Whether you’re a hotel owner, hotel manager, or hotel revenue manager, be sure to follow in the footsteps of successful hoteliers who are using AI-integrated hotel PMS to boost their revenue. These are the steps you should take.
1. Personalizing Guest Experiences
With a hotel PMS fueled by AI, you can send helpful special offers to your guests at the right time of need. The software will use machine learning to learn about your guests’ needs and preferences so that you can meet them effectively.
What’s more, you can use an AI chatbot that will be available 24/7 for all the questions your guests may have. AI chatbots provide instant, real-time answers, and can interact with hundreds of users simultaneously.
2. Removing Friction from the Booking Process
This is also where an AI chatbot integrated with your hotel PMS can be useful. It can make the booking process completely frictionless, enabling people to book a room in a matter of seconds, freeing up time for your staff, and saving you money in the process.
An AI-based web booking engine can suggest upgrades, sell services based on room selection, and if it’s a repeat guest, it can look at their preferences and make recommendations to upsell accordingly. This not only provides a unique guest experience and a great deal of personalization, but it also helps improve revenues and ARR.
3. Optimizing Pricing and Maximizing Occupancy
Seasonal changes and holidays lead to various demand fluctuations in the hospitality industry. With AI, you can maximize your hotel occupancy, and optimize your prices, because AI can accurately predict trends and market changes.
AI can predict room demands based on market conditions and events happening around the area, it can look at running trends on OTA’s and help hoteliers push or push down rates.
4. Analyzing Big Data
AI uses big data to help you continually improve your booking platform, the services you offer, and the overall experience at your hotel. It helps you get to know your customers better and gives you feedback on improving your efficiency and performance.
In doing all that, it saves you a lot of time and helps you reduce costs, ultimately enabling you to generate more revenue. AI can help personalize guest services and allow hoteliers to identify the correct services.
This way, hoteliers can add more facilities based on guest preferences and the market segment they cater to. It can help improve RevPAR via recommendations and sales suggestions to customers, completely based on their spending patterns and earlier stay histories.
5. Enhancing Reputation Management
Reputation management is a huge part of hotel revenue management. AI can help you learn what people are saying about you so that you can respond accordingly and keep improving your business.
It can sift through social media, review sites, and various other platforms so that you can prevent potential PR crises before they even take place.
Artificial intelligence is transforming the hospitality industry, so you should definitely jump on the bandwagon and join the revolutionary ride. Integrate AI with your cloud based hotel PMS, and start delighting every customer with outstanding, unique experiences that will compel them to keep coming back.
Are you ready to embrace AI and take your hotel to the next level? Book a free online hotel management software demo right now, choosing the date and time that suits you best. Try the demo for free to see how it fits your needs so that you can make a wise decision.
About mycloud Hospitality
mycloud (award-winning hotel software) has been developed by Prologic First, an independent, private company with over a decade and a half’s experience delivering end to end technology solutions to the hospitality industry across the UK, Asia, Africa, and the Middle East. Prologic First’s “WISH” brand is used across 30 plus countries by over 1,600 clients representing the “who’s who” of the industry. Some of our most popular and most adopted solutions like “WISH”, “Touché” & Web Prol’IFIC. Our technological leaders and best in class solutions in the market place, offering some of the most advanced features to hospitality professionals.