According to AI author, Mo Gawdat (former Chief Business Officer of Google), “We know that with enough computer power and intelligence, the most complex of all encryptions can be decoded.” In today’s rapidly evolving world, the integration of artificial intelligence (AI) in various industries has become essential for businesses to stay ahead of the curve.
The hospitality industry, in particular, stands to benefit greatly from embracing AI technology.
With AI’s analytic capabilities, website traffic can be monitored which leads to aligning strategies with specific brand objectives. Marketing departments will increasingly rely on big data trends and analysis, superseding the traditional reliance on emotional quotient. As a result, online algorithms will play a crucial role in driving traffic, leads, and ultimately sales conversions. However, it is important to note that face-to-face relationships remain paramount in certain customer segments and cannot be replaced, human interaction remains core to the hospitality sector.
Likewise, website design is set to undergo a transformation, as AI enables us to craft cost-effective, direct channels for bookings. The dominance of online travel agents (OTA’s) will be challenged as direct bookings through AI-driven websites become the preferred method. This shift empowers customers with more choices and competitive prices while reducing dependency on intermediary platforms.
When it comes to the finance department, organizations that integrate their property management systems (PMS) with accounting software will reap significant benefits from AI adoption. Basic accounting tasks can be performed by AI algorithms, reducing human error in data capturing. This allows finance departments to become experts in big data analytics, providing decision-makers with vital information that drives AI algorithms. By embracing this integration, businesses can avoid the need for additional physical resources dedicated to data capturing.
Ultimately, the success of AI in the hospitality industry hinges on the ability to overlay existing generative artificial intelligence models with unique data and insights.
Today’s customers are more astute than ever, demanding unique value products and services from hospitality brands. AI enables these demands to be met by delivering personalized experiences and anticipating their needs which ultimately will result in exceeding expectations and entrenching brand loyalty. By harnessing the power of AI, hospitality establishments can unlock new levels of efficiency, innovation, and customer-centricity, ultimately redefining the industry standards.
By Astrino Nicoloudakis, Chief Investment Officer of Acsion Limited at Acsiopolis Mixed Used Precinct