Artificial Intelligence Increases Revenues of Hotels by 3 Times

Artificial Intelligence Increases Revenues of Hotels by 3 Times

Artificial intelligence, which is among the technologies that have left its mark in recent years, has succeeded in transforming businesses of all sizes and different sectors. The hospitality industry has also become one of the industries where artificial intelligence finds use. The newly published report titled ‘Artificial Intelligence in the Accommodation Industry’ stated that artificial intelligence plays an important role in increasing revenue and productivity in accommodation businesses.

Artificial intelligence technologies, which reach the end user with solutions such as ChatGPT, Midjourney, DALL-E, and facilitate the daily life of many people with background solutions such as advice and forecasting systems, have become one of the most invested technology areas in recent years. While Stanford University's estimations highlight that artificial intelligence investments have increased significantly in the last 10 years and total artificial intelligence investments are realized as 91.4 billion dollars in 2022, industry-based insight reports evaluating the impact of artificial intelligence in different sectors and future scenarios for artificial intelligence. was also published. Branchout Turkey, a professional management consultancy company that provides global strategy services in the fields of finance, business development, franchising and brand/marketing management, illuminated the effects of artificial intelligence in the hotel and hospitality industries with the Artificial Intelligence in the Accommodation Industry Report created in cooperation with WeBee and the academic partnership of Özyeğin University.

Branchout Turkey Corporate Finance and Strategy Leader Kürşat Doğan, who made his assessments on the subject, said, “The Artificial Intelligence in the Hospitality Industry Report of hotel Tech Insight, of which we are one of the components, examines the existing artificial intelligence applications, their effects on the accommodation industry, and the risks and difficulties encountered during the implementation phase from an inclusive perspective. The effects of AI on business performance, use cases of productive AI, potential risks, challenges, as well as application examples are evaluated in detail.

Improves operation, marketing and guest experience

In the report titled Artificial Intelligence in the Hospitality Industry, it was revealed under the title of main benefits that artificial intelligence can affect revenue management, hotel operations, marketing activities, guest experiences, human resources and workforce management. Features such as the ability of businesses to create demand forecasts by analyzing historical data on artificial intelligence, and to determine the most suitable price for each room with dynamic pricing were mentioned. It was stated that artificial intelligence, which also provides the opportunity to respond to the requests and questions of the guests with chatbots and virtual assistants, can also be used to monitor variables such as room temperature, lighting and security. It is stated that artificial intelligence, which is expected to contribute to marketing activities as well as operations, will improve the guest experience with all these benefits.

Stating that the hospitality industry has a large-scale data set through multiple sales channels and different service models, WeBee CEO Dr. Özgür Zan said, “The key to competition in a data-driven time is to base decision-making processes on data. Artificial intelligence unlocks capabilities far beyond human capabilities to process this massive volume of data and turn it into actionable insights. These capabilities have the potential to improve the entire field of the hospitality industry.”

Source: https://www.turizmnews.com/konaklama-sektorunde-yapay-zeka-raporu-y/29520/