Thank you for Subscribing to Hospitality Business Review Weekly Brief
Hospitality Business Review | Tuesday, October 08, 2024
AI-based pricing, virtual reality, and intelligent property management systems are some high-tech innovations turning the hospitality industry upside down.
FREMONT, CA: When the terms "high-tech" or "bleeding edge" are mentioned, the hospitality industry is unlikely to come to mind. Nonetheless, the hospitality industry, no matter how conservative it may be in some ways, cannot and will not ignore new technology solutions that enter the market. While the core remains the same, these advancements can improve and ultimately transform the experiences we are all accustomed to. So, let's take a closer look at some of them.
Augmented reality: It is one of the most fascinating hospitality technologies in recent years, even though its applications are very straightforward. However, they already range from simple recreation, for example, allowing guests' children to see themselves in the company of Disney characters or redecorate their environments virtually, to extremely useful features, for example, interactive wall maps that provide additional information about various locations when viewed with a special app.
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
Virtual reality: While this technology is far from ideal, many hotels now use it as both a novelty attraction and a function that assists guests in making decisions and improves their overall experiences. People considering staying at hotels, for example, can see what it's like to stay there firsthand by taking a virtual reality tour of the structure. Individual room tours will assist customers in selecting the best option for their needs.
Intelligent property management systems: While many high-tech developments employed by hotels are aimed at visitors, what remains behind the scenes is equally, if not more, significant. Implementing intelligent property management systems is a crucial component of the digital transformation that all businesses must undergo to stay current. Using such hotel management system software enables hoteliers to improve their hotel's operation in various ways that are not immediately visible to outside observers. For example, they can prevent overbooking of specific hotel categories, allowing hoteliers to reduce their losses from no-shows and cancellations while reducing the likelihood of instances with more bookings than available rooms.
AI-based pricing: More and more hotels are choosing to delegate the task of controlling the price of their stays to artificial intelligence (AI). By evaluating massive amounts of previous data, AI forecasts anticipated demand and dynamically adjusts pricing for various types of rooms to maximize hotel profitability. Sufficiently intelligent AI not only saves managers' time but also does this task better because it can generate more precise forecasts.
More in News