AI to make hotel room pricing more profitable, experts say
While the changes wont happen overnight, most hotel companies hope artificial intelligence will improve their skill at pricing rooms
Hotel revenue managers have worries about the security and reliability of today’s generative AI. But within a few years, software makers will likely overcome the flaws and hotels will reap efficiency gains.
Key takeaways
- Hotel revenue management is a perfect use case for generative AI: It’s data-intensive, and it’s too complex for humans to manage in real-time;
- A big win would be if AI gave hotel decision-makers more confidence in automated rate recommendations, by letting managers ask questions via a chat interface, clarifying the assumptions behind any particular rate suggestion in plain English;
- Generative AI will likely uncover signals about travel demand from sources of information humans barely consider, for example images posted on social media might someday reveal trending preferences among travelers.
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