Case Study: Machine learning in the hotel industry - How can artificial intelligence, machine learning, and Big Data boost efficiency in the industry?
Hospitality was historically not one of the industries considered to be at the forefront of technological innovation. Yet, during the past decade the digital revolution that took place has completely transformed practices within the industry, prompting players to adopt innovative strategies to adapt to the constantly changing environment. The report discusses examples of how the industry is gradually embracing machine learning and artificial intelligence.
In the past, bookings and transactions were manually handled by the individual itself or by a travel agent. However, as more and more travelers are booking their holidays online, unparalleled quantities of data is being generated. As the technology to process all this data automatically is now available, hoteliers should turn to Big Data, AI, and machine learning to take advantage of such information.
AI and machine learning can be used in multiple ways in the hospitality industry such as in research engines, revenue optimization systems, demand forecasting, as well as in enhancing customer experience.
Reasons to buy
- By taking advantage of the information related to customer purchases, machine learning identifies travel patterns and enables hoteliers to provide unique offerings to their customers.
- Besides data analytics, the use of chatbots, virtual voice assistants, and robots are also thought to enhance the experience of customers while staying at hotels.
- By processing all the available information through powerful analytic platforms, hotels can create valuable offerings that match the needs and preferences of their customers from the start to the end of their journey.
- This ultimately frees up the resources of hoteliers and allows them to focus on offering the best possible services to their customers, without constantly worrying about setting the right prices and updating the demand forecasts.
- The report provides a deep insight into the adoption of machine learning technologies in hospitality.
- From Big Data analytics to chatbots and virtual voice assistants, the reports discusses how hoteliers are experimenting with machine learning and artificial intelligence, allowing the client to understand the benefits of investing in these technologies and helping him identify key opportunities depending on the needs of his company and customer base.
- Why is the hotel industry embracing machine learning and AI?
- What is the way forward for the hospitality industry?
- Terminology and Definitions