THE HOSPITALITY INDUSTRY AND THE IMPACT OF AI

Customer satisfaction is like the grinding stone beam in the hospitality industry because it crushes the problems as they seek out fast answers. As the vibrant shift and advances of the times may be the rehashed technology or the lull hanging around a corner. AI can be defined as the technology of the future, more modern than any other technological invention that we have seen in the hospitality industry with this technology turning everything upside down.

George Dfouni breaks it down into these segments:

Streamlined Operations

 Just as booming hotels are based on skilled processes which are the driving force, so is in skateboarding. AI is just coming in and improving the processes (which were outdated) to a tune, starting with reservation management and cleaning way back. The sophisticated algorithms recent design's view automating the trend-based data, the rates include occupancy of the rooms on one side and also prices on the other side. AI-borne chatbots that can do the same task at a larger scale of degree as their humans' overnight workers’ equivalent and extend the satisfaction level of customer service provided for the current guests as a result.

Personalized Guest Experience

Personalization remains tantamount in the fight of collecting faithful guests in the age of virtually perpetually linked up world. AI assist hotels making unforgettable experiences tailored to personal preferences of every traveler. To give an example, there are from hotel room amenities to dining recommendations. Artificial Intelligence (AI) can analyze guests' data, behavior, and predict needs in order to give personal services and make their guests who see more of our services view a returns visit.

Enhanced Safety and Security

Protecting the health of tourists becomes a matter of priority for the tourism sector, and this should additionally include the safety and the security. AI-assisted observation is on close track, after through application of face scan and self-learning behavioral analysis that makes threat preventable. The cameras that are placed in public areas and at customer's point of interaction during their stay are monitored all the time. They provide an additional workplace safety option and thus a lower risk of their quality of services to be compromised.

 Efficient Staff Management

Best approach in the labor management is just the corporate creed for the provision of the high class of customer experience. The predictive, AI-aided planning systems reduce the number of manual hours, facilitate-people capitalization, and conduct precise team coverage sufficient for key hours with continuous monitoring. Thus, AI systems for the most part is able to supervise workers' job performance and deliver developmental information for the organizational side of the coin.

 Predictive Maintenance

Utilizing property taxes appropriately is crucial for the achievement of the operational goals and client satisfaction. Periodic checks will no longer be needed as AI- enabled predictive-maintenance systems will always be monitoring infrastructures and equipment in real time and detecting any potential problem before it escalates into downtime. By analyzing the maintenance program uses the data from sensors and the historical maintenance records, therefore the managers optimize the maintenance schedule which increases the longevity and reduces the whole costs of upkeep.

 Hyper-Personalized Marketing

In the digital world marketing to the right target group has become the key when it comes to advertisement. AI- driven marketing places carry out vast amounts of data examinations to regroup the customers into groups showing their preferences and behavior. Customized offers and low-price campaigns are the key to interaction of the guests at a more intense level which will, in turn, increase the number of conversions and build hotel’s image. 

Seamless Guest Feedback

Feedback is an in-exam-table asset to improve service standards and guest contentment. AI-based feedback systems extract and analyze retailer feedback from multiple channels, giving operators remarkable results instantly. Sentiments can make an aggregation of negative or positive information, hotels as such can resolve issues that satisfies guests and is very satisfactory to them.

Challenges and Considerations

While the pluses to AI in hospitality are inconceivable, there are present challenges to its implementation. Concerns like information security and staff training, along with the difficulty in implementation into other systems, are some of the tall obstacles that hotels need to climb. It is important to note, that in automation human touch need be neither entirely lost, nor entirely replaced by new emerging technologies.

 George Dfouni concludes: To observe that the advancement of AI technology isn’t only unlimited but their application in the hospitality industry can also be very imaginative. The hospitality concept will entail for predictive analytics to a virtual concierge service in the future, innovation, and adaptation will include for this. Through AI-powered innovations, hotels are equipped to make numerous improvements in customer service to front-line managers. This enables the hotels to not to follow, but to stay ahead of other hotels as far as the customers' experiences are concerned. AI is changing the hospitality industry current infrastructure by simplifying room reservation process, and personifying guests’ experience, and providing them with the protection. Even amidst least difficulties, cost effective customer-centricity of hospitality market can be managed and therefore will establish smooth running in the future.

Hotelier George Dfouni explains why Staying in a Hotel is a Superior Choice Over Airbnb

Introduction

The way we travel and find accommodation has been transformed by the emergence of the sharing economy, with Airbnb at the forefront. While Airbnb offers unique and often more affordable lodging options, George Dfouni argues that staying in a hotel is generally a superior choice for travelers due to factors such as reliability, safety, amenities, customer service, and regulatory compliance.

I. Reliability and Consistency

One of the primary advantages of staying in a hotel is the reliability and consistency it offers. Hotels are well-established businesses with standardized service levels, quality control, and professional management. When booking a hotel, travelers can expect a certain level of service, cleanliness, and comfort that is consistent across the brand or star rating.

On the other hand, Airbnb listings can vary significantly in terms of quality, cleanliness, and reliability. Each property is managed by different hosts, and the experience can be a gamble, with travelers often unsure about what to expect. While some Airbnb hosts are excellent, others may not meet the same standards as hotels, leading to inconsistent experiences.

II. Safety and Security

Safety and security are paramount concerns for travelers. Hotels are equipped with various safety measures, including 24/7 reception desks, security personnel, and surveillance systems. These features help ensure the safety of guests and their belongings.

George Dfouni further explains “In contrast, Airbnb properties may lack the same level of security. There have been numerous reports of security issues, such as break-ins and unauthorized access, in some Airbnb accommodations. While Airbnb has introduced safety measures, including host verification and property inspections, the standards and enforcement can vary, making it difficult to guarantee a secure stay.”

III. Amenities and Services

Hotels offer a wide range of amenities and services designed to enhance the guest experience. These may include swimming pools, gyms, on-site restaurants, room service, concierge services, and daily housekeeping. These amenities and services contribute to a more comfortable and convenient stay.

Airbnb, while it offers unique lodging experiences, generally lacks the extensive amenities and services that hotels provide. Most Airbnb listings do not offer the same level of convenience or on-site facilities. Travelers may miss out on the convenience of having access to dining options, fitness facilities, or daily cleaning services.

IV. Customer Service

Customer service is a vital aspect of any accommodation experience. Hotels are staffed with trained professionals who are available around the clock to assist guests. This high level of customer service includes attending to guests’ needs, providing information and recommendations, and resolving any issues promptly.

Airbnb relies on the hosts to provide customer service, which can be highly variable. While many hosts are accommodating and responsive, there is no guarantee of consistent and professional customer service. In cases where issues arise during a stay, travelers may find it challenging to get a prompt resolution.

V. Regulatory Compliance

Hotels are subject to strict regulatory standards and safety regulations. They must meet requirements related to fire safety, accessibility, and hygiene, ensuring that guests are protected and provided with a safe environment. Regulatory compliance in hotels provides peace of mind to travelers.

Airbnb operates in a more decentralized manner, and the regulatory environment for short-term rentals varies significantly from one location to another. This can lead to uncertainties regarding the legality and safety of Airbnb listings. In some cities, there are concerns about Airbnb properties operating in violation of local laws and regulations.

VI. Accountability and Liability

Hotels are accountable for their operations, ensuring that they maintain a high standard of cleanliness, safety, and service. They have liability insurance to cover accidents or damages that may occur on their premises. This accountability offers travelers protection in case of unforeseen events.

In the case of Airbnb, the accountability and liability structure is less clear. While Airbnb provides a host guarantee and host protection insurance, the coverage may not be as comprehensive as what hotels offer. The responsibility for ensuring safety and addressing issues falls more on individual hosts.

Conclusion

In conclusion, George Dfouni states “while Airbnb has revolutionized the way we find accommodation and offers unique lodging experiences, there are compelling reasons to choose a hotel over an Airbnb property. Hotels provide reliability, safety, consistent quality, extensive amenities, professional customer service, and regulatory compliance. These factors make hotels a superior choice for travelers seeking a secure and hassle-free accommodation experience.”

It’s important to note that the choice between a hotel and an Airbnb may depend on individual preferences and specific travel needs. Some travelers may value the authenticity and local flavor offered by Airbnb, while others prioritize the comfort, reliability, and peace of mind provided by hotels. Ultimately, the decision should be based on the traveler’s priorities and what they seek in their accommodation experience.

Hotel Revenue Management: How can you increase the revenue of a Hotel?

Hotel revenue management is an important part of this business industry, as adjusting the prices according to the guest pattern is the core part of this business because optimal price rates mean more customers which will cause a raging increase in the business profits.  

But the thing that makes revenue plan more successful is to have full information, good planning tips but more importantly, the revenue strategies play the main part because it makes you more clear-minded and concentrated. Following are the best and profitable hotel revenue management strategies that can make your hotel business shine. Following are some of the best and profitable hotel revenue management strategies that you can adopt for effective outcomes for the hotel.

What is exactly is Hotel Revenue Management? 

Revenue management is a very important subject in hotel management as it acts as a profitable strategy for the economic status of the hotel. The whole revenue management discussion can be shortly summarized by this famous quote that is “All a revenue manager needs to accomplish is to sell the right room to the right person at the right time and price through the most suitable platform”. 

In even simpler words, revenue management is a procedure through which you introduce the best and preferable price rates according to the requirements of the customers so that they can make the most sales and profits. The best way to put together your revenue strategy is by going through the data analytics, customer performance, older price distribution so that the hotel management team can come with better prices and ideas which will help you maximize the revenue and hotel business.  

Also, the revenue strategy does not depend upon one kind of customer, you have to plan it by keeping that a larger community with different values will approach your hotel and you have to make them convince of the revenue strategy.  

Hotel Revenue Management Strategies

Here are the best hotel revenue management strategies that can benefit you for the best and optimal results and statistics: 

·      Proper communication means: 

Communication is essential when you are in a business where the core part is people reviews and demands so, having a messaging box is very necessary that should be open all the time so that people can engage with you without any kind of distribution or interruption. This revenue strategy helps the customer to get every kind of detail on the new and updated strategy so that they can experience it.  

·      Targeting strategy: 

Targeting the audience is a very well-known revenue strategy as it helps you to get to know what type of guests you are going to have and to deal with so that you can develop the revenue management plan according to guest requirements so that you can have a better result in sells and profits of the hotel business. 

·      Do direct bookings

The direct booking strategy is one of the successful ones as it assists you to deal with the customer's hand to hand rather than a third party like an OTG platform because they keep a commission and also it not let you stand alone as you always have to be dependent. So, when the customer does direct bookings via your hotel website, it helps you with better profits and response.  

·      Programs to increase repeat guest arrivals: 

Loyalty programs are a thing that hotel owners take very lightly, but it can be a very good reason for a successful revenue management plan as it enables you to make gestures for the guests like customizing gifts, sales, discounts, special entrance drinks, etc. it makes the guest happy and satisfied with your hotel services.  

This strategy makes the old guest and also the new ones come again and again after seeing such good and sentimental loyalty programs.  

·      Active hotel websites: 

Nowadays, people are more active on their smartphones rather than checking paper or even tv so, it is best for the hotel to have an online website where they can showcase their hotel, the revenue plan, and the services they provide so that people can interact with them. This hotel management strategic plan helps you to engage with the customers globally and locally which will increase the hotel revenue even more and the customers also have every information about your hotel which enables them to trust you and choose your hotel.  

·      Develop an online reputation: 

Having an online reputation is very significant nowadays, as we all know how today’s world work today, we do everything online, likewise, most people now do the online booking as it is convenient and they can get all the information regarding the hotel services and offers through reviews and websites. 

So, having a good online reputation is very important, make your old customers give reviews and ratings about their experience, etc. so that the new customer can make their decision easily which will affect the success of the hotel revenue management plan as well.   

·      Work in cooperation with other departments: 

It is important to involve other departments such as sales and marketing, art team, etc. so that everyone can corporate in developing the hotel revenue so that it can be suitable to all and the whole hotel staff teams can be agreed on the revenue. This strategy helps you to gather more ideas from the hotel staff through various perspectives which can be helpful throughout the revenue procedure. 

·      Do a calendar checkout: 

Do a calendar checkout means to know about all the events and festivals that are coming, also that events related to other areas and countries so that you can develop the revenue strategy revolving around those specific dates so that you can able to attract more travelers and visitors that time around.  

·      Pay attention to reviews: 

Reviews are very important for a good hotel image and the customer usually lookout for the reviews before doing bookings as they want to know what other people have to say about your hotel management services so it is important to get reviews from your previous customers and also pay more attention towards them which can result in more hotel room sells and optimized revenue.  

·      Include local business partnerships: 

This is also a very unnoticeable strategic plan but it is very effective in having a more enhanced revenue management plan as to when you include or do partnerships with local businesses like tour guides or amusement park owners, you can offer discounts on the tickets which can get the attention from the customers which will directly have a positive impact on the revenue plan.  

·      Do SEO optimization: 

Search engine optimization plays an important role in almost everything nowadays, because people are more aware of what is happening online rather than physical and SEO is a technique that is making the work easy for brands and businesses to stand out so that people can approach them and use their services. 

So, your online hotel website must be fully SEO optimized which will result in more traffic and customers to reach your revenue strategy and help you to increase the hotel earnings.  

·      Competitor Analysis:

It is very important to do a competitor rate analysis as it helps you to check what other hotel owners are offering so that you can develop such rates that are attracting the right customers and succeed in earning the best revenue. You can update the rates chart by what the competitors are offering which will create a clear image of what to add and what to avoid in your hotel revenue management plan.  

·      Understand the value market: 

The most important thing about revenue management strategy is the price value because it is all the matters. After all, the customer is only going to judge your whole hotel service depending upon the price you offer. So, be good with knowing the value market and also to develop in regards of that so that you can offer the best of the best to your customers. 

Why Revenue Management is Significant in the Hotel Industry? 

Revenue management sets the core for profitable business plan for the hotel which means it is very important for the hospitality industry to have and to acquire as; 

·      Through revenue management, you can manage the selling costs as in, you can calculate them according to the demand and related factors like season time, the number of travelers, etc. and can lower them when the demand is low. That is how the hotel resources and staff will be optimal used when there is the proper need not when the things are not required. 

·      The best thing about this specific management scheme is that it helps the hotel owner and team to understand what their customer demands and wants rather than just anticipating and thinking on their own. The customers appreciate the hotel service, even more, when they know that they take their requirements seriously and put them to actual work. 

·      Revenue management enhances the hotel branding, it not only assists you to get the best pricing rates for the property but also makes sure that the maximum RevPAR for the hotel.  

·      When you have revenue management that is formulated by going through all the details very preciously like previous data analysis, customer preferences and reviews, season time, etc. You can have a revenue plan that will not help you with the best business but also win against the competitors which are important when you are in such an industry where the competition is always at high stake.  

·      You can also extend your business when you know that the revenue strategy is going well and the profits are high. 

Tips to Enhance your Hotel Revenue Management Strategy: 

Here are some tips that will help you to optimize the hotel revenue management strategy for effective and efficient outcomes: 

·      Accumulate the right data: 

Data collection is the most important step in developing revenue management as it helps you to calculate the price rates and strategic plans but the common mistake that most hotel owners do is collecting more information than needed, so they end up with a messed-up revenue plan. So, it is best to focus on the right data that will assist you to have the right revenue and right demands.  

·      Do mapping and location research: 

When you develop a revenue strategy, studying mapping and forecasting is a need as it further helps you to have a perfect plan that will attract the desired guests and customers for your hotel. It also gives you an idea about the traveler's perspective from where they are coming and what they want where they are going to stay, so it depends upon the information regarding the locations and mapping. 

·      Embrace pricing strategies: 

Pricing is the major part of revenue so having a proper strategy about it is very much required. So, try to embrace the pricing strategies as much as you can and formulate such strategies that are easy to manage according to what the customer wants and has to offer.  

·      Focus on the distributing channels: 

Having a good revenue strategy is not enough until people are not well aware of it and it is obvious if they do not know about it, then how they will reach out to you. So, focus on the disturbing channels like having a proper hotel website and various channels like online accounts on various sites so that people can know what you are offering and how they can reach you.  

·      Learning about the market: 

You cannot develop a revenue management plan unless you study the market so that you can know what the rates that are going around are and how the customers are reacting to it. So, a revenue plan with potential can only be formulated after doing full homework about what is going in the market at present.  

The Bottom Line

Hotel revenue management is a new technique or strategy that is being very profitable for the hotel industry which is proven by the higher statistic rates and improved selling profits. With this evolving world, the booking patterns and guest demands are changing every moment, so strong and valuable revenue management will make your hotel business more enhanced and successful.  

This management strategy is not anymore just a basic plan for the hotel but now it is imperative and crucial to have for optimum financial benefits and improved hotel reputation. This hospitality industry is getting bigger day by day so, having revenue management will surely make you stand out in the crowd.  

Five Ways the Hospitality Industry Will Change Post-COVID-19

Last March, the hospitality industry took a dip that couldn’t have been anticipated. Suddenly, no one was traveling, and trips that had been on the books for months were off indefinitely. Over a year later, countries around the world are beginning to lift their travel bans, and while the world hasn’t returned to “normal,” we are beginning to see how hotels and others in the hospitality industry are reacting to the pandemic. 

In many cases, the changes we’ve seen over the last year may be here to stay. Let’s take a look at how 

1.    Local travel will be favored over international travel 

If you’ve considered a “staycation” or domestic travel in the last 12 months, you’ve hopped on this trend. For the next few years at least, international travel will not appeal or be available to certain groups of people. Americans, in particular, are not permitted entry to over 100 of the world’s countries at the moment. While it is possible to enter countries under certain restrictions, it is often easier and safer to default to domestic travel. 

2.    Contactless is now everywhere

Staying at a hotel is a drastically different experience than it once was. Avid travelers were accustomed to visiting the front desk and having contact with hospitality personnel through nearly every stage of the process. However, to promote social distancing and elevate property-wide hygiene, hotels have rolled contactless programs. If contact between guests and employees can be avoided, it will be. In many cases, this means using an app to check-in, get your key, or request services. 

3.    Road tripping has become ever more popular

Road tripping spiked in popularity last summer. People still wanted to “get away,” but they did not want to board an airplane or any other form of communal transport. Using a personal vehicle opens up the world and allows anyone with a car to explore the world and personalize their trip during this period of uncertainty. 

4.    Sustainable travel will be prioritized

Do you remember the first few weeks during the pandemic last year? No one was commuting to work or flying across the world, and carbon emissions were at an all-time low. The positive impact of this on the environment was so significant that it made national news. As travel makes its come back, sustainable travel will undoubtedly be a priority. Hotel and other hospitality organizations will prioritize sustainable measures and regulations for an eco-friendly future. 

5.    Traditional tourism will be discouraged

The hospitality industries are now encouraging anyone who will be traveling to dive into off-the-beaten-path destinations. Instead of Athens, Barcelona, and Rome, try Thessaloniki, Zaragoza, and Padua. These alternative destinations in the world’s most popular countries will help reduce over-tourism and crowding in urban hotspots. 

Final thoughts

We’d be lying if we said hotels and hospitality would return just as they were pre-COVID-19. The pandemic has made its mark on modern times, and it’ll continue to impact how we act and travel for years to come.