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 AI is just coming in and improving the processes (which were outdated) to a tune, starting with reservation management and cleaning way back.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.

Investing in the Hotel Industry

Investing in the hotel industry can be a lucrative venture for those who are willing to put in the time and effort to research and understand the market. With the right approach, investors can capitalize on the ever-growing demand for travel and hospitality services, and benefit from the stable returns that the industry can offer.

The hotel industry has been growing steadily over the past few decades, with tourism and travel becoming more accessible and affordable for people from all walks of life. This has led to an increase in demand for hotel rooms, especially in popular destinations such as major cities, tourist hotspots, and business hubs.

One of the main advantages of investing in the hotel industry is the potential for steady and predictable returns. Unlike other industries that may be more prone to economic cycles and market fluctuations, the hotel industry has a relatively stable demand for its services. People will always need a place to stay when traveling, and hotels can offer a convenient and reliable option for both leisure and business travelers.

In addition to stable returns, investing in the hotel industry can also provide opportunities for capital appreciation. This can occur as a result of a number of factors, including improvements in the quality and reputation of the hotel, strategic marketing and branding efforts, and the expansion of the hotel's services and facilities.

There are a number of different approaches to investing in the hotel industry. One option is to invest directly in a hotel property, either as an individual investor or as part of a group or syndicate. This can involve purchasing a hotel outright, or investing in a partial ownership stake through a real estate investment trust (REIT) or other similar structure.

Another approach is to invest in the shares of a publicly traded hotel company. This can provide exposure to a diversified portfolio of hotel properties, and may offer more liquidity and flexibility than direct property ownership. However, it is important to carefully research and evaluate the financial health and performance of the company, as well as its management team and competitive position in the market.

Regardless of the approach taken, it is essential to conduct thorough due diligence and analysis before making any investment decisions in the hotel industry. This can include researching the local market conditions and demand drivers, evaluating the quality and reputation of the hotel property or company, and analyzing the financial performance and projections of the investment.

Another important consideration when investing in the hotel industry is the potential risks and challenges that may arise. These can include changing market conditions, shifts in consumer preferences and behavior, regulatory and legal issues, and unexpected events such as natural disasters or pandemics. It is important to have a comprehensive risk management strategy in place to mitigate these risks and protect your investment.

In conclusion, investing in the hotel industry can offer a range of benefits for savvy investors who are willing to do their homework and carefully evaluate their options. With the right approach and a thorough understanding of the market, investors can benefit from stable returns, potential capital appreciation, and exposure to the growing demand for travel and hospitality services. However, it is important to approach any investment in the hotel industry with caution, and to carefully evaluate the risks and potential challenges that may arise.

How to Be a Successful Leader

As we gain experience, build businesses, and earn responsibilities, we have no choice but to increase our leadership skills. Every organization needs a leader to direct the charge for successful execution. But how can you be a good leader?

You might be eager to lead or you might be reluctant. But everyone who is faced with influence has to decide what kind of leader they will be.

The best leaders serve others. Servant leadership inspires more people, gains more influence, and respect, which all turn into a successful leadership model.

Put People First

When we think of serving others, we might think of being polite or asking how we can help. But we have the opportunity to dig into a deeper level of leadership that puts people first.

This means knowing each person’s short and long-term goals for their life (with and without the company in the picture). You support them. You listen to them. People feel valued at the company and they feel you care for them.

This practice creates a vibrant workplace for great results.

Lead with a Vision

How can people follow if they don’t know where to go? Putting blinders on people doesn’t help them and it makes it harder for you to lead. One-step-ahead leadership produces an insecure work environment, not knowing the main goal of the company.

By being transparent and sharing the vision, people know what you plan on doing. They too get inspired and take a sense of ownership. If leaders position their vision as a WHY, or a big- picture mission, employees will take it to heart.

For example, if a brand sells mattresses, they aren’t selling better sleep. They are giving people much-needed rest so that can wake up, conquer their world, and give their full self to their families and careers. That’s something people can believe in and feel like they make an impact.

Lead like a Teacher

As leaders, we often say things and hope others understand them well enough to implement them. If you have ever taught a class or group, you know this usually doesn’t work.

Lead like a teacher by teaching or sharing the information, then show them how to do it, then do it together, and ultimately, give them the freedom to do it themselves. Provide feedback to improve and reinforce their effort.

Give Away Authority

Delegation can mean a lot of things. You delegate too little and get overwhelmed. You delegate too much and seem to lose control. You are too hands-off in management or too hands-on. It’s a balance that is hard to get right.

Instead of delegation, think in authority. Don’t give away roles. Give people full reign over their responsibilities within the boundaries you set.

You have a team that was chosen for a reason. When you layout guidelines and establish clear expectations, let them run with the mission, using their creative and innovative ways to solve and execute the project.

They will take ownership of it and treat the responsibilities given to them as their own.

George Dfouni truly believes Leadership is about people. When we put this at the center of everything, we can be successful leaders.

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.