Impact of automated revenue management system using Artificial Intelligence in hotels
Express Food & Hospitality|February 2020
It is time that concepts like Artificial Intelligence and machine learning also enter the field of marketing and pricing, and not just directly relating to enhancing superior guest experience, says Siddharth Goenka, founder, Aiosell Technologies.

Hotel bookings around the world have changed much faster than what the industry had anticipated. Players in the sector have recently witnessed a lot of automation and innovation around guest experience and augmented reality.

Hotels around the globe see almost more than 70 per cent-90 per cent of their rooms booked online on OTAs. As per the Expedia Millennial Survey, 62 per cent of the Indian millennials prefer to book their tickets through an online travel agency, and 19 per cent of them prefer to book through the airline and hotel websites directly. This change has led to a paradigm shift for revenue management and pricing for hotels.

Technology adoption is needed in the hospitality industry for several reasons. The ubiquitous availability of internet and smartphones have made millennial and modern guests more discerning and wanting more experiential and personalised services. Moreover, increasing competition makes it even more important for hotels to differentiate themselves, and technology is turning out to be a big USP for hotels.

Hotel rooms are a perishable inventory (like airline seats and movie tickets), which need to be priced appropriately because if they go unsold, they will never be recovered back. The ease of internet on smartphones has made two primary changes in the hotel booking patterns: Customers are increasingly buying hotel rooms online, which reduces the role of traditional travel agents and offline channels. Moreover, the average booking window (the period between booking and check-in) is reducing drastically, in many cases to last 48 hours and in many cases to last 24 hours.

Continue reading your story on the app

Continue reading your story in the magazine

MORE STORIES FROM EXPRESS FOOD & HOSPITALITYView All

TODAY'S CHEFS ARE RECOGNISED, NOT JUST AS ARTISANS OF FOOD, BUT ALSO FOR THEIR SKILLS AS CULINARY AMBASSADORS

Chef Davinder Kumar, president, Indian Culinary Forum and VP (F&B Production) & executive chef, Le Meridien New Delhi, started his career in 1972 with the Oberoi Group of hotels. The group later sponsored him to go to the Lychee Technique de Hotelier in Paris, to work with selected chefs specialised in French cuisine. He was also the sole Indian representative at the International Cooking Festival held in Tokyo in 1983 and was awarded a medal for his presentation of Indian cuisine. He speaks to Steena Joy on how the culinary scene has evolved in India and his vision for ICF.

3 mins read
Express Food & Hospitality
February 2020

Industry experts laud Centre's decision to boost infra and tourism sector in Union Budget for FY 2020-21

THE UNION BUDGET for FY2020-21 focused on three key themes - aspiring India, economic development and caring society.

6 mins read
Express Food & Hospitality
February 2020

The demand-supply gap in Indian hospitality industry

At the second GM's Conclave held at the 39th edition of EF&H Expo in Mumbai, our esteemed panelists from leading hotels in Mumbai and Pune discussed the room inventory status in the metros and why hotels need to change their market mix to open up new opportunities.

5 mins read
Express Food & Hospitality
February 2020

Go for the kill: Saving v/s vendor relationship

Organised in association with Hospitality Procurement Managers' Forum (HPMF), the second day of the three-day EF&H Mumbai Expo conducted the Power of Purchase, where the who's who of the hospitality procurement fraternity discussed ways to balance two aspects i.e cost saving and maintaining vendor relationship strategically.

6 mins read
Express Food & Hospitality
February 2020

Impact of automated revenue management system using Artificial Intelligence in hotels

It is time that concepts like Artificial Intelligence and machine learning also enter the field of marketing and pricing, and not just directly relating to enhancing superior guest experience, says Siddharth Goenka, founder, Aiosell Technologies.

4 mins read
Express Food & Hospitality
February 2020

Economic slowdown: Riding out the storm

The first GM's Conclave panel discussion at the 39th edition of Express Food & Hospitality Expo in Mumbai highlighted how the country's hospitality industry is strategising to face the slowdown.

4 mins read
Express Food & Hospitality
February 2020

Designing experiential spaces

Hotels and restaurants are reshaping the look, feel and appeal of their properties, using exterior and interior designs as one of the differentiating methods to create unique experiences. Hospitality spaces are moving from utilitarian functionality to contemporary aesthetics and experience driven developments engaging the senses.

10+ mins read
Express Food & Hospitality
February 2020

INDIA IS ONE OF THE LARGEST POTENTIAL EXPORT MARKETS FOR JIANGXIAOBAI PURE

VBev, a dynamic company engaged in the import, marketing, sales and distribution of international wines, spirits and beers recently introduced first and only premium Baijiu - Jiangxiaobai Pure in the India market. In coversation with Akshay Nayak, Sumedh Singh Mandla, CEO, VBev India and Zoe Fu, director of International Business, Jiangxiaobai, spoke about the future roadmap of the premium white spirit in India market.

3 mins read
Express Food & Hospitality
February 2020

Managing A Cost Efficient Kitchen In Times Of Price Volatility

The second day of the 39th edition of EF&H Expo saw executive chefs and F&B heads of leading hotels in Mumbai voice their views on the challenges and opportunities faced by them in running a cost efficient kitchen during times of volatility in pricing of staple ingredients.

5 mins read
Express Food & Hospitality
February 2020

Think About Where The Market Is Headed, Prepare For Tomorrow, And Move Fast

Chander Baljee, CMD, Royal Orchid & Regenta Hotels is a veteran hospitality thought leader and an expert on owned, leased, managed and franchised hotel models. His success story features in a book titled ‘Stay Hungry Stay Foolish’ which follows the professional journey of 25 IIM Ahmedabad entrepreneurs. In an exclusive interview with Steena Joy, he elucidates on the changing hospitality landscape, the demand for industry status and advises hoteliers to boldly venture into newer segments, try new niches and create new experiences.

6 mins read
Express Food & Hospitality
February 2020
RELATED STORIES

Fighting Fire With Founders

Silicon Valley startups are taking aim at deadly wildfires. But saving lives will require cutting through red tape, fast.

10 mins read
Inc.
May - June 2021

David Neeleman Has No Fear Of Flying

The founder of JetBlue has overcome some crazy setbacks on his way to becoming the most successful serial airline entrepreneur in history. So why would he let a global pandemic get in the way of launching his latest carrier?

10+ mins read
Inc.
May - June 2021

USS NEW JERSEY

The Big J is One of Three Iowa-Class Battleships That’s Now a Museum

5 mins read
Recoil
July - August 2021

COVID's Silver Lining: A Calmer Life

This family left the West Coast for a simpler lifestyle in a small Cape Cod town.

3 mins read
Kiplinger's Personal Finance
July 2021

How to Fix Your Credit Reports

Before you apply for a mortgage or car loan, check your credit files for errors that could derail your plans.

5 mins read
Kiplinger's Personal Finance
July 2021

Where to Invest Now

AFTER A POWERFUL START, STOCKS WILL GRIND HIGHER IN THE SECOND HALF OF 2021. BUT WATCH OUT FOR CURVEBALLS.

10+ mins read
Kiplinger's Personal Finance
July 2021

Marriage and Taxes: What You Need to Know

Most couples will owe less in federal taxes by filing jointly, but sometimes it pays to go it alone.

2 mins read
Kiplinger's Personal Finance
July 2021

AMERICA IS GETTING OLDER

Census data show a decline in younger workers. That puts more pressure on programs that support seniors.

3 mins read
Kiplinger's Personal Finance
July 2021

5 FOOD that promote a better nights sleep naturally

Whether you have trouble falling asleep or staying asleep, there are many strategies one can take to help improve one’s night sleep. Many choose to opt for sleeping aids, melatonin, essential oils, and more. But did you know that food can actually play a huge role in your night's sleep?

2 mins read
Alternative Medicine
April 2021

THE NICKEL BEHIND THE NICKEL

The word “nickel” is a homonym with two distinct meanings. It refers to both our five-cent coin and an element. Everyone is familiar with the coin, but not necessarily with the element.

3 mins read
Rock&Gem Magazine
June 2021