The Hotel Revenue management role is continuously evolving, getting more comprehensive with time, as they now delve down into various key functions, wearing multiple hats at a time. However, as technology continues to make a deeper impact in our lives lending a complete makeover to the industry, the question arises whether revenue managers would continue to play the leading role that they do now? Alternatively, are they going are going to evolve into an even more important role or be simply replaced by technology? Let us take a dig at it…
Artificial Intelligence Powered Robots
Artificial Intelligence has already taken over the hospitality industry by a huge storm. Hotels across the globe have been adopting some exciting and unique ways to streamline their functions and move ahead at a faster pace. Interestingly, many have started experimenting with robots, with a large number of countries already going head over heels for robotics. Besides using them for guest interactions and concierge-type services, these astute machines are aiding the revenue leaders in hotel bookings, transactions, managing demand and capacity in the hotels, and a whole lot of other things. Being able to break down complex data into interesting insights and trends, these industrial-strength machines efficiently arrive at optimum room prices with a lot of ease and speed.
Forward-thinking hotels across the globe are therefore increasingly basing their strategies on advanced solutions provided by BOTs.
Robots are powered to do much more; these futuristic machines are introducing an enormous value to the world of revenue management. Besides determining prices, the automation-driven robots squeeze the data to identify the target market segments, help the management device specific promotional activities catering to different segments, and suggest if any discounts or specialty room rates should be introduced for some of them.
Providing a critical analysis of the industry trends and demand factors, the robots could generate consolidated revenue reports, through which an appropriate forecast for pricing could be made. Hotels that have not yet toyed with the idea of using these magical devices, would find it strange to see the revenue per available room numbers splash on their own.