Despite the usefulness of automation and algorithm-based functionality, hesitancy around AI technologies has been common in the hospitality industry. Some organizations have been wary of turning over hotel revenue management forecasting and price adjustments to these features. But are the contributions of machine-learning functionality and human expertise around strategy mutually exclusive? The short answer is no. For revenue management activities, It’s more useful to look at the relationship between AI and human leadership and how one enhances the efforts of the other. Here’s what we mean.
- Data and Analytics
Hotel pricing is an integral element to staying competitive in a fast-moving industry. Traditionally, calculating the right price in an accurate and timely manner at pace with the market can be complex with a lot of moving parts. This is true for hotels with robust revenue management solutions as much as it is for those without them. So, how does our newest solution Infor Hospitality Price Optimizer help bridge the gap? Here’s what helped to guide our product and development teams in creating the product, based on real customer challenges.