In today’s digital era, technology is advancing at an agile pace. There is no denying the fact that AI is pretty much changing all aspects of our lives. The role of Artificial Intelligence in the business world has increased dramatically over the last decade. In recent years, the use of Artificial Intelligence has increased in a wide range of industries such as financial services, healthcare, hospitality, travel, retail, manufacturing, and many more. With major advancements in the technological capabilities of businesses, the limits are being pushed harder and further than ever before, and at the core of this new world of possibilities, lies the twin pair of AI and ML, the holy grail and the hottest topic of discussion across global business circles. In the following article, we will look at how travel businesses are using the latest artificial intelligence to learn more about their customers and drive more bookings so as to make the most out of the opportunities provided by new and emerging markets. Only by properly scaling the various operations and the technologies incorporated by businesses can these entities ensure viability and sustainability in the long run.
Impact of AI on Modern Global Travel Businesses
Artificial Intelligence is expected to drive the travel and tourism industry forward immensely in the upcoming years. Travel technologies are offering a wide range of services such as personalization, customer service, value-added services, alternate options, and many more. Countless travel businesses are increasingly using Artificial Intelligence (AI) to increase personalization, customer loyalty, management, conversion rates so as to not only meet but exceed customer expectations. AI gathers a wealth of valuable data to guide travelers through the entire customer journey, so businesses can use it all in one place to incorporate more personalized services based on the preferences guests have shown you. This gives travelers an enhanced experience driven by predictive services.
AI or Artificial Intelligence, as the name suggests, is the simulation of human intelligence by modern machines through the process of repeated learning, correcting, and reasoning. A machine, while being incapable of making decisions by itself, can process a large number of data sets quickly in order to reach certain conclusions. Once such conclusions are met, a machine can quickly identify whether that conclusion is favorable or unfavorable in nature. If the conclusion is unfavorable, the machine can quickly repeat the entire process till a favorable condition is met. Once this condition is met, the machine then registers that process and can apply it each time to reach a favorable conclusion without fail. This is called Machine Learning. Therefore, it can be seen that Artificial Intelligence and Machine Learning are intricately linked to each other where the application of Machine Learning leads to further models of AI with progressive levels of intelligence. We can then safely conclude that Machine Learning is a subset of Artificial Intelligence that continuously feeds computer systems with large amounts of data so that they can build relationships between data-sets and apply the same to the data-sets that are being fed.
Hospitality is one of those industries where the rise of technology is having a significant impact on the way hotels function today. Companies, even at the level of individual hotels, are now working alongside or in collaboration with automated digital processes so as to share data among themselves and drive profits. Companies are starting to understand the importance of a seamless customer experience when it comes to availing services in the sector and is increasingly sharing data with each other so as to build symbiotic relationships within the fraternity that benefits all entities involved. Artificial Intelligence technology can be introduced at almost any stage of the traveler’s consumer experience. By introducing AI technology to hotels, nations can reach out to travelers and fulfill their expectations and desires which changes the dynamics of the hotel industry. At the same time, guests are becoming more committed and loyal to hotel brands and would not hesitate to share their experiences with their peers. Travelers who want a more personalized and customized experience in their hotels would spend less time searching for the perfect fit and receive almost tailor-made offers. This increases customer loyalty, drives brand value, and ultimately adds to the profits of the organization.
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Future of Artificial Intelligence in Travel & Hospitality
Now that we understand the ways AI can seriously impact business practices and solutions in a modern context let’s focus on the ways companies are using this AI technology to their advantage. As discussed above, AI can automate tasks that traditionally required human cognitive functions thereby saving manpower and resources while reducing errors within the system and speeding up the entire process. We also know by now that customer service and experience are of utmost importance within the travel and hospitality industry and therefore, it comes as no surprise that AI is being increasingly applied in order to properly orient the same according to the needs and the wants of the target market. Some examples of AI that are quite common today are:
- Chatbots in Online Customer Services
- Face-to-face customer service
- Data processing and Analysis
- Virtual Reality
- Augmented Reality
- Internet of Things
- Voice Recognition and Support
- Facial Recognition
- Payment Gateways
With opportunities that are as diverse as these, it is easy to understand why companies are becoming more and more reliant on AI and ML to meet all their daily needs. The reduction in errors, operating costs, time, and the overall efficiency of the system is too good to be left alone. Therefore, it is quite understandable that AI will become one of the leading technologies that push the industry to the next digital era.
We, at Vervotech, understand the power of technology and are working hard towards providing progressive solutions to everyday problems. Vervotech Mappings, an advanced hotel and room mapping solution, leverages the power of AI and ML to consolidate data from multiple sources and get rid of duplicates from the same so that end users are presented with the most updated and correct listings possible. Click here to learn more about the ways Vervotech Mappings are helping global travel businesses grow.
About Vervotech Mappings:
Vervotech Mappings is a leading Hotel Mapping and Room Mapping API that leverages the power of AI and ML to quickly and accurately identify each property listing through the verification of multiple parameters. With an industry-best coverage of 98% and an accuracy of 99.999%, Vervotech Mappings is quickly becoming the mapping software of choice for all leading global companies operating in the travel and hospitality industry. To learn more about Vervotech Mappings and the ways it can enhance your business in the long run contact us: email@example.com