Duetto’s Post

Being interviewed can be intimidating, but I had such a great time chatting with Simone Puorto for Hospitality Net! The hardest part was ignoring the flip board behind us that shuffled every few minutes. Simone kindly gave me a heads up before hand so I wasn't caught off guard 😉 We covered some big topics including: ✨ Impact of AI on revenue management 🧑💻 Adoption and benefits of AI 🛏️ Challenges and trends in group business travel 💡 Our response to these challenges 🎉 Debut of our new product - OpenSpace Check out our interview together here 👉 https://lnkd.in/eQcYPFeG #HITEC2024 #HotelTech #Duetto #GroupBusiness

What is the Future of Human Revenue Managers in the Age of AI? Recently Hospitality Net asked their WorldPanel of hospitality experts the question “What is the Future of Human Revenue Managers in the Age of AI Co-pilots: Evolution, Revolution or Goodbye Revenue Managers?” Thank you Fabian Bartnick for raising this very timely and important question! As AI technology advances, the hospitality industry must consider how to best integrate these tools with human expertise to enhance both operational efficiency and guest satisfaction. To become a collaborator or a displacer. This shift prompts an essential question: Will AI soon take the steering wheel in revenue management, signalling the end for human revenue managers? Here is my take. A predictive AI-powered Revenue Management System (RMS) with real-time market, travel demand and comp set analytics, website and digital marketing analytics, and online reputation/consumer sentiment data feeds to optimize performance can achieve a near-perfect real-time pricing in response to market dynamics. The question is: will such an AI-powered RMS become a collaborator or a displacer of human revenue managers? Collaborator: Full-service 3-5 star hotels make roughly five million pricing decisions every year (IDEAS), it is not humanly possible for human revenue managers to do their job without the support of an automated RMS system. Due to the complexity of the hotel product and marketplace, an automated RMS cannot handle the revenue management without the strategic input by human revenue managers. Displacer: Budget, economy and lower midscale properties can entrust their revenue management to a fully automated AI-powered RMS, fully integrated with the property PMS and CRS, plus use of an outside RM consulting firm to provide the strategy and periodic tactics, corrections and analysis. For independent hotels now is the time to convince management and ownership that only a cloud AI-powered revenue management system (RMS) can help the property maximize revenues and successfully compete in the super complex post-crisis marketplace. Read all the opinions of the WorldPanel experts:

Interesting read and thank you Lucy Marsh for sharing this. I was (and still am) always a believer that generative AI will be crucial for the hotel revenue management moving forward, but also for the fact that human interaction will be more important than ever. Experienced revenue leaders will always be needed in order to test the accuracy of the system and make sure the systems are being ''told'' the right information in order for them to make the correct decisions. Let the system know, what you know - as some may say :) Let's hope we can also see a positive AI impact in the near future when it comes to F&B revenue management, where despite the big ''spike'' in terms of our technological advancements, we are still behind and there is a lot of space for improvement - not only from a systems perspective, but also from a customer's perspective. #generativeai #revenue #revenuemanagement #hotels #foodandbeverage

While the full potential of generative AI for hotel revenue management remains to be seen, many industry experts expect change of some kind whether it involves increased efficiency, a bridge between revenue management and other hospitality operations, or new capabilities for revenue managers. A recent PhocusWire article shared predictions from key RM leaders from BEONx, IDeaS Revenue Solutions, Cendyn, Duetto, and FLYR for Hospitality including: 💡In five years, generative AI tools will be the ‘norm’ and more accessible, which could lead to the ‘democratization’ of revenue management where everyone will benefit from revenue management tools regardless of skill or experience. 💡Machine learning will continue to do the “heavy lifting” for revenue management, such as data analysis, while generative AI could be implemented to help guide scenario planning, help with proactive adaptation as market conditions shift and personalization opportunities evolve. 💡Unprecedented insights from AI could lead to more precise algorithms benefiting revenue managers. 💡AI could bridge marketing and revenue management, facilitating customer-centric strategies based on spending patterns. A couple predictions on how AI will supplement or replace humans include: Klaus Kohlmayr, chief evangelist and development officer at Ideas, said he believes humans will be “more important than ever” as stratification of revenue management roles is likely to occur from commercially strategic to tactical. Chris Crowley, CRO of Duetto, said the ideal scenario is always a combination of humans and machines.  “We need experienced revenue leaders to not only test the accuracy of the AI-driven results, but also roll out the overall strategy,” said Crowley. “These are people who understand the market, the goals of the hotel, the specific circumstances of the property and even gut feelings.” #generativeAI #travel #hotel #revenuemanagement #hospitality https://lnkd.in/gC-X3ZJC

In today’s fast-paced hospitality industry, hotels must leverage cutting-edge technologies to stay competitive and maximize profitability. At the forefront of this transformation are artificial intelligence (AI) and machine learning (ML), which are revolutionizing the capabilities of RMS, making them more intelligent, efficient, and responsive to market dynamics. Read more to know how AI and ML can help you maximize revenue at your hotel. . . . #Revnomix #HospitalityInsights #AccurateForecasting #BusinessConfidence #HospitalityManagement #RevenueManagement #Hotel #Hotelbusiness #HotelManagement #Hotelmarketing #Hoteliers #Hotels #HospitalityIndustry #HotelsandResorts #Hospitalitysolutions #Growth #India #Digitaltransformation #HotelRevenue #RoomPricing #RevPAR #Forecast #GoPPAR #Profits #ChannelManagement Revnomix Solutions - Leading Hotel Data Analytics & Revenue Management Company

➡️ Exciting times in the hospitality industry with technology continuously shaping the competitive landscape!  🆕 That's why we've just released an insightful article on how Artificial Intelligence and Machine Learning reshape hotel revenue management. 🔎In a nutshell, our article delves into: 🔹The powerful capabilities of AI & ML in processing complex data and making predictive analyses. 🔹Their role in elevating operational efficiency and boosting hotel profitability through dynamic pricing and strategic resource optimization.  It's a glimpse into how technology is changing and revolutionizing how hotels operate and thrive.🚀 . #lybratech #lybraassistant #ai #artificialintelligence #machinelearning #hotel #revenuemanagement Lybra Tech Zucchetti Zucchetti Hospitality Fulvio Giannetti Claudia Martin https://lnkd.in/dFzckSsX

AI's integration into hospitality is revolutionizing revenue management and guest experience. This article highlights AI's role in improving operational efficiency and personalizing services in hotels. For industry leaders, leveraging AI is essential for growth and staying competitive. #HospitalityInnovation #AIRevolution #StrategicGrowth"

Discover how GenAI is revolutionizing small businesses on a global scale in featuring experts from Visa and White Lotus Travel Design. Learn how AI streamlines marketing, operations, and productivity, complementing in SMBs here: https://okt.to/bJpVSM

By harnessing the power of AI, hospitality providers can meet customers at every stage of their journey. And that journey has never been more complex. In what we call non-linear CX, customers begin an interaction in one channel and finish it in another. In this article published in RTInsights, Mosaicx CRO Matt Whitmer discusses the impact of non-linear CX on the travel and hospitality industry. More importantly, he shares how AI and virtual agents provide the support today's travelers expect. Check out the full article here: https://loom.ly/MDsbWB0 #travel #hospitality #ai #virtualagent #mosaicx

Navigating the AI maze is tough. But Choice Hotels did it. From skeptics to advocates. They embraced the power of SmartAction's AI for voice interactions. No, it wasn't a smooth ride. It was a journey, filled with obstacles. But they overcame. They transformed. They saw the power of conversational AI. They realized its importance in customer experience and efficiency. Their service automation? Improved. Operational insights? Enhanced. All thanks to AI. Their story is one of challenges, solutions, and lessons. It's a story of reshaping customer service. It's a story worth diving into. But here's the twist. This isn't just a story. It's a blueprint. It's a guide for those daring to venture into the AI wilderness. Are you ready to embark on your own journey? https://lnkd.in/gr_6k333 #casestudy #AIInHospitality #VoiceTech #CustomerServiceEvolution