Graham Pope, vice president international sales, Cvent, discusses how artificial intelligence will continue to revolutionise the hotel industry, empowering properties to boost sales, streamline operations, and deliver exceptional guest experiences.
Imagine improving your sales efficiency, identifying the most profitable business event effortlessly, and gaining valuable business intelligence to answer your strategic questions. This transformative power is available with artificial intelligence (AI) and Cvent is making accessing this power possible for the event and hospitality industries.
By leveraging smarter prospecting, natural language search, faster ‘Requests for Proposals’ (RFPs) response, and enhanced agenda creation, hotels can optimise their operations, make informed decisions, and so much more. Embracing the limitless potential of AI will enable the hotel industry to pioneer a new era of success, where intelligent technologies revolutionise operations and propel you ahead of the competition.
It will enable hotels to streamline cumbersome processes, enhance customer experiences and improve collaboration between event professionals from the proposal stage right through to post-event wrap ups.
Here are the top four ways hotels can use AI to increase their event capabilities, as discussed at the leading technology event Cvent Accelerate, recently hosted in Singapore and Sydney.
Evidence-backed insights for business decisions
Historical data from a hotel can be analysed by AI systems to produce insights into booking trends, competitor pricing and current market demand. These insights can assist in identifying key areas of opportunity, pricing strategies and marketing campaigns.
This detailed level of analysis will allow hotels to understand their place in the market, identify unique offerings and set themselves apart from competitors.
Operational efficiency enhancement
Hotels are dynamic and multifaceted businesses operating in a highly competitive market. AI can be highly beneficial in reducing some of the administrative burdens, for example when putting RFPs together, the data-entry process can be automated and standardised responses can be automatically generated.
AI-driven predictive insights can provide sales teams with real-time data that can be used to enhance client conversations. The insights can be highly beneficial in positioning your hotel as a leading venue to assist in retaining and attracting new business.
Targeted marketing
Hotels can gain deep insights into customer preferences and behaviour by using AI-powered data analytics tools. For example, AI can be used to analyse the preferences of event organisers, identifying the types of events they typically host and the amenities they value most.
This will inform the building of customised packages that appeal directly to these organisers, increasing the likelihood of securing bookings. Targeted marketing enhances the guest experience and boosts conversion rates, leading to higher occupancy and revenue.
Sustainability and cost savings
The events industry is focused on reducing the environmental impact of events and need to demonstrate their commitment and results. Technology can support in tracking emissions and a hotel’s carbon footprint so businesses can make informed decisions on strategies, for example, with waste management, optimising electricity usage and tracking usage patterns.
By adopting sustainable practices, hotels can attract environmentally conscious event organisers and guests, enhancing their reputation and competitive edge. Moreover, the cost savings achieved through AI-driven efficiency measures can be reinvested into further enhancing the guest experience and expanding event offerings.
Adopting these technological advancements, will see hotels not only stay ahead in a competitive market but also create memorable and impactful environments for events that drive long-term success.
The future of the hotel industry lies in its ability to harness the power of AI, transforming challenges into opportunities and delivering unparalleled value to both guests and event organisers.
Graham Pope is the vice president of international sales, Cvent. With over 15 years of experience in the events and software-as-a-service (SaaS) space, he specialises in helping hoteliers grow their business events and transient business with technology. Before joining Cvent, Pope worked for five years as the EMEA group commercial director at GES.
