Artificial intelligence in today’s hotel revenue management: opportunities and risks
The implementation of revenue management in the hospitality industry has significantly increased in the past years. It started in the rooms departments and is slowly evolving to be further used for conference and event spaces, as well as food and beverage outlets. At the same time, advancements in technology allow new products such as automated revenue management systems to develop. On one hand, the opportunities are to make use of big data and shift to a science-based revenue management. On the other hand, risks include the increased vulnerability such as through hacking or data leaks. The current debate is often dominated by the fear of possible job loss and a lack of trust in the new technology. Nonetheless, the industry is slowly shifting towards automation and will have to adapt over time.
Keywords: artificial intelligence (AI), hotels, literature review, revenue management, risk and opportunities