Originally published: http://www.hospitalitybizindia.com/detailNews.aspx?aid=34429&sid=10
Aiosell is a unique B2B product that uses Artificial Intelligence and Machine Learning to do dynamic pricing and revenue optimization for hotels, resulting in improved occupancy and higher rates and reduction of operational costs and overheads. Aiosell integrates with several PMS and Channel Managers across the world to offer a fully automated, all-in-one hotel technology solution that can increase business for hotels. Launched in June 2019 by Siddharth Goenka, a Computer Engineer-turned-hotelier, who set up Octave Hotels in Bangalore after his stint with Microsoft Seattle as Computer Engineer and later on as Management Consultant at Accenture & Carlson Marketing in Mumbai, Aiosell has so far on-boarded over 140 hotels in 10 countries. Hospitality Biz spoke to Goenka about the product and its novel features…Q What is the sense of the technology gap that exists in hotels when it comes to attaining efficiencies on the revenue side?
Revenue management is done manually using either excel sheets or analytics systems. Most rate updates are still done manually by a revenue manager, which leaves money on the table because the nature of the industry has become very dynamic and now there is need to change rates several times an hour or day. Most revenue management systems only recommend rates but do not push rates real-time because their algorithms do not take real-time and contextual parameters into account like time of day/week/booking window, and hence they refrain from taking responsibility for their recommendations. This is the technology gap because 95% of hotels around the world still change rates manually by human intervention.Q How Aiosell fills that gap and how does it help in increasing the revenue?
Aiosell is an automated revenue management system that uses artificial intelligence to update rates on all online channels real-time. The system has two-way connectivity and is connected both to the hotel and to the live online channels. The system gets real-time inventory availability information from Property Management System (PMS), and combines it with real-time market information like demand, competition, and lead time and then optimizes the rates for a hotel. The hotel rates are updated using automated technology and channel managers in real-time. Since hotel room is a perishable commodity, if dynamic revenue management is done optimally, it will help hotels maximize revenues, because it will increase rates during high demand periods, and reduce rates during low demand periods. Automated rate optimization for hotels directly impacts the bottom line for hotels by increasing revenues and reducing costs.