In the world of limitless possibilities, where chefs can seamlessly create exquisite seasonal menus in seconds, guest relations can respond to customer reviews with grace and finesse, sales teams can effortlessly automate daily leads and outreach pipelines, and marketing teams can conjure up dynamic and original content at the blink of an eye, the question arises: How can revenue management professionals, the stewards of value creation, embrace the transformative power of AI tools to enhance their craft in the present moment?
In this era of AI breakthroughs and advanced revenue management (RM) systems, the landscape is shifting. The way in which an RM professional analyzes data, identifies insights, and converts findings to revenue is undergoing a revolution driven by the power of AI. In this article, we highlight three AI tools every RM professional can put to use today.
1. ChatGPT4's code interpreter: Data analytics and visualisation
Introducing new revenue streams and strategies requires soft-skills such as creativity, problem-solving, influence and collaboration. While AI is not going to perform the soft-skills in the short term, the time spent manipulating, formatting, analyzing, and interpreting data into insight, just got a lot less.
Over the last week, at the time of writing this article, ChatGPT made their code interpreter available to ChatGPT Plus subscribers and for $20 a month, Now every RM professional can have their own personal data analyst. In fact, one Wharton professor, Professor Ethan Mollick, said ‘things that took me weeks to master in my PhD’ take ‘seconds’ with new ChatGPT code interpreter. So, how do you use it and what are some simple use cases?
1. First, you must be a subscriber to ChatGPT Plus, a $20 per month investment well worth considering if you haven't already.
2. Next, you need to enable code interpreter:
3. Now it's time to upload your data in whatever format you have it. Watch this incredible short video of ChatGPT reformatting an STR report and writing python code to produce a recommendation and supporting visual evidence.
It's worth noting that if your technology partners have API's, you can also connect API's directly to ChatGPT4 to run daily analysis of the previous nights performance, weekly analysis of the MTD and YTD position etc.
2. GPT for Google Sheets Extension.
Relatively speaking, this one has been around for while now - a few months is a lifetime in the world of AI. However, it is no less impressive and useful than ChatGPT 4 itself.
This tool can automate repetitive tasks in seconds liberating your time to focus on what truly matters: critical thinking, solving problems, crafting strategies, uncovering creative revenue streams, nurturing relationships, spinning captivating stories, wielding influence, and fostering collaboration. These are the vital ingredients that AI cannot replicate, and they hold the power to skyrocket your performance.
So, what are some example use cases for using GPT for Sheets? Well, it could automate the analytical process above and distribute it with commentary in your tone of voice, from your email, and even when you're on holiday! You could use it to write your monthly RM commentary for the wider team to read. You could ask it to produce visualisations in MP4 format that illustrates your key points.
The possibilities are already endless and ever growing more and more sophisticated. Every RM professional should be familiar with and already using this plug in or something similar.
Here is a great tutorial on how to set up GPT for Sheets and how to use the commands:
Below is an example of a quick prompt I asked the sheet to do and the response it recorded.
You can have multiple prompts and draw on various sources to analyze. You could list your entire days tasks and simply open google sheets each day to complete those tasks in seconds. More time now for mastering soft skills and chasing that next dream role!
3. AI incorporated into RMS and data analytic tools
While ChatGPT is very current and has some special use cases for RM professionals, the most powerful way to tap into the power of AI is to partner with a software supplier who specializes. Most RMS providers already employ the services of AI even though you may not be aware.
RMS providers utilize advanced analytics and machine learning algorithms to forecast demand, optimize pricing strategies, and automate revenue management processes. They provide actionable insights, recommendations and decision-making to maximize revenue performance.
There are also providers like OTA insight: OTA Insight is an AI-driven platform that helps revenue managers optimize their distribution strategies. It provides real-time data and analytics on market trends, competitor pricing, and guest reviews across various online travel agencies (OTAs). This information helps revenue professionals make informed decisions regarding inventory allocation and pricing optimization.
If you like this content, you'll love the Elite Revenue Management Community. See below for more information.
About the author: Rob Paterson was a 15-year veteran of Revenue Management before entering the C-Suite and eventually being named as CEO of Best Western Hotels Great Britain in 2018, a role he occupied for almost 4 years. He now resides in the US and is the founder of the Grind Leadership Academy and Elite Revenue Management Community. To learn more about how Grind Leadership Academy can help elevate yours' and your company's performance, check out the services page and schedule a call or join one of the performance ally coaching programs listed at the bottom of the page.
The Elite Revenue Management Group
The Elite Revenue Management Group is a community for modern RM professional to hone their soft skills. The group is administered under the Grind Leadership Academy offering free live tutorials, networking opportunities, tailored and specialized coaching programs, and career advancement. Elite Revenue Management is accepting new members from RM professionals now.
If you would like to hone your soft skills and leadership prowess, join Grind Academies performance ally coaching and mentoring course: