Surging Excitement for AI in Revenue Management, But Plans Fall Short.
We are living in a time of rapid progress, where the symphony of technological advancements plays a harmonious tune that reverberates in every corner of our lives. The hotel industry, a cornerstone of the global economy, is no stranger to this melody. The Grind Leadership Academy's recent Global Leadership Survey for Hotel Revenue Management Professionals sheds light on the industry's readiness to dance to the rhythm of artificial intelligence (AI). The tune seems to stir a sense of excitement, intertwined with an undeniable element of palpable uncertainty.
The survey, encompassing 1,447 respondents from various revenue management roles and regions around the world, presents a vibrant image of revenue management professionals with a strong sense of enthusiasm towards AI and GAI. Yet, this enthusiasm is coupled with an element of the unknown, a gentle whisper of not knowing how to leverage these cutting-edge technologies for our industry and the field of revenue management. This phenomenon isn't an anomaly but a common occurrence in an industry where technology's role is rapidly shifting from being a mere facilitator to a strategic driver.
While the hotel industry doesn't have a strong track record of early technology adoption, in the grand scheme of things, it's important to understand that uncertainty isn't a sign of weakness. It's rather a testament to the dynamic and evolving nature of the hotel industry. As one leadership expert, once said, "Change is hard at first, messy in the middle and gorgeous at the end." The hotel industry finds itself in the messy middle, grappling with the implications of AI and GAI on its future trajectory.
Interestingly, the survey reveals a diverse range of opinions regarding plans to increase the use of AI and GAI. While some organizations (42.5%) are gearing up to embrace these technologies in the coming year, more than half of respondents remain neutral or disagree. This divergence reflects the industry's varying levels of readiness and the challenges it faces in aligning AI and GAI with its strategic goals.
The surging excitement, however, is cause for optimism. Revenue management professionals are, by nature, agents of change often the catalyst for adopting new strategies and technologies. With more knowledge gained each day surrounding the power of AI and GAI to offer revenue managers a personal analyst and administrational support for $20 a month, we can expect an exciting year ahead.
As we navigate through this sea of change, it's worth remembering another pearl of wisdom: "Every change is hard before it's easy." Yes, the path to integrating AI and GAI into the hotel industry is fraught with challenges - from developing technical expertise to aligning these technologies with existing processes. But these challenges are merely stepping stones to a future where AI and GAI become pivotal in driving revenue management. On top of every revenue management professionals wish list in the coming year should be developing a keen sense of curiosity and coupling that with a potent dose of creativity. These two soft skills will ensure we can adopt at speed and develop the realm of revenue management like never before.
If you'd like the full results of the Global Revenue Management Leadership Survey, join the Elite Revenue Management Community using the link below. To sharpen you and your teams soft skills in readiness for the advancing AI and GAI technology, sign up to Performance Ally, an online coaching course led by former revenue management professional and Hotel brand CEO, Rob Paterson. Cohort 12 starts August 1st with limited spaces.
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.