Improve Your Profit by 38% with This Growing Technology

AI will generate more than $1 trillion in additional revenue each year and you don’t want to miss out. Experts in the hospitality field are all pointing to an increasingly popular tool: AI. Implementing cutting-edge technology to improve your customer experience is a strategic move that demands patience but can bring significant rewards. It won’t happen overnight, but using this technology to improve your customer experience can increase your revenue by 38 percent, according to the app development agency Appinventiv. The hospitality industry is predicted to be one of those most impacted industries by AI, second only to education. McKinsey and Company, a management consulting firm, noted that AI will give the banking sector alone an additional $1 trillion in revenue. If hospitality is as high on the list of affected industries as Appinventiv says, the jump in profit could be astronomical. But be sure to analyze the initial costs of implementing this technology, it’s essential to make informed decisions and know how your investment will be returned. To get a competitive edge, you should also assess how AI aligns with industry trends and customer preferences to stay ahead of the curve. Customer experience and satisfaction is one major focus for AI in the hospitality industry. “Done well, an AI-enabled customer service transformation can unlock significant value for the business – creating a virtuous circle of better service, higher satisfaction, and increasing customer engagement,” McKinsey and Co. states. There are a few specific ways you can start using AI to increase your overall customer experience. 24/7 support Around-the-clock support is a great feature to have for customers, no matter what kind of business you’re running. Being available for customers whenever they need you can greatly contribute to their overall experience and interest in your business, but hiring a team to work 24/7 isn’t cheap. Implementing an AI customer support service can solve all of this. AI is a great tool to answer basic customer questions, collect data on customer interests, help with upgrades, and provide any other guidance your customers may need. Thousands of businesses are already making the most of this, putting you behind if you aren’t. AI can also work in different languages, giving you a better chance at supporting customers who would otherwise face a language barrier. Provide a personalized experience Use AI to track a customer’s wants and needs by analyzing their activity. It can sift through information like purchase history to note patterns and preferences. AI can also track how customers navigate a website, engage with content, and respond to marketing campaigns. The insights gained can be used to refine your personalization and marketing strategies. Through AI tracking and analysis, you can customize pricing and promotions as well. It can also recommend certain products and services to customers based on their previous activity. Reduce employee burnout The energy your staff presents has a significant impact on customer experience. For one, that AI support bot can help take tedious questions or requests off of their shoulders, giving them more time to focus on other tasks and provide higher-quality assistance to customers. An unfair distribution of workload can not only lead to burnout, it could also lead to tension between workers. AI can help nix that and maintain a healthy working environment. AI tools can efficiently assign tasks and schedules based on workload, employee availability, and skill levels. This ensures a reasonable distribution of responsibilities. To achieve that, it can analyze historical data, booking trends, and event schedules to predict peak periods and staffing needs. With this tool you can change your staff schedules accordingly, reducing the likelihood of understaffing or overstaffing, which can contribute to employee stress and worsen the customer experience.

Improve Your Profit by 38% with This Growing Technology

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