Authored article by Vishal Kamat, CEO, Kamat Hotels India Ltd

In today’s world, Artificial Intelligence (AI) has become an integral part of our lives, not just in industries but also in our daily routines. Self-learning algorithms are capable of reading, seeing, and hearing, and accordingly modifying the content we are looking for. With the advent of ChatGpt, AI has come into the spotlight, but the process has been around for a long time. The use of AI has expanded into various industries, including healthcare, banking, and hospitality.

In the healthcare industry, AI and robotics are helping to perform extremely delicate surgeries instead of a skilled doctor. AI not only performs necessary daily routine and mundane tasks but extremely tedious and precise tasks that usually require a specific skill set. Similarly, in the hospitality industry, we don’t need technicians or individuals with similar requirements, but we do need a fair amount of emotional intelligence. AI is learning and helping in this area. For instance, we have a call center where customers chat with AI to resolve queries or complaints instead of calling and talking to a customer service executive. AI can understand and respond based on colloquial languages, reducing the need for human intervention.

In the banking sector, customers can now perform tasks that they would have previously required bank clerks to do, all from their mobile devices. AI is also helping at the backend to help customers find perfect hotels aligning with their needs, provide united experiences, better or volume drivers for online trading, and even online marketing companies themselves.

The use of AI is vast, and we are constantly looking at ways to use it to further enhance our businesses. For instance, we are exploring how we can use AI to improve upon our Orchid reward program, which has over 500,000 members. We are trying to see how we can use AI to further enhance the guest interaction and guest experience.

Astute investments are not only essential in business but in life in general. Investments require time, energy, and effort to yield returns. The hospitality business is a very capital-intensive business, and challenges are inevitable. ROI in the hotel industry may take up to 15 or 20 years, and in the first seven to ten years, businesses may face bad down cycles that need to be weathered. Therefore, investments from the start have to be intelligent and astute.

Aesthetics is another essential aspect of the hospitality industry. The interiors are expected to be aesthetic, but what is aesthetics? Aesthetics is what appeals to your desired audience, and it is about what you like and who you would like to attract to your establishment. You need to be able to speak the same language as your target audience to draw them in. Aesthetics are an amalgamation of fragrances, sound, visual appeal, sense touch, and the ambiance. The right materials, such as natural wood, can make customers feel comfortable and bonded. A simple thing like camphor, which is traditionally used in pooja rituals, can impact a customer’s emotional and subconscious mind and make them feel comfortable or connected.

In conclusion, AI, astute investments, and aesthetics are the three pillars of the hospitality industry. These three elements have a significant impact on the industry and its success. It is crucial to stay updated with the latest trends and technology to stay ahead in the competition.

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