By Astrino Nicoloudakis, Chief Investment Officer of Acsion Limited at Acsiopolis Mixed Used Precinct
According to AI author, Mo Gawdat (former Chief Business Officer of Google), “We know that with enough computer power and intelligence, the most complex of all encryptions can be decoded.” In today’s rapidly evolving world, the integration of artificial intelligence (AI) in various industries has become essential for businesses to stay ahead of the curve. The hospitality industry, in particular, stands to benefit greatly from embracing AI technology. At Acsiopolis, our multi-use lifestyle development, we recognise the transformative potential of AI and are proud to be at the forefront of this revolution.
As part of our early adoption to AI, a key advancement is the creation of position within our organisation for prompt engineers. This role requires an individual with a strong background in mathematics and analytics, as well as proficiency in language. Our prompt engineers will compile prompts that enable AI algorithms to provide reports with accurate and tailored information based on specific instructions. The data gathered from these reports will be used to improve on our offering and service delivery resulting in a better experience for all our guests. Building upon our existing expertise in finance and IT, which includes an actuary in our finance department and a dedicated in-house IT team, this new position will further enhance our ability to leverage AI technology effectively.
The impact of AI on sales and marketing within the hospitality industry cannot be understated. With AI’s analytic capabilities, we can monitor website traffic and leads with precision, aligning our strategies with specific brand objectives. Marketing departments will increasingly rely on big data trends and analysis, superseding the traditional reliance on emotional quotient. As a result, online algorithms will play a crucial role in driving traffic, leads, and ultimately sales conversions. However, it is important to note that face-to-face relationships remain paramount in certain customer segments and cannot be replaced, human interaction remains core to the hospitality sector. Our sales teams will be responsible for nurturing these relationships, ensuring a personalised experience that caters to their unique needs.
Likewise, website design is set to undergo a transformation, as AI enables us to craft cost-effective, direct channels for bookings. The dominance of online travel agents (OTA’s) will be challenged as direct bookings through AI-driven websites become the preferred method. The excessive commissions charged by OTA’s will face scrutiny, prompting them to reinvent their business models as comparative aggregators rather than booking channels. This shift empowers customers with more choices and competitive prices while reducing dependency on intermediary platforms.
When it comes to the finance department, organisations that integrate their property management systems (PMS) with accounting software will reap significant benefits from AI adoption. Basic accounting tasks can be performed by AI algorithms, reducing human error in data capturing. This allows finance departments to become experts in big data analytics, providing decision-makers with vital information that drives AI algorithms. By embracing this integration, businesses can avoid the need for additional physical resources dedicated to data capturing. At Acsiopolis, we have already streamlined our finance function through integrated systems, enabling us to focus on data accuracy and importance, while leveraging AI tools to enhance efficiency.
Ultimately, the success of AI in the hospitality industry hinges on the ability to overlay existing generative artificial intelligence models with unique data and insights. Prompt engineers play a critical role in directing learning algorithms, ensuring more accurate decisions to cater to the ever-evolving customer and guest base. Today’s customers are more astute than ever, demanding unique value products and services from hospitality brands. AI enables us to meet these demands by delivering personalised experiences and anticipating their needs which ultimately will result in exceeding expectations and entrenching brand loyalty. By harnessing the power of AI, hospitality establishments can unlock new levels of efficiency, innovation, and customer-centricity, ultimately redefining the industry standards.
As Acsiopolis continues to lead the way in embracing AI within the hospitality industry, we recognise the immense opportunities it presents. By leveraging AI’s capabilities, we can enhance our sales and marketing strategies, redesign websites for direct bookings, streamline our finance function, and most importantly, deliver consistently elevated customer experiences. Our commitment to innovation, coupled with the expertise of our prompt engineers, positions us at the forefront of this transformative journey. Acsiopolis is poised to set new standards in the hospitality industry, proving that AI and human ingenuity can work hand in hand to create a future of unrivalled excellence.
AUTHOR BIO:
Astrino Nicoloudakis is an experienced shareholder and corporate executive with a history of working in the property and retail industries. His skillset encompasses business process optimisation, negotiation, corporate finance, property development, renewable energy systems, and real estate investments. With experience in new developments Nicoloudakis is an innovation executive with a CA (SA) and Property Development Programme (PDP) focused on Real Estate Development from Graduate School of Business – University of Cape Town.
Past positions include tenures at:
- Deloitte – Management Consultant
- Investec – Business Developer for Listed Property Investments