After listening to several talks by Peter Diamandis on AI - Artificial Intelligence, it is going to greatly improve the quality of our lives.
The next 10 years will see much of this technology become reality and then continue and there is a lot of talk in our hotel industry and in tech in general.
1. Google Adwords is just released their 2017 roadmap and it is loaded with AI
New features for adwords - custom in-market audiences for search - everyone will now bid more for better-qualified traffic because it should convert better. Combined with Google’s vast amounts of data, this can then help us find an audience of people in the market for what we sell.
New: Life event targeting - both of these new features are based on Goolge having really good machine learning. Knowing who is going through a targetable life event like graduating from college, buying a home, getting married or having a baby is done by understanding the online behaviour that corresponds to these events.
The best ad automatically - A/B testing now using AI. We’ve all been doing A/B ad testing for years. But that’s becoming much less relevant if you look at what Google is now able to do with AI.
2. AI powered chat bots - AI Now Available to Thousands More Hotels - Via Cloud5 and Go Moment Partnership
Go Moment delivers guest services using the millennial guests’ medium of choice – text messaging – to ensure guests get instant, AI-powered service without needing to download any apps.
Go Moment’s “Ivy,” powered by IBM Watson, personally texts guests and answers routine questions automatically, increasing guest satisfaction, hotel review volume, and revenue while simultaneously freeing up labor through automation. Ivy’s unique real-time engagements allow hotels to address stay issues quickly and effectively, before they result in a negative social media post or TripAdvisor review.
3. Facebook researchers progress on teaching AI chatbots to negotiate
The goal for Facebook is to create a chatbot that can have an actual conversation, think ahead, and negotiate. Facebook's overall goal is to create chatbots that can reason, converse, and negotiate so its personal assistant can compete with rivals such as Google (Google Assistant), Amazon (Alexa), Apple (Siri) and Microsoft (Cortana) to name just a few.
Facebook noted that chatbots can hold short conversations and carry out simple tasks. But meaningful conversations is a challenge because the chatbot has to combine its knowledge of the world while understanding the conversation.
YouTube, on mobile alone, reaches more 18-34 and 18-49-year-olds than any cable network in the US.
Out of all marketing avenues, social and advertising are claiming the top positions for increased spending within the next 12 months (Salesforce).
4. AI and Voice Search - 2018's Top Travel Trends
There is a growing role for technology – and particularly data. Data itself doesn’t have any value, it's what you do with it that matters. Looking to the future, the companies who will be able to efficiently process and analyse data to drive real insights that create real added economic value will place a significant gap between themselves and their competitors.
AI will help us find useful and applicable patterns that humans alone could never have the time to do, even with computer assistance – in this way we might come closer to analysing 100% of available data.
AI means that travel companies will be able to provide travellers with a more personalised and relevant service, quickly and efficiently, at a lower price: overall this can only be good for the consumer – and subsequently it is very likely that the vast majority of consumers will buy into this.
5. What about the big tech giants?
Whilst it may, on the surface, seem a logical next step for some of these big technology companies to vertically grow into the travel industry and become providers, it is unlikely to happen.
It is interesting to note that Google & Facebook revenues are 90%+ about advertising and the travel sector makes up a big portion of this, hence they are unlikely to be moving directly into the travel space, or they would need to be changing their business model.
Nonetheless, the big technology firms will play a bigger role in the travel industry going forwards, but not as travel providers. Instead, their role will be that of the gatekeeper, helping lead consumers towards making the travel booking.
Wow, we are certainly living in exciting times and I personally can’t wait to see how our world evolves over the next 10 to 20 years. There are so many exciting technologies, collaborations, new companies emerging that will clearly shape our world and our lives very differently.