Revolutionizing Tourism and Hospitality:
The Impact of AI and Technology
By
Hari Om Jaiswal
Heritage Institute Of Hotel & Tourism
“A Study on the Impact of AI and Technology on Hotel
Operation”
Submitted by- Hari Om Jaiswal
NCHMCT Roll No. – 2241315048
IGNOU Roll No.- 225002956
Under the Guidance of- Mr. Akhilesh
Institute Name- Heritage institute of Hotel and Tourism, Agra
CERTIFICATE OF THE GUIDE
This is to certify that Hari Om Jaiswal, last year student
of B. Sc. have completed the Research Project (A study
on Impact Of AI and Technology on Hotel Operations)
in partial fulfilment of the requirements as laid down by
HIHT, Agra during the Academic year 2024-25.
Signature of the Guide
ACKNOWLEDGEMENT
I would like to express my heartfelt gratitude to Mr.
Akhilesh for her invaluable guidance throughout the
research process. My appreciation extends to my
family, friends and colleagues who provided
unwavering support . Special thanks to the participants
and industry experts who shared their insights, enabling
the successful completion of this project.
Hari Om Jaiswal
Enrollement No. 225002956
B. Sc. H&HA (Batch 2024-25)
Research methodology
Abstract
Industries that refuse to integrate new technology revolutions in the twenty-first
century are more likely to regress in their development. Businesses all over the
world have understood how critical it is to use modern digital technologies in
order to maintain ongoing growth and income. The realm of digital solutions
has seen remarkable advances and achievements during the previous decade.
Artificial Intelligence is one of these fascinating technologies (AI). The notion
of AI as a technical help is greater, wider, and ubiquitous than it is often
misunderstood as a replacement for human authority. However, it has increased
trust in the hotel sector by demonstrating the potential for AI-powered robotics
to alter its operations, services, and facilities. Today, the hotel business, which
is where comfort-defining advances are most quickly implemented, has refined
its whole system with the adoption of various novel customer care ways.
Table of Contents
Abstract......................................................................................................................2
Chapter 1: About tourism and hotel management.....................................................7
Problem Statement................................................................................................10
Purpose of study:..................................................................................................11
Research objectives..............................................................................................11
Research Hypothesis.............................................................................................12
A series of testable hypothesis were developed from the proposed research
model, as shown below.....................................................................................12
Hypothesis 1:.....................................................................................................12
Hypothesis 2:.....................................................................................................13
Significant of study:.............................................................................................13
Policy maker......................................................................................................13
Hospitality and Tourism industry:.....................................................................13
Researcher.........................................................................................................13
Limitations of Study:.........................................................................................14
Population:............................................................................................................14
Lack of time..........................................................................................................14
Lack of Experience...............................................................................................14
Remuneration:.......................................................................................................15
Job satisfaction:....................................................................................................15
Working environment...........................................................................................15
Incentive...............................................................................................................15
Perspective of worker turnover.............................................................................16
Perspectives of remuneration:...............................................................................17
Perspectives of job satisfaction:............................................................................19
Perspectives of working environment..................................................................20
Perspectives of incentives.....................................................................................20
Chapter 2: the hospitality Industry & the impact of COVID-19.............................22
Understand the impact on Cash, Working Capital and Profitability
Operational impact and mitigation:......................................................................23
Financial impact...................................................................................................24
Assess the impact on Occupancy and RevPAR and create a plan to mitigate.....24
Proactively manage your key stakeholders...........................................................24
Keep plans under active review............................................................................24
Chapter 3: Economic impact on tourism and hotel management during Covid19
situation....................................................................................................................26
Impacts on pandemics and crisis on tourism:.......................................................26
Impacts of COVID – 19 on hotels........................................................................28
Survival strategies of hotel against Covid19........................................................30
Cost Cutting:.........................................................................................................31
Orderliness............................................................................................................32
Virtualization:.......................................................................................................33
Integration:............................................................................................................34
Domestication:......................................................................................................35
Chapter 4: How is artificial intelligence used in hotel industry?.............................36
What is artificial intelligence................................................................................36
Improving hotel operations...................................................................................37
Effective revenue management............................................................................38
Personalization gets a whole new meaning..........................................................38
Data analysis.........................................................................................................39
Multilingual booking experience..........................................................................39
Artificial intelligence in the hospitality industry..................................................39
Chapter 5: Examples of artificial intelligence for hotels.........................................40
Explore some examples of artificial intelligence for hotels.................................40
Offer AI concierges..............................................................................................41
Switch to hyper dynamic pricing..........................................................................41
Predict utilities usage............................................................................................41
Adopt group booking software.............................................................................42
Make reviews actionable......................................................................................42
Use chat bot translators.........................................................................................43
Feature smart event diagramming........................................................................43
Have robots check-in guests.................................................................................44
Chapter 6: Concierges system using artificial intelligence and its use....................46
Predict utility usage using artificial intelligence in tourism and hotel
management..........................................................................................................47
Recommendation Engines....................................................................................47
Flight Fare and Hotel Price Forecasting:..............................................................48
Intelligent Travel Assistants.................................................................................49
Optimized Disruption Management.....................................................................50
Customer Support.................................................................................................50
Personalized Offers for Most Valuable Customers (MVCs)................................51
Sentiment Analysis in Social Media.....................................................................51
Dynamic Pricing in the Hospitality Industry:.......................................................52
In-Stay Experience...............................................................................................53
Fraud Detection:...................................................................................................53
Chapter 7: Robotic check-in and check-out process in hotel using artificial
technique..................................................................................................................54
What Are Robots?................................................................................................54
Robots and Artificial Intelligence.........................................................................54
Robots in the Hospitality Industry........................................................................55
A Tour of the World’s First Robot-Staffed Hotel................................................55
Meet Connie, the Hilton Robot Concierge...........................................................55
A Robot Suitcase Called Travel mate...................................................................56
A Robot Assistant for Airports and Hotels...........................................................56
A Robot for Travel Agencies................................................................................56
A Chat bots to Make Your Flight or Hotel Booking............................................56
Security Robots for Airports.................................................................................57
More Examples of Robots in the Hospitality Industry.........................................57
Chapter 8: Reviews actionable using artificial intelligence in tourism and hotel
industry....................................................................................................................58
Personalized service.............................................................................................58
Reduce booking friction.......................................................................................59
AI-powered concierge service..............................................................................60
Voice-Activated devices in rooms........................................................................60
Rate optimization..................................................................................................61
Chapter 9: Smart hiring process using artificial technique in tourism and hotel
industry....................................................................................................................62
Trends and updates in travel and tech..................................................................62
Mobile Technology..............................................................................................63
Augmented reality................................................................................................63
Internet of things...................................................................................................64
Virtual assistant....................................................................................................65
Big data.................................................................................................................65
Block chain...........................................................................................................65
5G.........................................................................................................................66
Reference.................................................................................................................67
Chapter 1: About tourism and hotel management.
The hospitality and tourist industry have grown to be one of the largest and
most important contributors to the Malaysian economy. The hospitality and
tourist industries are among the fastest-growing in the globe, with more and
more jobs available. According to the Malaysian Department of Statistics, the
tourism industry's Labor Force Participation Rate (LFPR) is 7.4 percent. As a
result, workers' participation in this business is relatively high, comparable to
other industries in Malaysia. From the late 1980s until 2012, the hospitality and
tourism business has developed. Hospitality is the relationship between a guest
and a host, as well as a service that includes lodging, eateries, occasion
organizing, casinos, cuisine, hotels, entertainment venues, shipping, travel
services, as well as other tourist industry businesses Every healthcare unit,
similar to a hotel establishment, has its own administration, including caterers,
office staff, as well as housekeeping. Development, on the other hand, can be
defined as pleasure, business, and even recreational time for individuals who
need to rest.
Figure No. 1 Hotel & Tourism Management System
As per statistics, the number of foreign tourists visiting Malaysia has climbed
every year. Foreign tourists visiting Malaysia in 2009 totaled 23.6 million,
increasing to 24.6 million in 2010. Malaysia made a profit of MYR57 billion on
foreign tourist expenditures in 2010. Malaysia welcomed a total of 24.7 million
foreign tourists in 2011, a small rise from 2010. In 2011, the government
received MYR 58 billion in revenue from overseas tourists. The Malaysian
Association of Hotels (MAH) was founded in 1974 with the goal of improving
hotel service and demonstrating that the Malaysian government is serious about
attracting foreign tourists. This sector will grow to be one of the most important
contributors to the national growth. The Malaysian company has established a
development strategy for the accommodation as well as tourist industry, which
involves modernizing the hospitality sector., in accordance with current
technology.
Figure No. 2 Management Setup
Source:https://www.pinterest.com/pin/619033911251114098/?d=t&mt=signup
In Malaysia, the hotel sector is flourishing, particularly in tourist-friendly areas
such as seaside areas and historic sites. Malaysia is known for its numerous
islands, including Langkawi Island, Redang Island, Perhentian Island, and
others. Malacca is a popular destination for foreign tourists since it offers a
variety of attractions as well as the history of the country's establishment. The
Malaysian hotel sector has become involved in the rapid expansion in every
state, and it is expanding rapidly. There are hundreds of hotels for travelers in
the Klang Valley area, which include budget hotels, three-star hotels and four-
star hotels. Many such well establishments in the Klang Valley are Concorde
Hotel Shah Alam, Quality Hotels, Holiday Inn Hotels, Hilton Hotels, DePalma
Hotel, One World Hotel, Sunway Resort Hotel & Spasand others, as well. The
properties have gym, pool, spa, family karaoke room, bar, technology centre
and meeting rooms among other amenities. There are fascinating tourist
attractions nearby, such as KLCC, KL Tower, National Museum, I-City,
Sunway Lagoon, and a high-end retail mall. Tourists are drawn to Kuala
Lumpur and Selangor because of these attractions. According to the state
administration, the surge of foreign tourists encourages the construction of
hotels to accommodate their needs.
A large number of staffs are required to manage and deliver services that are
consistent with the hotel's goals. A hotel with a three-star rating or higher
employs more than 100 people to ensure that the property runs well. Worker
turnover is one of the issues that the hotel administrations are dealing with. All
hoteliers are concerned about that. As a result, the purpose of this study is to
look into the causes of worker turnover in the hospitality and tourism industry
in Malaysia, notably in the Klang Valley. Following considerable reading and
analysis of past research, it was discovered that staff turnover is one of the
elements driving this condition. The determinant is the remuneration structure,
job satisfaction, incentives, and working circumstances. However, the study's
main concern and focus is on the most critical elements that influence workers'
decisions to enter and exit the sector.
Problem Statement:
Hospitality and tourism, notably in Malaysia, is one of the world's largest and
fastest-growing industries. There are a lot of career prospects in this area,
however there is a lot of employee attrition. A variety of causes contribute to
people quitting their careers. The causes for staff turnover will be the topic of
this investigation. This is unexpected, given that the hotel and tourist industry
has historically been characterized by high turnover rates, a part-time and casual
workforce, and the lack of an internal labor market. Annual employee turnover
is reported to be between 60 and 300 percent.
Purpose of study:
The aims and objectives of each research and study should be distinct. The
purpose of this study is to understand something about the link among pay
structures, career progression, as well as rewards. as well as the high rate of
employee turnover in this business. The findings of this study will indicate
whether all of the criteria have an impact on worker turnover in the hotel
business.
Research objectives:
To see if the remuneration plan, job satisfaction, working environment,
and incentives have an impact on worker turnover in the hospitality
and tourism industry.
To determine the most important factor influencing worker turnover
in the hospitality and tourist industries. To make some suggestions for
further research.
20% 20%
60%
6 -12 Months 13 - 24 Months More than 24 months
Figure No. 3 Research Increasing in Hotel Industry
Research Hypothesis:
A series of testable hypothesis were developed from the proposed research
model, as shown below:
To identify if the remuneration plan, job satisfaction, working
environment, and incentives have an impact on worker turnover in the
hospitality and tourism industry.
To determine the most important factor influencing worker turnover in
the hospitality and tourist industries.
Hypothesis 1:
Workers turnover in the hotel and tourist industries was unaffected by the
recession, the system of remuneration the hospitality and tourism industry's
workforce turnover has been influenced by the system of remuneration.
Hypothesis 2:
Workers turnover in the hotel and tourist industries was unaffected by the
recession. The level of job satisfaction of employees where the hospitality and
tourism industry's workforce turnover has been influenced by the
Significance of study:
Policy maker:
The findings can assist policymakers (government) in taking necessary steps to
address any issues that arise in labor force participation, particularly in the
hospitality and tourism industries.
Hospitality and Tourism industry:
The findings of this study may enable hotel and tourism industry executives to
gain a better understanding of staff turnover concerns and to get closer to the
truth. They can also take any appropriate steps to improve worker arrangements
in their management system.
Researcher:
A researcher can have a thorough understanding of the current labor market
scenario. This knowledge will be valuable in the future when this researcher
enters the workforce, and he or she may be able to offer his or her own
viewpoint and advise to his or her employer regarding the problem of worker
turnover.
Limitations of Study:
Every study has its own set of limitations. Some issues have also limited this
investigation.
Population:
The first consideration is population, because the sample is limited to
respondents who work in the Klang Valley area. If the sample region is
expanded to include more hotels throughout Malaysia, the results of this study
may alter or be enhanced. When the sample size is increased, a detailed
empirical analysis of variables with many categories can be performed.
Lack of time:
The time constraint is the next obstacle in this investigation. There are around 5
months to conduct this research, which will result in a shortage of time to
collect further information and correctly write the comprehensive report. More
time may allow for more detail and thorough study.
Lack of Experience:
Because this is the researcher's first solo research, the study will be conducted
with the bare minimum of expertise and experience. It may also induce the
researcher to make numerous errors, necessitating more corrective action.
Remuneration:
Wages and salaries are phrases used to describe the monetary exchange of
services provided by employees.
Job satisfaction:
Every employee who is entrusted with a job has a different impression of the
job, whether they are content or not.
Working environment:
Physical surroundings, technology provided, excellent facilities, alternative
additional, as well as other variables may all affect an employee’s job
satisfaction.
Incentive:
Physical environment, equipment given, outstanding facilities, materials used,
and others are all factors that can influence an employee's performance.
Currently, a large number of people are entering and exiting the labor field.
According to F.B, everyone goes through five stages of job development
throughout their lives. The first stage of career development occurs between the
ages of 16 and 25. At this point, a person will be looking for a suitable position
in the labor sector. It is followed by the second step, in which the person selects
the best position and joins any organization. When a person reaches the age of
25 to 40, the next stage of their career development begins. At this period, an
individual's early career begins, and they attempt to adapt to the work
environment and conditions at the moment. Continue on to the fourth stage,
where an individual begins to exert effort in the hopes of being recognized by
others in the organization where they work. However, numerous things could
happen at this point that would result in a staff turnover. The final stage is the
advancement of the career until retirement.
Perspective of worker turnover:
Another of the businesses that contributes to a nation's prosperity is the tourism
industry. As a consequence of prior efforts, there are thousands of hotels all
over the world. This is to support equally domestic and international tourists.
However, each hotel chain in the world suffers the same problem: turnover of
employees.
Figure No. 4 Predictive Model for Worker Turnover
The hotel business's annual turnover rate is believed to be between 60% and 300
percent worldwide, significantly greater than the 34.7 percent observed in the
manufacturing industry many firms in the hotel sector struggle to retain
employees because they are unable to identify the factors that influence
employee happiness and loyalty. In the hospitality industry, annual turnover
rates as high as 50% are still the norm, and many hotel businesses have chosen
to accept this as a fact of life. According to Cornell University estimates, the
hotel business has a turnover rate of over 100%, with a cost of $5,000 per
associate in lost productivity and pay. Workers retention has a significant
influence on the hospitality sector's management which involves. In
considerations of hiring, learning, indoctrination, and interruption, as well as a
number of indirect expenses, employee turnover may be a major cost to a
business. The more turnover there is the more stress there is on recruiting since
training expenses, reduced productivity, as well as time are all increased.
Perspectives of remuneration:
Every job performed, whether connected to service, production, or
management, is compensated with wages, which are either hourly or monthly.
The majority of hotel employees are paid by the hour. If the pay isn’t
competitive, it can lead to employee turnover. One of the things that will
influence worker turnover in the hotel sector is the remuneration scheme.
The nature of hotel job, which is labor intensive, low-paying, and offers little
possibilities for advancement, will inevitably increase employee turnover in the
industry. Not enough money or salary, as well as long hours worked, will be the
primary reasons for workers in the hospitality and tourism industries to leave.
Figure No. 5 Perspective of Remuneration
The top influencing factors affecting employee turnover were insufficient
recognition and rewards for a job well done, the benefits received did not meet
the employees' needs, the salary and responsibilities were not compatible, and
the career path advancement was not compensated for the lack of salary
increase.
Furthermore, according to Assoc. Prof. Cengiz Demir, many employees leave
their jobs due to a lack of pay. Most businesses believe that increased employee
turnover indicates a lower-paying position, although it has been proven that
employee turnover is quite costly.
Perspectives of job satisfaction:
Job satisfaction, according to M. M. Alam and Jamilha (2009), is an individual's
attitude toward his or her job that extends to a variety of feelings. Since the
inability to define the characteristics that contribute to employee work
satisfaction and loyalty, the hospitality and tourism business has had some
difficulty retaining and keeping loyal personnel. The level of job satisfaction is
thought to be a factor in worker turnover. Employees that are happy with their
jobs tend to be more loyal to their bosses. Employees' expectations of the job,
whether satisfied or unmet, will have an impact on their overall job satisfaction.
Figure No. 6 Perspective of Job Satisfaction
Job satisfaction has been found to be a key predictor of organizational
commitment and has also become an essential component in the intention of
workers turnover, according to Knoop (1995). According to Boon Daring Rona,
high worker turnover and absenteeism are linked to job dissatisfaction levels.
Lower absenteeism is linked to greater job satisfaction. The study also
discovered and demonstrated a constant link between leadership support and job
satisfaction, which has an impact on employee turnover. Career motivation is
another element and factor in determining job satisfaction.
Perspectives of working environment:
As the hotel and tourism industries are labor-intensive, client retention and
defection are heavily reliant on front-line employees’ dealing with customers.
The way employees feel about their workplace has an impact on the level of
service they deliver. Workers who are more satisfied at work, are more likely to
serve their customers better than those who are less satisfied. Diskette and
Gaillard state that “stress theories believe that individuals can attempt to cope
with the stress they are experiencing” (2008). Workers are generally given
incentives to leave their jobs if they are unhappy. According to their findings,
employees who do not suit the organization's cultural requirements have lower
commitment and are more likely to depart. Favorable evaluations of workplace
relationships help to reduce work-related stress, promote job satisfaction and
motivation, and improve performance.
Perspectives of incentives:
Employee incentives have a long history of enhancing productivity and, as a
result, minimize employee turnover. Variable employment and/or freelancing,
fitness & wellbeing initiative, coverage plan, compensated holiday as well as
leisure days, recreational & connecting gatherings and other benefits are all
examples of corporate efficiency. Hospitality industry must give appropriate
rewards to its personnel in order to make them stay committed. As a reward, the
management should organize social activities for the employees, as it will
improve their commitment to the organization.
Figure No. 7 Perspective of Incentives
Source: https://ltplabs.com/success-cases/redefining-sales-incentives-
plan- through-analytical-perspective/
Workers who pay a high value to their jobs have lower turnover and stay longer
than peers who place a negative price on their profession. According to the
journal Executive White Paper "Employers can help employees value their work
through consistent praise, recognition, and special incentives." Promotion is one
of the most effective ways to entice employees to stay with the organization.
Furthermore, promotions satisfy two organizational rules. First, they assist in
assigning employees to roles where they can make greater contribution to the
organization's success. A second rule is that promotion serves as incentives and
rewards.
Aside from that, if management is unable to provide extra money, offering
incentives is the best approach to motivate people. Incentives, in other words,
are a benefit to the employees. Employees will stay because of the numerous
benefits supplied by management. The benefits of a firm are viewed or
examined by the majority of people who work. Security, affordable healthcare,
shore excursions, as well as other perks are not a form of currency.
Chapter 2: the hospitality Industry & the impact of COVID-19
As the effects of COVID-19 extended over the world, organizations and
individuals prioritized public safety. Whereas this emphasis continued, and, the
implications for economic growth as well as profitability of the firms resulted in
a severe sell-off in the global equity markets. The world was invigorated seeing
that, being the first to be impacted by the extreme disaster due to Covid-19, the
leisure and hospitality customers were responding quickly and were committed
to analyze and measure the financial and operational effect on their operations.
The impact on revenue and supply chains was significant and unexpected, error
handling of hotels, restaurants, theme parks and movies, as well as the overall
disruptive effect of the tourism ecosystem, all had a significant impact on
worldwide tourism. Providers & financiers were cooperating together just to
manage liquidity and working capital challenges while keeping their people
informed.
Figure No.8 Impact in Tourism & Hotel Management
The globewas heartened seeing how sophisticated this business became in terms
of collaborating and exhibiting true culinary credentials to help the society
when they can. Firms very well, for illustration, offered their remote
applications for operating rooms as well as staff. In addition, the Covid19 crisis
tried to present new business models and opportunities, such as defining new
delivery concepts, human capital sharing platforms, initiatives to promote the
"staycation” or “holistay” concept, and the use of less productive time to work
on actions that would otherwise be pressed forward, including investment
figures, readiness plan, establishing established procedures, social sites plans, so
on and so forth. The excellent thing is that the Asian counterparts have
witnessed was an increase in this area, albeit it is still early. This gave the
industry cause to be positive during the moments of crisis, establishing a
positive outlook, concentrate, and be informed about the fore-coming financial
circumstances.
Understanding the impact on Cash, Working Capital and Profitability
Operational impact and mitigation:
Have a long-term cash flow forecasting for next six months ready to
comprehend important cash points and any breaches of lending covenants,
being realistic and having Base and Downside scenarios.You need to manage
your payments for vendors, if you're an operator. All operational and capital
expenses should be maintained to basic essentials. If feasible, postpone or re-
evaluate servicing and other capital expenses to save revenue. To respond
quickly to changing market conditions, establish up an effective revenue
management system and price models.
Financial impact:
The organizations looked into the equity and debt funding options, when
corporate predictions have shown a financial demand. Creditors were kept
informed and included in reduction as well as sustainability initiatives.
Independent creditors were made capable to provide relatively brief capital
greater quickly than traditional borrowers. These, however, came with a higher
interest rate and cost structure. Organizations made sure that they seek for tax
refunds and other forms of financial assistance.
Assessment of the impact on Occupancy and RevPAR and planning to
mitigate:
The organizations determine how the technicians were impacted and what sort
of deals were appropriate for investors (lease or management). They enquired
with the executives for the approximate assessment criteria. Assessment of the
impact on occupancy and RevPAR for operators were done and a risk-
mitigation strategy was devised. Determination was done whether the loss
would be permanent or temporary only. The impact on operating fees for the
investors were taken care of.
Proactively managing the key stakeholders:
Vendors, financers, property developers, as well as contractors were taken into
confidence to manage expectations and maintain confidence. Line of
communication was opened with vendors concerning inventory reductions,
leases, as well as other concerns. Breaching restrictions, mortgage, seeking
waiver were done checking that it was a one-time issue or not keeping in mind
that it didn’t damage the capacity to repay the loan. Focusing on HR, people to
offer certainty to the staffs, as well as maintain involvement and enthusiasm
through the difficult time was done religiously. Arrange of cancellation
alternatives were offered to customers to keep them for the longer haul.
Plans kept under active review:
The atmosphere was vibrant as well as extremely positive. Organizations made
sure that they were aware of any development in the issue and the possible
consequences. They were prepared to react quickly to developments that raised
beyond their standard financial and operating procedures. An alternative system
of governance was necessary to allow decisions needed to be made, expressed,
as well as executed faster. They used the leisure to re-evaluate their
organization. They instructed their employees, experimented with new products
in order to become even more versatile about creating new opportunities.
Chapter 3: Economic impact on tourism and hotel industry during Covid19
As a result of expanding globalization, the COVID-19 pandemic's ripple effect
reverberated around the globe, leading to the loss of jobs and lives, as well as
negative economic growth. For innumerable people and organizations around
the world, the virus's domino effect caused great agony and sadness. Apart from
the predicted 1.3 million fatalities, Forbes believed that the outbreak would cost
the global economy $2.7 trillion, and have been correct. Nevertheless, the
influence has not been consistent throughout various sectors.
Impacts of pandemics and crisis on tourism:
Pandemics and crises have historically been one of the deadliest demons that
has created the most harm. Throughout history, several pandemics and plagues
have wreaked havoc on the industry. Epidemic (1346-53), Spanish Flu (1918-
1920), SARS (2002-04), H1N1 Swine Flu (2009-10), as well as Ebola Virus
(2014-16) are the examples. The Spanish flu, for instance, stopped
transportation for 4 months as well as murdered twenty-one million people.
Figure No. 9 Financial Crisis during Covid19
Furthermore, the swine flu epidemic caused the Mexican tourist industry to lose
about a million foreign visitors over a five-month period, resulting in losses of
approximately US$2.8 billion. The tourism sector is in a unique situation as
transportation has acted as a vector for transmitting the virus. As a consequence,
it was routinely used to disrupt the virus's inter-generational cycle. Hospitality
has a kinetic aspect which necessitates mobility, which facilitates viral spread
inexorably. Human movement through air raises the likelihood of infections
propagating at a much faster rate than normal. It mainly encourages both as a
catalyst for viral transmission as well as a sufferer of it.
Outbreaks and communicable diseases turn risky tourism destinations
unappealing. To minimize or stop the transmission of illnesses, governments
typically implement travel restrictions, border closures, quarantine, and social
distancing measures. The World Health Organization issues various journey
recommendations on a regular basis to keep people away from locations, where
outbreaks are occurring. These methods and the television news that exaggerate
the severity of the virus, make pandemic-affected areas undesirable. People are
scared to reach certain regions as a consequence, airlines, hotel bookings, as
well as other scheduled activities are postponed as a chain reaction.
With the exception of the environment, almost everything related to tourism is
affected during pandemic outbreaks. Famous tourist destinations like Rome,
Venice, Milan were deserted, with occupancy rates as low as 6% in Italy,
making it one of the worst-affected nations by COVID-19. The World Travel
and Tourism Council predicted a 20-30 percent decrease in international arrivals
in a news statement on March 26, 2020. Nevertheless, according to the Global
Travel and Tourist Association, COVID-19 jeopardized 50 million
employments in the travel and tourism industry.
Given the vast negative implications for the tourist and hospitality industries, it
looked that the environment may benefit from tourism's demise. There has been
a corresponding decline in greenhouse gas emissions, notably in developed
countries, as observed in satellite pictures revealing corona virus hot zones
across the world. On social media, this attracted a lot of attention. In China, for
example, when businesses were shut down and towns were put on lockdown,
emissions fell by 25%. In furthermore, coal consumption in the country's six
largest power plants had fallen by 40 percent. Whereas the outbreak is causing
widespread alarm, nature is repairing itself. It was expected that the ecology
will have resolved itself by the time the epidemic is over. Even though tourism's
core commodity is the ecosystem, attractions would become more enticing.
The interruption harmed airways, tour companies, vacation agents, destination
portals, car service, eateries, as well as accommodations. The tourist value chain
affected all stakeholders and service providers, producers who supplied veggies
to an eatery, even the cabbies who transported people from the terminal to
accommodations.
Impacts of COVID – 19 on hotels:
Hotels business was undoubtedly hit extremely hard by COVID-19. As a result,
massive disruptions of planes, trips, concerts, as well as hotel bookings,
resulting downturn in incoming traffic. Hotel occupancy rates and average room
prices got plummeted, resulting in unprecedented profit margin reductions. In
Italy, 90 percent as well as in Rome and Sicily respectively, 80 percent of all
hotel reservations were cancelled. Hotel occupancy rates in Ghana had fallen
from 70% to around 30%, where as some hotels recorded even 5% occupancy
rate. In the week ending March, 2020, REVPAR at the hotel industry in the
United States fell 11.6%. Authorities' announcements of shutdowns and other
interpersonal hamming distance in an effort to 'flatten the curve' worsened the
problem. Governments were stumped on how to flatten the curve without
flattening their budgets. Restaurants had to pay for power, labor, wages, as well
as other recurrent expenditures and regulatory responsibilities despite major
income loss. COVID-19 certainly resulted in a historic fall of business in the
hotel industry. The epidemic lasted for approximately two years, and once the
epidemic was over the dread of travelling and the enforcement of social distance
rules did not fade away immediately.
Figure No. 10 Covid19 impact in Hotel
Source: https://www.mdpi.com/ijerph/ijerph-17-
07366/article_deploy/html/images/ijerph-17-07366-g003.png
COVID-19 had a tremendous impact on the hotel business, and it was
commonly felt that the industry will never be the same again after the
lockdowns and travel restrictions are lifted. Hoteliers, on the other hand, could
no longer afford to operate in this manner. Hotels have devised strategies to
combat COVID-19 and the issues related to it to bounce back.
The enormity of COVID-19's implications on location industries as well as the
tourist value network required government initiative in dealing with the matter.
To safeguard businesses like hotels and restaurants from the pandemic's
crushing consequences, governments in most locations imposed a series of
austerity measures. Relief funds, tax breaks, grants, credit lines, and job training
have all been successfully utilized.
Survival strategies of hotel against Covid19:
Hotels, on the other hand, had taken control of their own fate. The road to
recovery was lengthy. A thousand-mile trip begins with a single step. Hotel
managers took steps to implement crisis management plans that included cost-
cutting, orderliness, virtualization, integration, and domestication as survival
strategies (COVID19)
Cost Cutting:
Cost-cutting has been one of the best measures to limit or eliminate losses. This
might be performed by first shutting off excess or redundant equipment to save
money on utility costs. This would include reducing the number of elevators in
use, removing certain guest room floors as well as eateries, and ceasing to use
some expensive but unused services like dry cleaning. Some other area wherein
cost reductions could be found is in labor. Specific steps adopted in this area
include lying off some temporary employees, negotiating salary reductions,
urging employees to clear their outstanding leave and accept no-pay leave, and
implementing no-pay leave and advance leave. Right resources may well be
thrown off; nevertheless, while dealing with permanent employees, caution
should be taken since leadership may be deemed into breach of the law for
salary reductions as well as redundancies. Administration, on the other hand,
may undertake discussions with union workers as well as individual workers in
order to come up with mutually agreeable options. As a result of the low
occupancy rates, hotel management may educate their employees to multitask
due to the lighter work load in all departments. Labor costs contribute for
around half of a typical hotel's total operating costs, while utilities account for
about ten percent. As a result, using these cost-cutting techniques would aid in
the reduction of costs and improved end result.
Orderliness:
Certainly, we are no longer living in times of stability, and we cannot expect to
spend risks or continue to live our lives as we did before COVID-19. A new
normal has emerged as a result of COVID-19. Social bonding as well as
medical regimens that must be followed faithfully, are a part of the new normal.
Cleanliness, workplace safety, as well as operating processes, all fall under the
category of tidiness. Visitors will now place a higher value on their
safeguarding and hygiene standard of the hotel than on the quality of service.
The new protocol for hospitality business involves precautions to prevent the
virus from spreading. Measures to prevent any virus from spreading are part of
the new standard for hotel operations. Hotels must strike the right balance
between the need to decrease expenses in order to increase profits as well as the
moral responsibility to protect their staff as well as guests' health and security.
Employee satisfaction in protection, stability, as well as health awareness
training programs was a natural first step toward ensuring that sanitation and
health measures, as well as operating processes, were adhered to. It's known as
the software method. Gait training, management took efforts to ensure that
sanitary norms and social distance norms were adhered to by both employees
and visitors, like regular daily cleaning, the use of throwaway goods, washing
hands, as well as the clothing of PPEs. The hardware strategy comprised the
introduction of additional sanitary infrastructure and tools, such as liquid
sterilizers, particular air purifiers, disinfect, & basins, as well as the
procurement of instruments for daily monitoring of temperature of personnel &
tourists. Restaurants have shown a strong dedication to maintain operations
under stringent sanitary standards to reassure clients and increase visitor loyalty.
Since a restaurant may easily operate as a vehicle for the disease's propagation,
these procedures were introduced as well as implemented across all departments
in the hotel to avoid and decrease the disease's transmission. For example, in
2003, a Guangdong physician who journeyed to Hong Kong as well as resided
in a fancy hotel spread the SARS virus, sickening other visitors from Hong
Kong, China, Vietnam, Singapore, as well as Canada.
Virtualization:
Another element of the new baseline was that we were living in a virtual
environment to avoid social contacts as much as possible. Thankfully,
technological improvements have enabled this. Video conference has become
simpler because of apps such as Zoom, Skype, Google Meetand may more. The
truth is that fewer people will now choose to make a reservation or a trip
through an online tour operator. The usage of online travel agencies like
Bookings.com, Expedia, and Priceline, as well as online travel brokers like
Expedia and Priceline, has become a commonplace. Hoteliers must also utilize
technology to adhere to psychological distances. Under the new normal, hotels
have deployed robots, automated systems, and digital technologies. The use of
robotic sanitization and disinfection in guestrooms and other public areas aids in
the prevention of the virus spreading via individuals have become common.
Resorts can also integrate Customer Relationship Management software into
their websites and automate their revenue management systems (RMS), as this
will help with the collection of customer information that can be used to tailor
the restaurants cater the needs of the guests. Given that the majority of people
were staying at home owing to inequality and social distancing tactics, hoteliers
made sure that their hotels and events were active on social media platforms.
Visitors were involved on media platforms, and they should be given important
information about services and other product offers in days to come.
Bookings, advertising, sales, as well as contact center assistance are all the
activities that may be performed from the comfort of your own home. Hotel
managers guaranteed that some personnel, such as management team, were able
to work from home. Seminars might be held entirely online in coming days.
Hotels employed digital marketing strategies such as social media marketing, e-
reservations, and search engine optimization. 60 percent of visitors utilized the
online booking systems to stay at a hotel even before COVID-19. In the post-
COVID era, this number is projected to climb.
Integration:
Every hotel has been tormented by the COVID-19 pandemic. To combat the
epidemic, hotels coordinated their efforts and implemented common
programmers that benefited all the hotels in a given destination. The
destination's hotel association coordinated its members' efforts to find a single
solution to the problem. The hotels association was in a strong position and they
bargained with the government and the national tourism body for austerity
measures such as tax cuts that aided members. Hotel associations also helped
members with technical and financial issues.
Resorts collaborated with other stakeholders to develop recovery solutions.
While individual hotel initiated to regain lost revenue, hotel management
recognized that cooperation with other partners becomes even more important
in order to address the industry's problems. This was especially significant as
hospitality has been multifaceted, visible and infrared, as businesses rely on the
efforts of other tourist segments to flourish. Unified initiatives, on the other
extreme, should not be confused with personal effort by supervisors, an
inexperienced hotelier who pins his or her expectations on other establishments
or partners.
Domestication:
Borders and airports were blocked, cities locked behind quarantine, flight
restrictions implemented, and with travel advisories issued, caused tourists to
cease visiting. As a result of the outbreak, combined with closings as well as
flight limitations, arriving tourists was almost non-existent, forcing hotels to
reach out to local residents through creative advertising packages in order to
survive. Accommodations, especially those with a high price tag that have
historically catered to the overseas sector, should concentrate their brand
awareness on the local market. To thrive, hotels should cut their rates and
repackage their products. Borders and airports have been blocked, cities have
been locked behind quarantine, flight restrictions have been implemented, and
travel advisories have been released, causing tourists to cease visiting. As a
result of the outbreak, combined with closings as well as flight limitations,
arriving tourists is almost non-existent, forcing hotels to reach out to local
residents through creative advertising packages in order to survive.
Accommodations, especially those with a high price tag that have historically
specialized to the overseas sector, should concentrate their brand awareness on
the local market. To thrive, hotels should cut their rates and repackage their
products.
Chapter 4: How is artificial intelligence used in hotel industry?
What is artificial intelligence
Artificial intelligence (AI) was a concept that had been around for a significant
period. When people referred to "Artificial Intelligence" or "AI," they meant the
simulation of intelligent behavior by computers or machines. This encompassed
a wide range of activities, such as learning from data, understanding natural
language, recognizing patterns, solving problems, and making decisions. The
term "artificial intelligence" itself dated back to the mid-20th century, when
researchers began to explore the possibility of creating machines that could
mimic human cognitive functions. These early efforts laid the groundwork for
what would become a rapidly evolving field.
AI systems were designed to perform tasks that typically required human
intelligence. This included tasks like visual perception, speech recognition,
decision-making, and language translation. Over time, advancements in
technology and computing power allowed for more sophisticated AI models,
leading to breakthroughs in various domains such as healthcare, finance,
transportation, and entertainment. Overall, AI represented a broad spectrum of
technologies aimed at enabling machines to exhibit intelligent behavior, pushing
the boundaries of what was possible with computers and transforming numerous
aspects of everyday life.
Figure No. 11 Artificial Intelligence in Hospitality Industry
The notion had progressed to the point where it could be used to assist
businesses and improve their offerings. The collection of consumer data,
combined with significant advancements in computer technology, implied that
AI could be used to enhance business activities. Customer service, task
personalization, sophisticated issue solving, and other areas where artificial
intelligence could be useful were revolutionized. Here’s how artificial
intelligence in the hospitality industry was growing.
Improving hotel
operations Improving
hotel operations
Attending to guests at the front desk, answering phones, and responding to
online guest questions is impossible. Consider the directions you provide your
employees: double-check documents during check-in, be pleasant, give the
guest your complete attention, address questions from other guests at the same
time, and so on. Anyone, regardless of how well-trained your team is, will crack
under the strain. Your service levels will drop as well if you successfully train
your personnel to perform like robots. This is where artificial intelligence can
help in the hospitality business. Chat bots, a type of artificial intelligence, may
help your employees with a variety of tasks.
Effective revenue management
Being in the hospitality sector simply indicates that it is a people-oriented
industry, as service is the most important factor. Moving away from
conventionally managed human-based services and toward a more automated,
service-centric platform, on the other hand, will only help your hotel become
more efficient.
An excellent example of this is the Property Management System you may
already be using to handle your bookings and for other reasons. A virtualized
quality management system will also give you with a host of other benefits.
Have you ever pondered how you may get a pattern analysis to help you
improve your room rates? You picked it out, didn't you? Machine learning has
empowered your CRM software to calculate complicated information in order
to present you with the best rate in the hospitality. Not only that, but it also
automatically changes your rates across all platforms, enabling you to profit
from additional revenue without the need for human interaction.
Personalization gets a whole new meaning
Although we believe that human feelings as well as sentiments are one of the
most successful techniques of customization, artificial intelligence (AI) will
assist to increase operational effectiveness. A guest house could be satisfied
with a Media Chabot to boost sales, but a luxury hotel with thousands of rooms
would require more than just a chat bot. Ai technology in the service industry
will benefit those that get in early, whether it's through a chat bot or an
incorporated PMS.
Data analysis
Customer service, loyalty programmers, recognizing your guests' preferences,
and keeping guests are just a few of the activities that artificial intelligence can
help you with. AI technology may be used to swiftly and efficiently categories
your guest data by room preference, budget, facilities used, and other factors in
order to entice them with appealing loyalty programs and offers for their next
stay, or even to reach out to future guests.
Multilingual booking experience
Have your front-desk employees ever been in a situation where they couldn't
speak with a guest because he or she couldn't converse in English? It is
inconvenient for your guests and your employees, and it may easily generate a
terrible service experience in the minds of your customers. In a case like this,
your hotel will eventually receive a skewed evaluation. This is where clever
chat bots come into play. These chat bots are developed to imitate a
conversation in your guests' native language using natural language processing
(text) and generation (voice), resulting in clear and succinct interactions
between the human and the computer.
Artificial intelligence in the hospitality industry
Are you a hotelier who has already jumped on the technology bandwagon or
have you yet to dabble in AI? Whatever your scenario, you may be sure that if
Poe's The Raven becomes a reality, your hotel will be AI personified hundreds
of years from now.
Chapter 5: Examples of artificial intelligence for hotels.
Explore some examples of artificial intelligence for hotels:
Did you know that "94 percent (of C-level executives) believe artificial
intelligence will’ substantially disrupt' their companies within five years, with
the majority expecting this will happen by 2020" Their projections turned out to
be correct.
Figure No. 12 Examples of artificial intelligence for hotels
The majority of hotels now have AI-powered websites, booking systems, and
other technologies In terms of artificial intelligence application, however, 49
percent of poll respondents said the hotel business is in the middle, with a grade
of "C." The good news is that this area has a lot of space for expansion.
Offer AI concierges
Artificial intelligence concierges are used by hotels such as the Radisson Blue
Edwardian in London and Manchester to check guests in and out, order room
service, and answer questions 24 hours a day, seven days a week. What's the
best part? Guests can text their concierge, Edward, directly from their phones. If
you want to generate consistent guest experiences and free up time for front
desk workers to give the best possible service for visitors who are physically
present, consider chat bots for your hotel.
Switch to hyper dynamic pricing
Booking engines can employ hyper dynamic pricing to automatically explore
social media, previous user data, and even world news to show prices that
optimize earnings. For example, if a huge conference nearby is filling hotels,
the artificially intelligent software will modify prices immediately to reflect the
increased demand? “On the horizon are systems that can decipher so-called
‘unstructured data,' such as scanning hotel reviews for consumer sentiment or
pinpointing seat assignments or particular hotel rooms based on Instagram
photos,” says aviation industry expert and travel consultant Matthew Klint, who
notes that this software is already quite common among airlines.
Predict utilities usage
With energy, water, and waste-monitoring systems, you can improve revenue
management while also helping to conserve the environment. Hotels like Hilton
have been utilizing them for over a decade and show no signs of stopping.
"Through their patented Light Stay programmed, Hilton locations have lowered
carbon emissions equivalent to eliminating 390,350 cars from the road... while
saving over $1 billion in electricity expenses," according to a recent celebration
of their own sustainability and social impact efforts.
Adopt group booking software
Cvent Passkey for Hoteliers uses cutting-edge technology to increase existing
business sales, improve the booking experience, and integrate all associated
departments. Colette Barss, Income Manager at the Portola Hotel & Spa, states
"Since implementing Passkey ARI, we've noticed a large increase in room
revenue as a result of our customers staying longer. Planners love the ability to
keep links accessible for longer periods of time, while guests appreciate the
convenience of booking."
All of the available tools combine to form a formidable booking engine, yet it
all serves the same purpose at the end of the day. "It's straightforward," Barss
explains, "we want to fill out blocks."
Make reviews actionable
Learn about your clients by looking at the evaluations they give on sites like
Yelp as well as Travelocity. Rather than running and through procedure
manually every time, employ an intelligent technology to automate it.
Algorithms (an AI specialization) simpler to gather, maintain, as well as
evaluate information from a multitude of internet sources effortlessly.
This is why Dorchester Collections, a premium hotel chain, utilizes it to
customize guest satisfaction from reservation to dine. They were able to
determine "those visitors were significantly more enthusiastic in breakfast than
dinner as a meal" in one case. learn about your clients by looking at the reviews
they give on sites like Yelp and Trip Advisor. Rather than going through the
procedure manually every time, use an intelligent technology to automate it.
Machine learning (an AI subset) makes it simple to collect, store, and evaluate
data from a variety of internet sources automatically.
This is why Dorchester Collections, a luxury hotel brand, uses it to customize
guest experiences from booking to dining. They were able to determine "that
guests were significantly more interested in breakfast than dinner as a meal" in
one case. which hotels like to concentrate their investments in order to set
themselves apart by providing a quality dining experience." What's the end
result? A new breakfast buffet that visitors could create themselves.
"It turned out (the machine learning software) was correct," explains Ana Brant
of the Dorchester Collection. "Kitchens in Dorchester indicated that between 80
and 90 percent of breakfast orders are changed." So today, when you order
breakfast at the Beverly Hills Hotel (which has 1,019 Trip Advisor ratings, 298
Booking.com reviews, 235 Yelp reviews, and 294 Expedia reviews), a waiter
approaches you and asks what you want – they have everything. "There is no
menu."
Use chatbot translators
Based on their location, chat bot translators can instantly determine the
languages used by website visitors. They can also handle simultaneous guest
questions from all over the world and translate scripts on the fly. Bebot, for
example, goes a step further by automating visitor review gathering, onsite
restaurant repairs, and booking confirmations to improve the guest experience.
Despite the fact that chat bots are not new to the hospitality business, their value
will only grow. A chatbot, according to The New York Times, "provides
travelers with up-to-date information about corona virus outbreaks, statistics,
and symptoms."
Feature smart event diagramming
Artificial intelligence for hotels is available in a variety of forms. Cvent Event
Diagramming, an intuitive tool for creating 3D schematics of event locations,
will "wow" event planners. All in one spot, you can reuse layouts from previous
events, hold virtual walkthroughs, and communicate with various teams at the
same time.
Robots for check-in of guests
Connie (named after Conrad Hilton), the first in-person customer service robot
for hotels, was created through a collaboration between Hilton and IBM. While
answering questions, completing simple booking tasks, and improving its own
speech over time, the AI model may learn from guests and adapt over time.
Hilton's Jonathan Wilson stated, "We're focusing on rethinking the entire travel
experience to make it smarter, easier, and more pleasurable for guests." "We're
'wowing' our guests in the most unexpected ways by collaborating with creative
partners like IBM Watson (the AI software that powers the robot)."
Make hiring smarter Machine learning is being used by hospitality recruiters to
hire hotel personnel in ways that go beyond the traditional resume format. IHG
and other prominent hotel corporations have hired thousands of employees
using personality profiles of existing team members and Gamification-based
assessments. Using this strategy, recruiters may look beyond the resume to find
the individuals who are the best fit on all levels. "It has also helped in
eliminating personal or preconceived bias among recruiters," says Hazel
Hogben, Head of HR, Hotel Operations, and IHG Europe.
The next five years of artificial intelligence for hotels keep a look out for tools,
gadgets, and platforms that aren't yet available but will have a significant impact
on the industry. Begin by shopping for products or companies that you enjoy,
and plan your future finances appropriately.
In the event of an emergency, look for passports that include visitor health
information so that medical professionals on-site or off-site may rapidly access
information like their medical history, current prescriptions, and allergies. Keep
an eye out for hotel guest star ratings so that properties may learn more about
their previous experiences. Expect robots to fill the role of support employees,
easing the pressure of late-night hours and the effects of a high-turnover sector.
Chapter 6: Concierge system using artificial intelligence
As the hotel industry has expanded, the importance of the concierge department
has increasingly emerged. Similarly, as the department's needs have grown,
practical experience for these students who have not yet graduated from
universities has become more important than before.
To begin, whoever is in charge of this department must be familiar with the
origins of concierge. It can be claimed that a concierge can do nearly anything
for a hotel visitor, with the goal of assisting the guest in finding flexible and
adaptable solutions to difficulties. The concierge must have a wide range of
knowledge and be able to think quickly in order to solve the difficulty that the
client is experiencing. Many business and VIP travelers are valued, and this
department is responsible for serving them
Figure No. 13Concierges system using artificial intelligence
The second goal is to strengthen the department's leadership. Actually, because
concierge is such a fluid and variable area, it's difficult to define what kind of
leadership style is the most fixable. Concierge has no way of knowing what
kind of issues may arise. Within this sector, however, the most crucial aspect of
leadership is teamwork. Varying people have different capacities and skills for
dealing with various issues that arise from visitors. To properly handle and copy
with guests with varying demands and requirements within this area, it is
critical to screen these staff for professional abilities and knowledge. In
addition, the manager has a significant responsibility to play in motivating the
individuals that work in the Concierge department. The encouragement of the
manager has a direct impact on the concierge's work.
Predict utility usage using artificial intelligence in tourism and hotel
management
Currently, travel and tourism are on the increase. This might be due to the fact
that it has become more accessible to a wider population. Schedule ways to go
to a customer service desk as well as obtain your reservations is a premium rare
people can afford in today's highly competitive society. Computer science,
artificial intelligence, as well as big data analytics have all altered the travel and
hospitality business, just as they have every other industry. The primary uses as
well as future possibilities of computer science, AI, including big data analytics
in the hospitality and travel business – throughout the globe and in India – will
be discussed in this essay. We'll also look at how computer vision, artificial
intelligence, and predictive analytics are altering the hotel industry.
Tourism industry is on the increase currently. This might be because it has
become increasingly available to a wider group. In today's fast-paced world,
finding time to go to a ticket office and get your tickets is a luxury few people
can afford. Computer science, artificial intelligence, as well as big data analytics
have all had an impact on the travel and hospitality sector, as they have on every
other industry. In this article, the key uses and future scopes of machine
learning, AI, and big data analytics in the travel and hotel industry will be
examined - both globally and in India. We'll also look at how artificial
intelligence, machine learning, as well as predictive analytics are affecting the
hotel sector.
Recommendation Engines:
One of the most common applications of data science is recommendation,
which is now included in 99 percent of all successful products. Online travel
booking providers frequently provide personalized suggestions based on your
recent searches and bookings, similar to personalized content suggestions based
on neural networks on Netflix or the "Featured Recommendations" box on
Amazon. When searching for flights to London on MakeMyTrip or Expedia, for
example, you will be presented with a number of lodging possibilities.
Booking.com, on the other hand, offers different destinations that you might
enjoy.
Flight Fare and Hotel Price Forecasting:
The cost of a flight or a hotel room is always changing and varies substantially
depending on the source. Nobody has time to manually track all of these
changes. As a result, in the travel business, smart solutions that monitor and
give out timely alerts with hot bargains are in high demand. According to Travel
port’s 2018 Digital Traveler Survey, time spent attempting to find the best price
is a top pain factor for finding and booking leisure trips for 50% of US
passengers and 51% of Canadian visitors. Hopper is an excellent example of a
business like this, which uses analytics to help consumer’s book affordable
flights.
Hopper helps users save time, money, and anxiety when planning a trip by
providing recommendations and alerts based on highly accurate pricing
predictions. Machine learning is also used in the app to find price drops and
exclusive deals for a more personalized search and booking experience on
mobile devices.
Fareboom.com has a revolutionary fare predictor tool, which analyses and
accumulates historical data on millions of fare searches dating back several
years, is another fantastic example. The website anticipates future price
movements based on a variety of criteria, including seasonal trends, demand
growth, airline special offers, and bargains, thanks to its extensive data and
machine learning algorithms.
Intelligent Travel Assistants:
Intelligent programmers (IP) are programmed to carry out certain activities in
response to user requests. Customers are increasingly using instant messaging
systems like WhatsApp for customer assistance. Instant messaging services are
widely used by certain prominent brands as a wonderful way to reach out to
clients and develop better customer relations, with the top four chat applications
having over 4 million monthly active users just for April 2018.
They can also be utilized as mobile travel companions, solving a variety of
problems while on the go, including:
What is my flight's luggage allowance?
What is the location of the nearest business lounge?
What is the number of my boarding gate?
How long do you think it will take you to travel to the airport?
Optimized Disruption Management:
What is automated disruption management, and how does it work? It essentially
entails removing impediments that a tourist might encounter on their approach
to their goal. It's a mechanism to automatically address plan disturbances, as the
name implies. This tries to solve actual problems that a traveler may encounter
on his or her trip to a destination location, and is especially useful for business
and corporate travel.
Disturbance management is usually a time-sensitive task that necessitates a quick
response. While the chances of being affected by a storm or a volcano eruption
are extremely remote, the possibility of travel interruption is still quite real:
every day, thousands of flights are delayed or cancelled. With recent
technological advancements, it has been possible to forecast such disruptions
and effectively limit loss for both the traveler and the carrier. Here's when Real-
Time Analytics comes in handy. Predicting travel interruptions based on
existing information about weather, present delays, and other airport service
data is where data science can help.
Customer Support:
Airlines can use artificial intelligence to streamline the customer support process,
just as they do with personal travel assistants and intelligent disruption
management. Especially now, when nearly half of all consumers feel that the
most important component of excellent customer service is the speed with
which a question is answered.
Artificial intelligence (AI) and chat bots are excellent tools for streamlining
certain elements of customer care and assistance. A custom-programmed
chatbots can provide basic informative and transactional services. Combining
virtual and human assistants can help organizations not only increase brand
loyalty but also improve company performance.
Personalized Offers for Most Valuable Customers (MVCs):
According to Amadeus, 90% of Smartphone users in the United States share
their travel experiences and images on social media and review sites. Trip
Advisor has 435 million reviews and 390 million unique visitors. Every minute,
the site receives over 280 new traveler evaluations. This is a huge informational
website which companies should utilize to improve their products. While
conventional statistical evaluation of opinion segments is possible, the
application areas as well as accompanying artificial intelligence techniques
allow for comprehensive analysis of all brand-related reviews. Sentiment
classification is an ensemble learning technique that aims to describe and assess
the subjective as well as informational qualities of converter based. For
example, the Google Cloud Natural Language API is a ready-to-use application
layer protocol that can be customized and coupled with statistical tools to allow
actual analysis of any label comments
This might assist you in identifying and resolving issues in order to improve
client satisfaction. Data tools can dig into the vast wilderness of social media
chatter to uncover chances for intervention using supervised learning and
natural language recognition.
Sentiment Analysis in Social Media:
Dynamic pricing is based on the concept of adjusting room prices in response to
changing market conditions. The travel and hospitality business is no stranger to
this.
Figure No. 14 Sentiment Analysis in Social Media
Since 2004, many hotels, such as Hilton and Marriot, have changed their room
rates once or twice a day. Starwood Hotels began creating a predictive analytics
tool in 2015 that consider hundreds of variables to display the most cost-
effective price at the time. Competitive price information, weather, a user's
booking habit, occupancy information, room kinds, daily rates, and other
characteristics are among them. This is another classic Predictive Analytics
application. While the system is totally automated, it also allows human
operators to view the data dashboard and alter rates manually if necessary. The
effectiveness and profitability of such schemes can be improved by using
machine learning and data analytics for dynamic pricing.
Dynamic Pricing in the Hospitality Industry:
The customer experience is extremely important. AI solutions can help a
traveler not just on the way to their destination, but also while they are staying
at a hotel. Guests can make themselves more comfortable by using voice-
activated virtual assistants in their rooms. They can, for example, control the
temperature in a room, alter the lighting, and turn on and off the television.
Hotels can use facial recognition to speed up check-ins and make their guests'
stay safer.
In-Stay Experience:
According to the Juniper Research survey, the airline and travel industries are
the most vulnerable to ecommerce fraud. Every year, the travel and hospitality
industries lose billions of dollars in refunding stolen funds to clients. Financial
theft is amongst the most prevalent types of fraud in this industry, and it
includes using a stolen credit card to purchase flights or hotels. Friendly fraud is
another typical type of fraud, which happens when a customer makes a purchase
and then claims the card was hijacked, asking a refund.
Fraud Detection:
The use of profiling and machine learning technology to analyze customer
behavior can aid in the prevention and detection of unlawful transactions.
Wanderio, an Italian online booking site, collaborated with Pi School, which
used artificial intelligence to detect fraud. Hotel Tonight, a mobile booking
platform, also used a bespoke machine learning model to anticipate and identify
fraud.
Chapter 7: Robotic check-in and check-out process in hotel using artificial
technique
What Are Robots?
It's critical to establish what robots and their applications are before discussing
them. In simple words, an autonomous robot that has been programmed to do
complicated tasks or activities on its own. The name "android" applies to
robotics that are designed to resemble humankind; nevertheless, many robots do
not take this form. Robotic arms, which can be independent or moderately, may
employ artificial intelligence (AI) as well as speech recognition technology. As
a consequence, numerous robotics, such as robotic systems used in factories and
manufacturing lines, are built to do specific tasks with exceptional precision.
Robots and Artificial Intelligence
Among the most interesting potential applications for individuals and
businesses working in the hospitality industry is the use of artificial intelligence
in mechatronics. However, this is another complicated area in which a better
knowledge is required.
Figure No. 15 Robotic Process
Artificial intelligence, in its most basic form, refers to the execution of
ostensibly intelligent activities that replicate individual cognitive capabilities.
However, no specific definition of artificial intelligence, decision making, or
rationality exists, interpreting natural communication as well as autonomous
navigation are commonly regarded as AI characteristics. As a result, most
analogies to artificially intelligent robots relate to robots that have been created
to do some of these 'intellectual' actions and activities.
Robots in the Hospitality Industry
A few of the reasons why robots have become a popular technological trend in
the hotel industry is that automation and self-service are becoming increasingly
crucial in the client experience. Robotics can improve productivity, expenditure,
or even reliability. For illustration, chat bots enable an accommodation or travel
company to provide 24/7 help through web chat or online chatting, even when
personnel is absent, resulting in lightning-fast network latency. However, during
the check-in process, a robot can assist in speeding up the process and reducing
traffic congestion.
A Tour of the World’s First Robot-Staffed Hotel
Henn-na Hotel in Nagasaki, Japan, became the world's first hotel to be totally
manned by robots. Robots are stationed throughout the hotel to deliver
information, front desk services, storage services, and check in and checkout
services, using speech and facial recognition technology.
Meet Connie, the Hilton Robot Concierge
Hilton employs a robot concierge named Connie. Owing to its speech
recognition skills, the robot can engage with guests and react to their queries,
thanks to an artificial intelligence platform developed by IBM. With each
encounter, the system learns and adjusts, enhancing the answers it offers.
A Robot Suitcase Called Travel mate
Travel mate is an example of robotics being employed for luggage purposes
outside of the hotel business. It's essentially an autonomous luggage that can
follow you about on its own. It features anti-collision technology, 360-degree
turning capabilities, and eliminates the need to carry, pull, or push a luggage.
A Robot Assistant for Airports and Hotels
Robotic assistants are rapidly being used in airports and hotels, revolutionizing
the entire hospitality business. These assistants are capable of doing a variety of
activities, such as room service and providing information. The capacity of
robots to support a multitude of languages is a significant advantage.
A Robot for Travel Agencies
Some travel agencies are investigating the use of robots, particularly as a way of
pre-qualifying customers. Amadeus, for example, has tested a robot dubbed 1A-
TA that is powered by artificial intelligence. Rather than making consumers
wait during peak periods, the robot can get right to work, learning about their
requirements and preferences and relaying that information to a human travel
agent when they speak with them.
A Chatbots to Make Your Flight or Hotel Booking
Chat bots are one of the most common uses of robots in the hospitality industry
so far, and they can be used to provide basic customer service or more complex
activities such as hotel or travel bookings. The SnatchBot Booking Travel
Template is a perfect illustration of this, as it intelligently assists consumers
through the booking process.
Security Robots for Airports
Airport security is one of the most essential areas for deploying new
technology, and robots are used here as well. The Knight Scope robots, which
are increasingly being employed to autonomously detect concealed weapons
and keep passengers safe during flights, are a good illustration of this.
More Examples of Robots in the Hospitality Industry
Robots have a variety of other applications, particularly in the hotel business.
For example, as shown in the video below, hotel robot butlers and robot luggage
porters use a number of technologies to explore hotels and perform services,
including collision detection, Wi-Fi, and AI.
Chapter 8: Reviews actionable using artificial intelligence in tourism and
hotel industry
Artificial Intelligence (AI) is the universe of the future, as well as its massive
influence on humankind already has expanded from factory floors to corporate
organizations and households. AI enhances people' capacity to complete tasks
more quickly, accurately, and at a greater rate than originally expected.
Figure No. 16 Reviews actionable using artificial intelligence in tourism and
hotel industry
The virus that has put the entire world on lockdown has had a negative impact
on the hospitality business, with hotels suddenly being devoid of customers.
Similarly, travel restrictions have had an impact on tourism, and the future
seems dismal unless the industry looks at AI for a long-term recovery. So, how
can AI assist in improving the hotel guest experience?
Personalized service
AI personalization entails combining several customer data sets to extract key
insights and using them to improve the customer experience. Hotels may better
understand their customers' preferences by employing AI in CRMs, and then
use these privileged insights to focus both marketing efforts and service
delivery for more revenue and a better customer experience. While AI chat bots
are valuable for collecting data, they may also conduct a personalized dialogue
that answers each visitor's particular needs in a more helpful way than standard
website fill-in forms. Customers expect a quick response to their questions,
especially when shopping online, and will abandon their search if they do not
receive it. Where human intervention is not immediately accessible, AI chat
bots can assist employees by simultaneously and seamlessly managing
numerous customer requests.
Hotels can package their content for specific customer audiences based on
feedback data acquired using AI's Natural Language Processing and sentiment
analytics. Lucy, a Smartphone app that helps visitors check in, order room
service, change temperature settings, and practically enjoy self-service, is an
example of how artificial intelligence improves customer experience.
Reduce booking friction
Most customers prefer straight registration over booking through an agency
since it saves them money and provides them greater control over their travel
plans. Restaurants must make the online reservation procedure as enjoyable as
possible for customers to get the most out of this consumer channel.
Any problems or insufficient attention at this moment leaves a negative image
in the customer's thinking, raising the chances of the visitor ending
conversation. Booking difficulties is exacerbated by slow websites, a lack of
phone options, and a lack of quick solutions to possible problems. According to
a technological study writer for a prominent essay assistance portal, using AI-
based solutions to let guests make direct online bookings is a smart strategy to
improve client experience. According to polls, millennial, who make up a
sizable portion of the travel population, are less likely to seek information from
hotel staff and prefer to rely on digital services such as social media platforms
and hotel websites. Hotel chat bots that can give service, handle bookings, and
reservations while collecting vital data for later use by the hotel may now easily
serve this segment of consumers.
AI-powered concierge service
Over the years, concierge services have become increasingly important in the
hotel sector, assisting guests in feeling at ease during their stay. Among the
various demands a customer may have, the concierge service assists them in
making dinner reservations, arranging transportation, recommending areas of
interest, reserving spa services, and coordinating porter service.
A concierge serves as the hotel's face or, better yet, as the host who the guest
relies on for a pleasant stay. This has previously worked effectively, with the
concierge staff being able to manage the smaller number of customers staying at
a hotel. However, keeping up with the more sophisticated and demanding guest
is proving tough. To combat this, hotels are turning to AI-powered concierge
services to give a better guest experience. Connie, a concierge service provided
by Hilton Worldwide Hotels, has already been implemented. Connie is a robotic
concierge who delivers efficient and enjoyable customer service at the front
desk, earning the hotel's patrons' trust.
Voice-Activated devices in rooms
Room service without having to get out of bed to pick up the phone can be a
real treat for hotel guests. The robotic concierge greets you at the front desk and
activates your check-in, however "her" services do not include the room. Now,
hotels are introducing personal room assistants, which replace the outdated
phone with clever interactive voice-activated devices to improve the visitor
experience. Simply ask Roxy, the latest AI-enabled voice assistant, a question,
and “she” will respond and take your orders! Roxy is a fully customizable
device that may be integrated with hotel services to improve the comfort of
guests. The hotel programmatically adds unique commands to the device to
make it simple for customers to use all of the hotel's services.
Rate optimization
Seasons and events drive occupancy and pricing in the hotel industry. If hotel
administrators want to maintain occupancy levels, they must be aware of these
issues. They'll need real-time market knowledge, particularly behavioral
attributes of their target clients, to do this. Hotel marketers can build appealing
packages that appeal to customers' demands if they have the right customer
insights. If you own a ski resort, come up with new strategies to attract guests
throughout the summer. This could include providing non-snow alternatives as
well as lower pricing.
Predictive analytics provided by AI can assist you in using market trends to
maintain RevPAR levels at customer-friendly costs. Predictive analytics, when
used correctly, may provide data on predicted tourist numbers, regular business
travelers, and events for each season of the year, allowing you to plan ahead.
You may figure the right price using the Duetto app, an AI software solution, to
keep your client flow and bed occupancy at reasonable margins.
Chapter 9: Smart hiring process using artificial technique in tourism
and hotel industry
Nobody can disagree that in today's world, innovation as well as transportation
are a great combination. This unified energy is also crucial in how we commute:
from where we go on vacation to what we do once we get there, and even when
we return from our adventure. As shown in a Google Travel study, 74 percent of
travelers plan their trips online, while just 13 percent use travel agencies to
organize their trips. Millennia have also had a key role in the paradigm shift.
They like to travel and are interested in new technologies. This confluence of
activities has resulted in a new environment in which digital networks,
applications, blogging, as well as other technologies play an important part in
ultimate convenience. Consequently, as the company has expanded increasingly
aware of this tendency, it has adjusted its corporate strategy as well as market
presence to appeal to this desired audience.
Trends and updates in travel and tech
As we noted in our tourism trends research, the industry is undergoing a
significant transformation. There are numerous mitigating factors, but new
technical solutions are among the most important. "The shift goes beyond
improving processes or the tourist experience; it means revamping the tourism
system itself," Eurecat Tourism Innovation Department Director Salvador
Anton Clavé said at the Forum TurisTIC de Barcelona event.
We're assisting in the development of new business models as well as
improving operations, customer service, and client connections. All of this
benefits the traveler by enabling the vacation planning process easier and thus
more pleasurable. "In this new decade, we'll see how the travel industry tries to
respond to the needs of a type of traveler more concerned with sustainability,
and with more tech knowledge or curiosity, through developing products,
functions, and services that make discovering the world easier for all,"
Booking.com Senior Vice President and Chief Marketing Officer Arjan Dijk
recently stated.
Figure No. 17 Smart Hiring process using AI
Source: https://www.ft.com/content/2731709c-3043-11e9-8744-e7016697f225
The seven most important tech solutions for the tourism industry
Mobile Technology
Without the need for a question, this is the most important figure in the new
means of travel. Our phones are now tour guides, travel agencies, top restaurant
locators, maps, as well as more. Throughout the whole purchase process, it has
remained by our side. Travel Agency reports that forty five percent of
consumers use their smart phones for all elements of trip preparation. This is
why professional communications and services must be tailored to these
platforms. KLM, for instance, already has built a public transportation strategy
focused around Face book Messenger.
Augmented reality
Augmented reality (AR) as well as augmented worlds have also found their way
through into travel and tourism sector, and or the fact is that they are growing in
popularity due to the multiple advantages they offer. More businesses are using
to technology to show customers a cruise ship cabin or transfer them to the
Great Wall of China for a few seconds. We may now "teleport" to the farthest
regions of the globe without ever leaving our sofas. That's what Everest's
EVEREST VR software can do for you, allowing you to see the top of the world
without having to climb to the summit. Alternatively, you may rent a kayak and
paddle over the Grand Canyon, taking in the views and sensations.
Internet of things
The Internet of Things (IoT) has the potential to revolutionize the tourism
business. Sensors connected to the Internet are being integrated into products
such as cars, bags, buildings, and more.
The Internet of Things, according to Spain's Hotel Technology Institute
(Instituto Tecnológico Hotelero, or ITH), "will be the key revolutionary element
in the personalization of the consumer experience over the next few years."
Some Virgin Hotel hotels provide their guests with an app that allows them to
interact with the room's temperature or manage the television. There are now
bags with electronics that allow customers to track where their suitcase is at any
time using their cell phones, avoiding lost luggage at the airport or other public
locations.
Virtual assistant
Siri and Alexa are techniques commonly that really can address a variety of
inquiries, like what the weather is like in my city at the moment, how to turn on
the radio, checking my messages, and much more. Hotels are already enlisting
this "help" thanks to the emergence of virtual assistants designed particularly for
this purpose. Watson Assistance is a virtual assistant powered by artificial
intelligence that offers clients a personalized and engaging experience.
This is an open technology that businesses can use and customize to their
specific needs. This way, the virtual assistant will not be called Watson, but
rather the name chosen by the hotel.
Big data
There has been a lot of talk about Big Data recently, but no one has yet
demonstrated all of the benefits it may provide to the travel industry.
Nonetheless, it is already in use by a large number of industry players.
The Media travel company examines consumer information to identify which
categories are best suitable for advertising campaigns. They evaluate their
information to look at the amount spent, the reason for the trip, and the country
of origin, and cross-check this information with public data from government
sources to create the most appropriate customer profile and obtain a higher
success rate. They may be able to better segment their efforts in this way,
boosting their effectiveness while lowering the expenditure
Block chain
Blockchain is a distributed ledger with the ability to revolutionize the way we
live. Despite the fact that it is most frequently associated with finance, it seems
to provide an influence on tourism too though.
Despite the lack of testing, it's possible that it will be useful for verifying people
at terminals, maintaining transparency in tourism views, as well as rendering
transactions straightforward and safe.
5G
Travel technology becomes even more powerful with the backing of 5G
networks. They provide much faster browsing as well as downloading speeds,
as well as improved availability as well as providing equipment. 5G makes it
possible to design and technology addiction that was previously inaccessible
owing to 4G limits. It also allows us to download material 20 times quicker than
before. As a consequence, wearable technology interconnections will be more
productive, and the Internet of Things will be fully appreciated (IoT).
Immersive tourism, in which technology transforms visitors into protagonists of
their own experiences, will become a reality. In addition, augmented reality
(AR) and 360° video will become increasingly common and accessible. The
BBC conducted a test project at the Roman Baths in Bath, England, using 5G
and an AR application to allow users to go back in time to reconstructions of the
facility at crucial points in history. This movie depicts the pilot testing, which
found that over 80% of participants said they would be more likely to visit a
museum if it offered similar experiences.
Reference:
1. Jamader, A. R., Chowdhary, S., & Shankar Jha, S. (2023). A Road Map
for Two Decades of Sustainable Tourism Development Framework.
In Resilient and Sustainable Destinations After Disaster: Challenges and
Strategies (pp. 9-18). Emerald Publishing Limited.
2. Jamader, A. R., Chowdhary, S., Jha, S. S., & Roy, B. (2023). Application
of Economic Models to Green Circumstance for Management of Littoral
Area: A Sustainable Tourism Arrangement. SMART Journal of Business
Management Studies, 19(1), 70-84.
3. Jamader, A. R. (2022). A Brief Report Of The Upcoming & Present
Economic Impact To Hospitality Industry In COVID19
Situations. Journal of Pharmaceutical Negative Results, 2289-2302.
4. Das, P., Martin Sagayam, K., Rahaman Jamader, A., & Acharya, B.
(2022). Remote Sensing in Public Health Environment: A
Review. Internet of Things Based Smart Healthcare: Intelligent and
Secure Solutions Applying Machine Learning Techniques, 379-397.
5. Jamader, A. R., Immanuel, J. S., Ebenezer, V., Rakhi, R. A., Sagayam, K.
M., & Das, P. (2023). Virtual education, training and internships in
hospitality and tourism during COVID-19 situation. Journal of
Pharmaceutical Negative Results, 286-290.
6. Jamader, A. R., Das, P., & Acharya, B. R. (2019, May). BcIoT:
blockchain based DDoS prevention architecture for IoT. In 2019
International Conference on Intelligent Computing and Control Systems
(ICCS) (pp. 377-382). IEEE.
7. Barman, A., Barman, M., & Jamader, A. R. (2024). Ecological Impacts of
the Himalayan Region in West Bengal. In Mountain Tourism and
Ecological Impacts: Himalayan Region and Beyond (pp. 47-61). IGI
Global.
8. Jamader, A. R., Das, P., Acharya, B., & Hu, Y. C. (2021). Overview of
security and protection techniques for microgrids. In Microgrids (pp.
231-253). CRC Press.
9. Jamader, A. R., Dasgupta, S., & Baibhaw, G. (2024). The Resilient Brand
Management Framework as a Responsive Business Strategy in the
Industry 4.0 Era. In Exploring the Use of Metaverse in Business and
Education (pp. 113-130). IGI Global.
10.Jamader, A. R., Das, P., & Acharya, B. (2022). An analysis of consumers
acceptance towards usage of digital payment system, Fintech and
CBDC. Fintech and CBDC (January 1, 2022).
11.Dasgupta, D. S., & Jamader, A. R. (2024). Comprehensive Housekeeping
Guidebook. Available at SSRN 4731150.
12.Jamader, A. R. (2023). The Sustainable Ecotourism Strategy:
Participation & Combating. Available at SSRN 4399894.
13.Dasgupta, S., & Jamader, A. R. (2022, July). Architecture of Marketing
and Branding for Promote Indian Tourism. In Global Hospitality and
Tourism Conference.
14.Das, P., Jamader, A. R., Acharya, B. R., & Das, H. (2019, May). HMF
based QoS aware recommended resource allocation system in mobile
edge computing for IoT. In 2019 International Conference on Intelligent
Computing and Control Systems (ICCS) (pp. 444-449). IEEE.
15.Nayak, D. K., Mishra, P., Das, P., Jamader, A. R., & Acharya, B. (2022).
Application of deep learning in biomedical informatics and
healthcare. Smart healthcare analytics: State of the art, 113-132.
16.Dasgupta, D. S., Jamader, A. R., & Das, N. S. (2024). Inn Housekeeping:
A Complete Guide Book. Available at SSRN 4797760.
17.Sagayam, K. M., Das, P., Jamader, A. R., Acharya, B. R., Bonyah, E., &
Elngar, A. A. (2022). DeepCOVIDNet: COVID-19 Detection of Chest
Image Using Deep Learning Model.
18.Jamader, A. R., Dasgupta, S., & Ahmad, M. (2024). Transformation of
Marketing Strategy by Metaverse in the Hospitality Industry Facing
Crisis. In Research, Innovation, and Industry Impacts of the
Metaverse (pp. 213-222). IGI Global.
Index Fraud: F Volatility: V Stock
Authenticity of ethical market: SM
sourcing: AES
Blockchain Digital assets: DA
technology: BT Responsible
Consumption and Crypto assets: CA
Traditional paradigms of Production: RCP Private key: PK
data management and
security: TPDMS Peace, Justice, and Crypto wallet: CW
Strong Institutions:
Transparency: T PJ&SI Industry transformation:
IT
Immutability: I Adoption of
blockchain: AoB New investors: NI
Trustlessness: TL
Sustainable Established structures:
Challenges and
management systems: ES
limitations: CL
SMS
Cross-border
Scalability: S
Ongoing discussions transactions: CBT
Energy consumption: and initiatives: ODI
Blockchain technology:
EC
Sustainable and BT
Proof-of-work equitable world: SEW Messaging
blockchains:
Decentralization: D applications: MA
PoWB
Money transmission: Private investors: PI
Bitcoin: B
MT Offshore economy:
Environmental
Economic equality: OE
impact: EI
EE
Industrial leader: IL
Sustainable management
systems: SMS Investments: I
International
Cryptographic investments: II
United Nations
Sustainable algorithms: Job creation: JC
Development Goals: CA
UNSDGs Economic benefits:
Digital resources: DR EB
Supply chain Stablecoins: SC
transparency: SCT Cryptocurrency: CC
Fiat currency: FC Debt
Transparent ledger: TL Decentralized network:
paper: DP DN
Tracking: T
Commodities: C Digital exchange: DE
Financial sector: FS
Bitcoin: BTC Fiat currencies: FC Distributed public
Financial payment ledger: DPL
Global markets: GM
systems: FPS Electronic HealthCare
Internet: I Record Systems:
Fiat currencies: FC
Market penetration: EHCRS
Global markets: GM MP Cross Border Payment
Internet: I Digital trading Services: CBPS
Market penetration: markets: DTM Real Estate: RE
MP Fee-free trading Banking Transaction
Digital trading system: FTS Management: BTM
markets: DTM Data analysis: DA Blockchain
Fee-free trading R software: R frameworks: BCF
system: FTS
Linear regression National financial
Data analysis: DA model: LRM markets: NFM
R software: R Closing price: International financial
markets: IFM
Linear regression CP BTC-USD:
model: LRM Consensus
BU algorithms: CA
Closing price:
Forecast model: FM Technology adoption:
CP BTC-USD:
Lower limit: LL TA
BU
Higher limit: HL Environmental
Forecast model: FM impact: EI
Forecasted average:
Lower limit: LL FA Literature survey: LS
Higher limit: HL Secured transactions: Secure Hash
ST Algorithm 256: SHA-
Forecasted average: 256
FA Transparency: T
Message Digest 5:
Cryptocurrency: CC Digital currency: DC MD-5
Decentralized Immutability: IM Block Chain
network: DN Technology: BCT
Decentralized
Digital exchange: DE databases: DDB ARIMA:
Bitcoin: BTC Autoregressive
Hash encryption: HE Integrated Moving
Financial payment Proof of work: PoW Average
systems: FPS
US$: United States
Dollar
CBDCs: Central Bank
Digital Currencies
COVID-19: Coronavirus