A hotel with no vacancy doesn’t necessarily mean it is profitable. The profitability of a hotel depends on its revenue management - the art of predicting real-time customer demand and optimizing room tariffs accordingly.
“Hotel rooms are a perishable commodity; like airline seats, they need to be sold at the right time, at the right price, and to the right customers, to get maximum benefits,” says Siddharth Goenka, Founder and CEO of Aiosell Technologies.
Bengaluru-based Aiosell is a B2B startup that leverages artificial intelligence (AI) and machine learning (ML) for dynamic pricing and revenue optimization of hotels. This results in improved occupancy and higher rates, and reduces operational costs and overheads.
Founded in June 2019, the startup has more than 150 hotels and homestays from across the globe as clients. It also connects with existing online travel agencies (OTAs) and property management system (PMS) of hotels, to push rates decided by the AI system.
Siddharth, 38, is a computer science engineer from Purdue University and an MBA from the Indian School of Business. After working in Microsoft as a software design engineer and later, as a management consultant in Accenture and Carlson Marketing, Siddharth joined Octave Hotels in 2012, for personal reasons.
Currently, the Managing Director of Octave, he has been responsible for growing Octave from one hotel to seven hotels, within just five years.
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