Demand Forecasting
Hotel, Resorts & Cruise Line
Analyzing customer behavior patterns and real-time data can help you forecast demand with higher accuracy.
Demand forecasting analysis is useful for revenue management, inventory management, and implementing dynamic pricing strategies.
Data Analytics and machine learning help define the optimal room rate in real-time to maximize revenue.
Benefits for the company
This strategy helps the hotel industry by correctly allocating the resources, investments, setting optimal prices by having an knowledge of the real return on properties in the future.
Feasability
High
Type of expertise/ AI domain
Regression Techniques, Random Forest – Gradient Descent
Internal data required
Historic Booking data, Customer Demographic Data