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    Slick Talk: The Hospitality Podcast

    What Can AI Really Do For Vacation Rentals? Interview with Luca Zambello

    Wed Jun 07 2023
    Property ManagementTechnology AdoptionAI in HospitalityAutomationSocietal Impact

    Description

    The episode explores the need for technology adoption and consolidation in property management, the challenges of building a vertical integrated platform, the democratization of access to technology, the power of AI in hospitality, the development of an AI-powered platform for property management, the future of automation in hospitality, and the opportunities and impact of embracing AI for personal and societal growth.

    Insights

    AI is Disrupting Industries

    AI has disrupted industries like hospitality and retail, creating new opportunities.

    Technology Adoption Challenges

    The learning curve for adopting multiple tech solutions is overwhelming for many hosts.

    Democratizing Access to Technology

    Simplifying the process of adopting technology can democratize access to it.

    AI's Impact on Guest Experiences

    Journey sees AI as a significant shift that will continue to evolve and improve guest experiences.

    Automation in Property Management

    Automation helps resolve issues quickly so hosts can have more time for themselves or grow their company.

    The Controversy Around AI

    There is controversy around AI's capabilities, but it ultimately depends on how it is utilized by humanity.

    Embracing AI for Personal Growth

    Being on top of technological trends can lead to financial success.

    Simplification through AI

    Simplification through AI will become highly valued as people juggle multiple tasks.

    AI's Impact on Society

    AI will bring new ways of doing things and new jobs, so it's important not to underestimate its impact.

    The Future of Hospitality

    The podcast guest has observed untapped potential and unknowns with AI adoption in the industry.

    Chapters

    1. The Need for Technology Adoption and Consolidation
    2. Building a Vertical Integrated Platform
    3. Democratizing Access to Technology
    4. The Power of AI in Hospitality
    5. AI-Powered Platform for Property Management
    6. Automation and the Future of Hospitality
    7. Embracing AI for Personal and Societal Growth
    Summary
    Transcript

    The Need for Technology Adoption and Consolidation

    00:00 - 06:58

    • The management company wanted to run a fully automated management company using software.
    • AI can already do pre-mindsaling and is better than humans in many tasks.
    • Minute does more than just noise detection, it can automate communication with guests.
    • Using automation, noise issues can be resolved without input from the property manager.
    • Journey launched OS 2.0, a free PMS with direct connectivity and AI components.
    • The need for technology adoption and solving fragmentation led to the development of Journey's own PMS.
    • Being a property manager is challenging due to dealing with people, tech, and constant industry changes.
    • Journey created their own property management software to consolidate various functionalities into one solution.

    Building a Vertical Integrated Platform

    06:39 - 13:34

    • The podcast discusses the challenges of building a complex system in the hospitality industry.
    • The development of property management systems (PMS) and their marketplace architecture is explored.
    • The concept of creating a vertical integrated platform that works as a single system is introduced.
    • The benefits of a seamless and streamlined onboarding process are highlighted, reducing it from 45 days to one click.
    • The goal is to create one-click processes for syncing pricing, cleaning management systems, and IoT devices.
    • Working with the best vendors in each area is seen as more powerful than picking and choosing multiple partners.
    • Building a vertical integrated system allows for efficiency, reliability, and accessibility.
    • The vision is to make technology more accessible for hosts and provide better full-tech solutions in minutes rather than years.
    • Many people enter the hospitality industry with different goals but end up feeling like they're in the tech business due to the need to learn various software and hardware tools.

    Democratizing Access to Technology

    13:12 - 19:52

    • Many property management companies realize they are spending more time on technology than on hospitality.
    • The learning curve for adopting multiple tech solutions is overwhelming for many hosts.
    • Technology is a limitation to the industry's scalability and focus on guest experience.
    • The amount of tech used does not depend on size or inventory, but rather on the host's mindset and value placed on technology.
    • Simplifying the process of adopting technology can democratize access to it.
    • Journey is changing the game by making tech stacks accessible even to single-unit hosts.
    • AI implementation in short-term rentals is part of a gold rush similar to the growth of the industry itself during COVID-19.
    • Journey sees AI as a significant shift that will continue to evolve and improve guest experiences.
    • The end goal of Journey's AI implementation is to create a perfect scenario where AI seamlessly handles guest inquiries and enhances overall operations.

    The Power of AI in Hospitality

    19:22 - 26:21

    • AI is one of the biggest technologies humanity has ever seen, more disruptive than the internet.
    • AI has disrupted industries like hospitality and retail, creating new opportunities.
    • AI doubles in power almost every three months, leading to exponential growth.
    • The vision for Journey as a hospitality company is to fully automate management through AI.
    • AI can already outperform humans in certain tasks and will continue to change things.
    • Journey's current AI capabilities include review management, sentiment analysis, listing optimizations, and guest communication work.

    AI-Powered Platform for Property Management

    25:52 - 32:22

    • Journey has developed an AI-powered platform for property management companies.
    • The platform offers listing optimizations, listing descriptions, and guest communication work.
    • Guest communication can be automated with pre-populated answers or manually generated responses.
    • The AI can be customized for each property and specific guests.
    • Journey's AI is based on chat GPT, which has shown impressive capabilities in generating content like social media posts, blogs, business plans, financial projections, and underwriting.
    • The focus of automation is to handle guest needs and emergencies while allowing human capital to focus on experiences and partnerships with local destinations.
    • AI enhances the host's vision by providing better, faster, and more precise insights into what experiences should be offered to guests.
    • Technology allows hosts to step back from day-to-day tasks that don't add value and focus on creating unique experiences that differentiate them from others in the market.
    • Automation helps resolve issues quickly so hosts can have more time for themselves or grow their company.
    • Hotels have seen a staff exodus due to manual processes that could have been automated through technology.

    Automation and the Future of Hospitality

    31:56 - 38:35

    • Manual processes in hotels can be automated and streamlined through technology.
    • Front desk agents should focus on guest experience rather than verifying reservations.
    • Technology like journey can enhance the team experience in addition to the guest experience.
    • The hospitality industry is human capital intensive, but technology can reallocate resources to more valuable tasks.
    • For vacation rentals, guests prioritize cleanliness and a positive experience over talking to someone.
    • Fulfillment is important in work, and technology can help us be more fulfilled if used properly.
    • There is controversy around AI's capabilities, but it ultimately depends on how it is utilized by humanity.
    • AI can be used for both good and bad purposes, similar to how the internet has been used for fraud.
    • Having AI is better than not having it because someone else will develop it with potentially worse intentions.
    • With great power comes great responsibility, and humans who know how to use AI effectively will replace those who don't.

    Embracing AI for Personal and Societal Growth

    38:13 - 44:07

    • AI is not going to replace humans, but humans who know how to use AI better will replace humans.
    • This is a great opportunity for operators and society in general to level up and apply ourselves in new ways.
    • Loneliness is increasing despite being more connected than ever.
    • The podcast guest has observed untapped potential and unknowns with AI adoption in the industry.
    • AI will bring new ways of doing things and new jobs, so it's important not to underestimate its impact.
    • Being on top of technological trends can lead to financial success.
    • Simplification through AI will become highly valued as people juggle multiple tasks.
    • Listeners are encouraged to check out the Journey 2.0 OS dashboard and experience a demo of AI application.
    • The podcast host expresses gratitude for the guest's collaboration and looks forward to future updates.
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