AI Enhancements in Hospitality: OYO's CEO Discusses Pre-Check-In Innovations

Artificial Intelligence (AI) holds immense potential for the hospitality sector, particularly in areas like pre-check-in processes, according to Ritesh Agarwal, co-founder and CEO of OYO. Speaking at Mumbai Tech Week, Agarwal emphasised that fear and arrogance should be left behind when entering business, as they hinder entrepreneurial success.

Representative image

Agarwal highlighted that OYO's foundation was built on dynamic pricing, a concept not initially designed with today's AI models. He stated, "Fundamentally our business was built on the back of dynamic pricing. Now, it was not designed on models that today's world of AI is using because we started our business 7-8 years back." This approach has enabled OYO to secure over 70% of its bookings from regions like the US, Europe, Southeast Asia, and the Middle East.

AI's Role in Hospitality

Dynamic pricing is crucial for OYO's success, allowing them to optimise bookings globally while operating from India. Agarwal explained that data science and AI are integral in selecting optimal locations and implementing dynamic pricing strategies. This industry alone is valued at tens of billions of dollars.

OYO is focusing on enhancing pre-check-in processes through AI. Agarwal mentioned plans to automate front office tasks, reducing reliance on human staff for check-ins. "Eventually, we will support starting with the front office to make sure that you don't need a human to just do front office," he said.

Entrepreneurial Insights

Agarwal shared personal insights into entrepreneurship, stressing the importance of humility and adaptability. He recounted his experience of cleaning hotel washrooms as a lesson in overcoming pride and embracing all aspects of business operations. "It's very hard for people to sort of accept that they will do it because unfortunately, our upbringing doesn't teach us," he noted.

He believes that shedding pride and embracing diverse roles is essential for success. Agarwal stated, "I think those would be my perspective that you have to leave this shame, pride that this is not my job, this is someone else's job."

In conclusion, AI offers transformative opportunities for the hospitality industry. By focusing on automation and dynamic pricing, companies like OYO can enhance efficiency and customer experience. Agarwal's insights highlight the importance of adaptability and humility in achieving entrepreneurial success.