Firechat with Sundar Sataula, Data scientist at Fairmas
Host: Kinza Raheel
Introduce yourself
Change is no longer an option for the hospitality industry. Artificial intelligence (AI), which is gaining momentum, is no longer a mere buzzword. This is a next practical step that has the potential to change how hotels analyze their finances, plan and plan.
Fairmas does not focus on the flashy. We believe AI needs to be secure, purposeful and designed for real business problems, especially in an industry as complex and data-sensitive as hospitality finance.
Kinza Raheel from Fairmas’ International Marketing and Communications Department sat down to have an open discussion with Sundar Sitaula our Data Scientist, about the role AI plays in financial planning. Sundar Sitaula, our Data Scientist at Fairmas, shares his honest and insightful views on how AI is evolving in the financial planning industry.
Continue reading the interview for more insight on the topic.
Kinza: Sundar, welcome! Let’s start right away. The hospitality sector is notoriously slow to embrace new technology. Why do AI technologies still feel “futuristic”, to many in this industry?
Sundar: Thanks, Kinza! It’s great to be here. AI does still feel futuristic to many people because they associate it with consumer-oriented experiences like voice assistants, travel apps, or other similar services. We are talking about a different level of complexity when it comes to AI and financial planning in the hospitality industry. It’s not about novelty. Precision, security and real business results are what it is all about.
Kinza: Let’s start with the application. Where is AI having an impact on the hospitality industry?
Sundar: There are many benefits in key areas
- Dynamic Pricing and Revenue Management. AI adjusts rates in real time based on demand.
- Budgeting and forecasting. It is able to identify patterns humans could miss.
- Cost optimization and operational efficiency. Smarter allocation and less waste.
- Energy management. AI can reduce utility bills.
- Automated reporting. Saving time and being consistent.
- Anomaly detection and fraud detection. It is especially important to maintain financial integrity.
Kinza: That’s powerful. With great data, I would imagine comes great responsibility. Let’s talk access security.
Sundar: Exactly. This is when things start to get serious. Most AI models for general use are not built to allow deep access control. It is not good to have anyone ask us anything. In hospitality finance, you can:
- Everyone should not have access to everything.
- Anyone from outside of the organization shouldn’t be allowed in.
- Access must be highly specific and granular based on the user role.
- Accuracy of 100 percent is crucial. Financial data is not subject to approximation.
This makes our use cases far more complicated than consumer tools. We don’t ask AI to make a recommendation for a vacation. We ask it to help us make critical business decisions which can affect millions of dollars in profit.
Kinza: AI isn’t just a fancy tool. It needs to be safe and useful.
Sundar: Absolutely. Even though, from a sales & marketing point of view, it is sometimes tempting to offer a quick and simple ‘wow’ effect. We are not inclined to resort to gimmicks that are superficial or sudden. We aim to deliver solutions that provide real value to our users while adhering to the highest standards in terms of data protection and privacy.
Kinza: This is a wonderful philosophy. How does your personal experience compare with other B2B AI cases?
Sundar: It’s significantly more demanding. In comparison to other B2B AI applications, the hospitality finance industry is unique in its complexity and unpredictable nature. Hotel operations are not like industries such as manufacturing. Conditions can change every hour. Weather, traffic, local events and last-minute bookings are all factors that can have a dramatic impact on performance and planning.
The fact that no two hotel are alike makes the task even more difficult. The business dynamics of a hotel located near a major attraction are very different from those in a quiet district. Due to these differences, financial planning has to be highly customized and adjusted constantly based on the inputs received in real-time. Fairmas is focused on creating AI that is powerful, yet also deeply customized, responsible, secure and safe.
Kinza: Well said. Sundar: Thank you for sharing this real-world insight. AI is not just about hype in the hospitality finance industry. It’s about creating meaningful, secure and practical solutions which make a real difference.
The conclusion of the article is:
AI isn’t a magical solution and shouldn’t be treated that way. Sundar emphasized that it is an aid to human decision making. The power of AI in hospitality finances lies in its capacity to process large amounts of data and identify trends. It also enhances accuracy and efficiency while maintaining data security.
Fairmas does not chase the hype. We focus on providing solutions that add real value for our customers. Each AI feature that we are currently developing has to meet the highest levels of data accuracy, security and relevance for business. The financial planning requirements of the hospitality sector are complex. AI can help to handle these tasks more efficiently, intelligently, and securely. Fairmas’ software solutions will drive better decision-making, and boost profitability, when they are further integrated with AI.
Kinza: AI in this context isn’t just a fancy tool. It needs to be safe and useful.
Sundar: Absolutely. Even though, from a sales & marketing point of view, it is sometimes tempting to offer a quick and simple ‘wow’ effect. We are not inclined to resort to gimmicks that are superficial or sudden. We aim to deliver solutions that provide real value to our users while adhering to the highest standards in terms of data protection and privacy.
Kinza: This is a wonderful philosophy. How does your personal experience compare with other B2B AI cases?
Sundar: It’s significantly more challenging. In comparison to other B2B AI applications, the hospitality finance industry is unique in its complexity and unpredictable nature. Hotel operations are not like industries such as manufacturing. Conditions can change every hour. Weather, local events and traffic conditions can have a dramatic impact on performance and planning.
The fact that no two hotel are alike makes the task even more difficult. The business dynamics of a hotel located near a major attraction are very different from those in a quiet district. Due to these differences, financial planning has to be highly customized and adjusted constantly based on the inputs received in real-time. Fairmas is focused on creating AI that is powerful, yet also deeply customized, responsible, secure and safe.
Kinza: Well said. Sundar: Thank you for sharing this real-world insight. AI in hospitality is clearly not about hype. It is all about creating practical, meaningful and secure solutions that make a true difference.
The conclusion of the article is:
AI isn’t a magical solution and shouldn’t be treated like one. Sundar emphasized that it is an aid to human decision making. The strength of AI for hospitality finance is its ability to process huge amounts of information, identify trends and improve accuracy and efficiency.
Fairmas
Fairmas Hotel Asset Data Management is a software company with a global reach that offers financial planning, management reports and controlling solutions. Our focus since our founding in 2003 has been the development of innovative and tailor-made software for hotels. Fairmas is proud to say that more than 5,500 hotels in the world are satisfied with Fairmas products. (www.fairmas.com).
Kinza Raheel
International Marketing & Communications Manager
Fairmas GmbH
