In today’s world, it is difficult to combine your passion, skills, efforts, and service all at once. But once it happens it creates a perfect success story. Mr. Siddharth Goenka, a young and inspiring software engineer and the founder of Aiosell Technology made this happen! He is the mastermind behind the automated revenue management system that helps to optimize room rents in order to make strategic pricing decisions and generate high profits.
The hospitality sector, especially in India, could have always used technology that can help the business grow and bloom. Mr. Goenka understood this need and created a set of young Indian brains to develop a new system based on Artificial Intelligence. Now, since the system can provide optimized rates from different people from different backgrounds, it also serves as a service and can help people to obtain hotel rooms at desirable prices.
Here is a brief look-out of the interview we had with Mr. Goenka that gives us a brief idea about his motives and success story.
Aiosell Technologies has been creating its brand signature by using artificial intelligence to optimize hotel rates accordingly for people from different financial backgrounds and situations. This must have been helpful during the current Covid-19 period. So, what inspired you to work on this idea that equally provides service as well as generates profit?
The idea to set up this company and come up with our tool is more than need-based than an idea-based. We were not looking for innovation, in the sense that the market can light up with a different shimmering product. Instead, we were looking for a product that the hospitalization industry lacked and wherein immediate need of it. I realized this need now and then when I was running my hotel, The Octave Hotels. I am a software engineer and I have worked in companies such as Microsoft before owning my hotel. So, out of bloom, I decided to mélange my skills and passion. Once I started on my idea to bring artificial intelligence to the Hospitality sector, I became aware that there was much room for experimentation. Hence, I and my team together came up with digitalized plan to light up the whole sector.
It is quite unique to use cloud-based technology and artificial intelligence to develop an automated revenue management system to generate maximum profits for the clients. How do you compare your system with your competitors in the market, who use other tools in the same domain?
To begin with, we never compared our product with others during the initial days. Instead, we analyzed how the existing products worked and how we can develop and a new tool that can solve the existing issues and add a fresh perspective. Therefore, listing out all the challenges and scarcities, we came up with a cloud-based system to efficiently produce revenue and create optimized hotel rates for the clients. One thing that really differentiates our tool is the motive behind it. We were developing a business tool, in contradiction to other tools which were technical. We always prioritized business over technology because it was the need of the hour. Hence, we came with an idea which deals with enough technology so that it can boost our business. As a result, our user experience and interface, and features stood out from the rest of the tools in the market.
Introducing cloud-based technology in the hospitality sector can be very challenging. What are the problems and difficulties faced by you and your team members while designing the tool and presenting it in the market?
Bringing a fresh perspective and making it happen is never a piece of cake. We were confronted with numerous challenges, one of the main was finding and building an efficient team that can understand and copes up with the new ideas. We needed an efficient team that can understand the problems, find the solution, which is sustainable, consistently work on errors, security and bring innovation. Another challenge is being accepted by the existing system. This industry does not have any tool that ran on cloud systems because most of them are running on the old legacy system that compromised server-based environments. Therefore, it was difficult for them to accept this new system and it made it even worse for us.
From a small hotel that merely had 40 rooms to a chain of 7 hotels that have more than 250 rooms, the journey of Octave hotels is truly an inspiration to young Indians. Using your own tool for your own business is an intelligent way to sell a product. How did your clients react to this?
I have always stuck to “leading by examples is always the best”. When I started developing the AIOSELL revenue management system, I planned to first use it for my hotels. Indeed, my hotel was one of the motives to start the project. And due to this system, my hotel grew and now it is a chain of 7 hotels. Most of my clients are small or medium-sized hotel owners and they could always relate to the problems that we were working to eradicate. So, our experience of using the Aiosell revenue management system to optimize the hotel rents of Octave Hotels to produce maximum profit not only impressed our clients but gave them assurance. We are still working on developing our tools to bring more service as well as business in the hospitality sector.
Aiosell Technologies is now integrated with Property Management System (PMS) and dealing with Channel Managers all around the world to provide all-in-one hotel technology solutions to boost the business of the hotels, helping them to provide maximum service. Besides, the tool is a life-saver for the sinking hotel business in the country due to the raging pandemic. That is, the tool provides a strategy to generate profit even during a crisis.
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