Updated: May 14, 2024
We started PriceLabs almost a decade ago with the mission to democratize revenue management by making analytical tools that were reserved for large companies available to every host and property manager like you.
We’re proud of our skills in data science and engineering. Our team of 20+ data scientists is always working on different research projects to get better at analyzing data and setting prices for your benefit.
Today, we’re excited to announce a new chapter in revenue management software, as we’ve started using Generative AI in parts of our platform to:
- Make data easy to understand: We turn information-rich data charts into simple sentences. You get a better grasp of how your listings are performing.
- Save you time: We summarize market trends in words and key data. You make decisions faster and potentially improve your revenue.
The rise of ChatGPT got us thinking about how to make our data insights more accessible
At PriceLabs, we’ve long combined Artificial Intelligence with statistical models to develop our data models and pricing recommendations. These models, including our original pricing model, last year’s HLP pricing algorithm, and the industry-first minimum-stay recommendation engine, are rigorously tested for months before introducing them to our customers.
Since OpenAI released ChatGPT in November 2022, we’ve all come to realize its capabilities in making our lives easier, despite some occasional inaccuracies. Generative AI in general, which can create new content, like a story or a picture, from analyzing large amounts of data, has inspired our team to rethink how we deliver revenue management insights.
We see Generative AI as an opportunity to improve how we share revenue management insights with you. While data-rich charts remain a cornerstone in PriceLabs and similar solutions, many hosts and property managers find them challenging to interpret, limiting their access to valuable insights.
Experience “AI Insights” today, PriceLabs’ first foray into applying Generative AI
We’re excited to introduce AI Insights, PriceLabs’ first feature to combine our expertise in hospitality data with the capabilities of Generative AI. It creates text-based insights about your listings’ future prices and occupancy.
AI Insights is now available to all our customers at no additional cost beyond their current subscription. It is also included in PriceLabs’ free 30-day trial, allowing you to experience this feature even if you’re not currently subscribed to our platform.
This innovation represents a step towards embedding AI-powered insights within PriceLabs’ extensive data charts, making the data easier and quicker to interpret. If you’re curious about how it works, read this blog post from our data science team.
Help shape PriceLabs: Your feedback drives our innovations
This release is currently in beta mode, as we’re monitoring how it improves your experience and gathering your feedback to improve further.
Generative AI is set to change how you engage with PriceLabs in many exciting ways, and we’ll be sharing more updates in the near future. For now, we encourage you, as hosts and property managers, to try out this new feature, provide your feedback, and tell your friends & colleagues about it. As this release proves, we remain committed to making revenue management tools accessible to everyone.
P.S. – Do note that this release does not impact pricing recommendations or how we process data; it simply introduces a new layer on top of our data to convert charts into words.
How to Access AI Insights
Accessing AI Insights is straightforward. If you are not a current PriceLabs, start by creating a PriceLabs account here.
If you are a current PriceLabs user, find AI Insights under any of your listing’s “Neighborhood Data” tab.
