AI Bridges the Profit Gap in Asia's MICE Sector
The travel sector's MICE industry in Asia faces profit challenges, but AI technology presents a solution by improving response times.
AI Bridges the Profit Gap in Asia’s MICE Sector
The Meetings, Incentives, Conferences, and Exhibitions (MICE) sector in Asia is witnessing rapid growth, yet many businesses are struggling to transform this demand into profits due to slow response times that don’t meet planner expectations.
According to Navodit Srivastava, Cvent’s hospitality cloud leader in the Asia Pacific, speed has become a crucial commercial factor as the profile of planners evolves across the region. He states: “Revenue isn’t lost on price, it’s lost on response time. In the MICE arena, discussing speed is now a luxury that AI can deliver effectively at scale.”
A Shift Towards Digital
Srivastava highlights that planners today are becoming more digitally oriented, with 76% being Gen Zs or millennials who are responsive and adept with conversational technology. He warns that delays in replies can lose business even before a sales team engages, stressing, “If a venue takes days to respond, the planner has likely moved on.”
Data from Cvent indicates that 82% of planners in the APAC region are looking to increase their usage of AI technologies. However, Srivastava cautions that the real challenge for MICE experts lies not in the adoption of AI but in failing to stay relevant: “It’s not just about adopting AI quietly and losing significance.”
Automating early-stage sales through AI yields value by facilitating quick replies, accurate pricing, and pre-qualified leads, allowing sales teams to concentrate on high-intent opportunities.
Remaining Barriers
Despite the potential, barriers such as operational and cultural challenges still impede broader AI implementation in Asia’s MICE sector. Srivastava points out that “most challenges regarding AI in MICE are not technical but rather relate to operational efficiencies and cultural shifts, along with data fragmentation and trust issues.”
To overcome these hurdles, he advises companies to start small, emphasize clear returns on investment, establish a solid data foundation, and keep human oversight at the forefront.
