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Article by Jonathan Boffey

The AI Opportunity in Revenue Management

Triometric 12 February 2019
AI has been around for some time but failed to take off as it was considered too difficult to scale. That is until the emergence of three key events 1) big data 2) cloud technology and business models and 3) advances in machine learning and deep learning, that can resemble how the brain works. Today, AI can be harnessed to help hotel revenue managers sell their rooms for the best price. Essentially AI can help hoteliers understand the real demand for their inventory by better understanding customer searches and needs. This article discusses how AI can be used to deliver critical revenue insights between the demand and supply curves.The Status QuoNothing to do with aging Rock bands, but more around not putting our heads up above the parapet. Changing things that 'work' invokes visions of risk and conjures up aversions so sometimes it's hard to alter our thinking. This is true for a lot of organisations when it comes to Revenue Management.Revenue Management and its close relative, yield management, are often seen as black arts performed by key individuals who rely on some data mixed with significant instinct to adjust pricing levels. Even within this regime, dramatic price swings are unlikely and most changes will be incremental. Whatever the black art details, the overwhelming outcome is that the major driver is 'recent booking history'. That roughly translates into pricing going up and down with booking rates albeit on slightly delayed basis. The challenge is that there is a cyclic dependency between prices and recent booking counts.Whilst AI systems can be trained by tracking a set of human decisions in Revenue Management, one could argue that we aren't going to make real progress by merely teaching the machine to provide an automated version of the human process.Is there a better approach?Undoubtedly, but we need to step back to supply and demand theory to find the alternatives. The classic supply/demand chart is recreated below. On the X-axis we have quantity and on the Y-Axis, we have price. The point where the demand curve crosses the supply curve is the point where supplier and buyer have agreed the price and a deal gets done.If we want to increase the price then we should seek some clarity (data) that there has been an increase in demand that allows us to shift the demand curve towards the right. That indication should not be based on anything relating to price and that rather includes recent booking history, the underlying basis of current RM.Using Demand DataSo what data that is independent of bookings and represents demand can we use? The short answer is shopping traffic analysis which tracks the ever changing volume of search requests for the product(s) we want to price. All we need is a clear view of that demand.Don't organisations already do this? Collecting demand data means analysing all of the shopping traffic by cleaning it, processing it and extracting details to generate a dataset which shows search request volumes broken down by at least product and date of travel. Given the ever increasing look-to-book ratios prevalent in the travel industry this means analysing several hundred millions search requests per day for even the average size travel distributor. Capturing and processing this data into a clean data feed for near real time analysis is a pre-requisite but if we can achieve this then it goes very well with the concept of an AI system consuming lots of data at high speed to produce informed decisions on an ongoing basis. Big data processing feeding machine learning. The perfect match.Read this article with graphics on Triometric's Travel Analytics Blog, where you can find other useful discussions on travel distribution and technology. Trio Data Engine is a scalable XML/JSON analytics architecture that can be readily integrated into most corporate big data strategies to provide the critical link between transactions and AI systems such as the new generation of RM technologies.
Article by Sonja Woodman

Bonotel reaps growth rewards from agile move to the Cloud

Triometric 4 February 2019
Bonotel Exclusive Travel is the leading inbound tour operator in North America and a wholesale distributor of curated, exclusive luxury hotel rooms to a longstanding base of wholesale clients. The company provides seamless electronic distribution, with in-house expert marketing and distribution specialists, to thousands of international tour operators and travel agencies through the Bonotel booking platform. Their API is key to their business operations - currently distributing over 1.25 million room nights annually and representing some of the most luxurious properties to be found anywhere in the world. Bonotel's success is built on nurturing their reputation for being highly responsive in terms of speed, relevance of product offering and quality of service. These are the hallmarks of their business proposition which are underpinned by their choice of technology to make sure they stay ahead. Bonotel first started benfiting from using the Triometric platform in 2011 within their core system to obtain deep and actionalble insight for their distribution.Bonotel's platform already handles hundreds of millions of online transactions every day and that number is always growing. To accommodate their impressive growth with infrastructure flexibility, three years ago the hotel distributor decided to move their core system and operations to the cloud, in order to get a smarter, more agile and flexible solution for their geographically dispersed business. They migrated collaboratively with existing tried and tested technology partners, including Triometric who understands and appreciates the dynamics behind the wholesale distribution challenges.Triometric's technology is used in two ways: Firstly, it provides the IT level performance monitoring of Bonotel's web services infrastructure to ensure that the web services are kept optimised for the customer base. Having this real-time operational visibility is critical when relying on third party delivered services.Secondly, the Trio platform provides deeper analysis of the API traffic to get core insights into Bonotel's distribution activities from its cloud hosted servers providing the online booking platform. Both the Triometric analytics platform and the booking platform were successfully migrated into Bonotel's cloud architecture, so from a user experience perspective the migration was fairly seamless. The migration did have some interesting challenges along the way, including the development and deployment by Triometric of new software based network packet capture technology. This was essential to continue capturing the raw API traffic in the cloud and it requires a significantly different technical approach.Bonotel's move to the cloud has more than fulfilled expectations on a number of levels, both in terms of operational performance and distribution capabilities. The cloud platform gives them the business agility they need. This includes the ability to rapidly scale up capacity while at the same time keeping the environment highly resilient and customer data highly secure.They are benefitting from being able to focus on core business activities including innovating and rolling out new products and features and upholding quality customer service and satisfaction. Importantly, Bonotel were able to retain all the critical real-time performance metrics and intelligence of their API traffic. These distribution insights play a key role in the on-going service optimisation central to the customer satisfaction ethos at Bonotel, enabling them to understand customers' experience, and through the flexible, scalable Cloud environment, respond and deliver to their needs. Learn more from case studies and use cases about the benefits of using the Trio platform for getting deep operational and business intelligence from APis.
commercial

Triometric selected to present at Innov8 and Co-chairing the Analytics Working Group at HEDNA's 2019 Global Distribution Conference

Triometric 28 January 2019
Triometric, a leader in API analytics for the travel industry, is delighted to be involved in two key ways at this year's annual and popular HEDNA Global Distribution Conference being held 28-30th January in Los Angeles.Innov8 Innov8 is HEDNA's interactive forum that features eight innovative solutions that are tackling some of hospitality's distribution challenges and positively shaping the sector. Jonathan Boffey, Triometric's SVP of Business Development will be presenting in eight engaging minutes an overview of the company's unique approach to getting very high volumes of API transaction data in fit shape for deep enterprise-wide analysis using open-source or advanced analytic platforms. This innovation resonates strongly with the conference theme "Connected Like Never Before" as the industry witnesses a big shift in the adoption of open-source technologies and AI-based applications which depend on quality source data.The Innov8 session takes place between 11.15 - 12.40 on Wednesday 30th JanuaryHotel Analytics Working Group (HAWG) The Hotel Analytics Working Group, under the stewardship of its three co-chairs, which includes Matthew Goulden, CEO of Triometric, will be unveiling its latest white paper: "Investing in Analytics" to all HEDNA delegates interested in getting more out of their data to optimise their distribution performance. The Analytics Working Group raises awareness of the opportunities data analysis brings to optimize cost and conversion and thereby empowering hoteliers to make intelligent decisions about their distribution strategies. The session will provide an overview of the White Paper and associated Use Cases and will provide an interactive forum to encourage idea contributions. This white paper follows the popular Report Finding from a hotel distribution landscape survey released last year.The session will be held between 15.45 and 17.00 on Monday 28th January.HEDNA (Hotel Electronic Distribution Network Association) is the only global forum exclusively dedicated to the advancement of hospitality distribution through strategic collaboration and knowledge sharing. HEDNA's global conferences deliver the most comprehensive information, insights, and dialogue on trends in hotel distribution. Participating hoteliers discover effective engagement methods and discuss the latest technological advancements needed to compete in today's dynamic hospitality landscape.Visit Triometric to request a meeting at HEDNA or to schedule a demo to learn more about Trio Data Engine.
commercial

Jumbo Tours chooses Triometric to optimise its Hotel Distribution Operations

Triometric 4 October 2018
Egham, UK, 4th November 2013 -Triometric, the leading provider of API monitoring and business intelligence to the hospitality and travel industry, today announced that Jumbo Tours Group a leading international provider of incoming travel services, headquartered in Palma, has chosen the Trio Enterprise analytics platform for real-time API performance monitoring and increased visibility into its distribution operations.As a leading distributor of accommodation services in top European, African and Caribbean travel destinations and accommodating more than 2 million travellers annually, Jumbo Tours has developed a robust, scalable and flexible API architecture and booking platform to serve its growing customer base. To improve its API monitoring and analysis capabilities, Jumbo has recently deployed the Trio Enterprise real-time analytics platform to monitor key performance metrics (KPIs) of its XML API and to gain meaningful customer insights into their search and booking traffic.Jumbo's API is connected to hundreds of customer travel agents and tour operators making hundreds of millions of search and booking requests every day. Jumbo prides itself in its technology investment to deliver high quality of service to its customer base regardless of where they are located. Maintaining an optimised booking platform and API connections is of paramount importance to online travel providers. Any degradation of service or poor response times in the presentation of product offers or during customer booking transactions, must be detected and corrected as soon as possible to prevent loss of business opportunities. It is also increasingly important for competitive differentiation to have deep visibility into a customer's search and buying journey. The Trio Enterprise platform delivers both. It is a versatile solution that delivers via reports, dashboards and alerts a wealth of operational and business critical insights to help Jumbo manage their distribution channels.As part of the evaluation process Triometric and Jumbo Tours collaborated closely to identify the key operational metrics and business intelligence needed to support performance and commercial objectives. Using Triometric, Jumbo Tours IT Team will be able to proactively track a full range of key performance indicators and rapidly respond to any service interruptions or latency issues across the web services infrastructure. Business analysts will benefit from intelligence reports covering error reporting, search patterns and inventory planning."Jumbo Tours is committed to continuous investment in technology to ensure that our API environment runs optimally and we can analyse our search traffic to drive value for our customers", Josep Company, CIO of Jumbo Tours Group. "By choosing Triometric we have great hopes and ambitions to fulfil the potential that real-time intelligence can provide in giving us the insights to support our growth""We are delighted that Jumbo Tours has selected our proven API monitoring technology to gain valuable real-time operational performance and business insights that can keep systems optimised and customers satisfied." said Jonathan Boffey, VP Business Development at Triometric. "We look forward to continuing to work with the Jumbo Tours Group to ensure they get actionable insights from their API traffic and XML data."About Jumbo Tours Jumbo Tours, headquartered in Palma, is a leading international provider of incoming travel services and products to Tour Operators and Travel Agencies from around the world. The company has more than 40 years' experience, highly professional and knowledgeable staff and advanced technology that enables them to receive more than 2,300,000 clients per year, representing the main companies in the tourism industry. Jumbo Tours Group is part of Alpitour Group, the principal tourism group in Italy and one of the biggest in Europe. It includes the main Italian tour operators and has the biggest distribution channel with more than 2,500 travel agencies, a hotel chain company and an airline. Alpitour Group has an annual turnover of over 2.000 million euros. For more information: https://jumbotours.es/index-en.htmlAbout TriometricTriometric delivers business intelligence & operational analytics enabling companies to rapidly react to market demand & deliver a superior customer experience. Triometric' Trio platform delivers actionable intelligence and operational management metrics from live XML feeds to improve product availability, performance, relevance & price. Triometric is a privately held company based in Surrey, United Kingdom. Its numerous hotel distribution customers include: Hotelbeds, GTA, Bonotel and JacTravel. For more information see www.triometric.net,
commercial

Triometric launches Trio Data Engine to leapfrog the Open-source challenges of delivering analytics and AI for high volume APIs

Triometric 24 July 2018
EGHAM, UK -- Triometric, the leading provider of real-time API monitoring and business intelligence to online travel companies, today announced the general release of the Trio Data Engine designed to enable travel businesses to overcome the challenges of managing high volumes of real-time XML data and to leverage the insights it contains. Trio Data Engine takes the company's core analytics platform to the next level in API traffic analysis, by offering an agnostic processing hub for transforming raw data into enriched and aggregated data fit for downstream analysis by wide range of popular commercial reporting tools, but also Big Data Open-source analytic systems such as Kibana with its related Elasticsearch technology and those promising but data hungry AI systems.The ability to quickly gather, analyse and visualise data from different sources empowers business leaders to make faster and more informed decisions. But today's enterprise data landscapes present considerable challenges with proliferating data sources and destinations. The sheer volume and complexity can make it difficult for travel companies to leverage their chosen business intelligence (BI) reporting tools to unify their data assets and extract meaningful insights. Technology investments driven initially by website clickstream analysis requirements struggle to accommodate more complex data sources in a meaningful way. This is especially true for the Search and Booking transactions flowing through the network of travel APIs that contain structured data in the form of XML or JSON. The surfacing of actionable information from these sources requires specialised processing technology while the in-house approach is a technically difficult, high risk and time-consuming strategy that can quickly leave business users frustrated with the IT providers.Overall, many enterprises routinely spend more effort and money on infrastructure management and data preparation, than they are able to on analysis. Delivery is key. The delayed over budget IT project costs may be significant but they are often overwhelmed by the lost opportunity. In addition, data often resides in robust legacy technology designed to handle simple transactions like ticket sales, not process intensive tasks like business analytics. Powerful analytic tools have emerged, but the quality of their analysis is dependent on organised and cleansed data. Aggregating and enriching large volumes of real-time XML data and getting it fit for search queries is a fantastic opportunity for API dependant organisations to steal a march on their competitors.To address this opportunity, the Trio Data Engine performs the heavy lifting needed to deliver critical business insight over API performance, product availability in a very dynamic supply to demand environment, the actual offers being made and tracking their conversion. For the advanced businesses, there is also the prospect of digging much deeper into customer behaviour patterns and using the data to formulate more customised offers. This type of data is the bedrock for AI based approaches to dynamic pricing and offer generation."Triometric is delighted to be able to help airlines and hotels overcome the constraints of accessing large and complex data sets for use in deep B2B travel analysis that can help them drive dynamic distribution and revenue management decisions said, Matthew Goulden, CEO of Triometric. "With Trio Data Engine we are providing a strong componentised data management and analytic foundation that helps our customers use the right tools to uncover the insights that provide vital competitive advantages."At a technology level, Trio Data Engine provides multiple inputs that include AWS Cloud, Kafka queues and network monitoring as well as outputs such as Kibana (a popular open source BI reporting tool) and an API for automated analytical systems such as pricing engines, making it an ideal platform to manage the complexities of data capture, aggregation, extraction, translation and distribution. High scalability, accuracy and near real-time processing are the hallmarks of the core Triometric platform. Today the company's systems across the travel spectrum process more than 3 billion transactions per day.Working with existing clients, Triometric's XML analytic technology has already proved to be the ideal platform to act as the processing hub for collecting and preparing large volumes of raw real-time XML data and transforming it into a fit state for further analysis and visualisation by leading analytic systems such as ELK and Kibana, Pentaho and others. With Trio Data Engine, Triometric is using proven technology to help business analysts quickly access refined API traffic data to enable them to build analytic applications using their preferred enterprise BI tool.
commercial

Triometric and Revva announce strategic sales and consulting partnership

Triometric 5 July 2018
Egham, UK -- Triometric, a leading provider of API traffic monitoring and search intelligence for online travel companies, today announced it is forging a business development partnership with Revva, a Palma headquartered revenue management and business intelligence specialist for the hospitality industry. Both companies have extensive experience in delivering their respective business intelligence solutions to large and small customers in the online travel market globally.As its chosen channel partner, Triometric will support Revva with sales, marketing and product support in promoting the Trio analytics platform to online travel companies. This includes the recently unveiled Trio Data Engine, which takes XML data from multiple sources to prepare it for downstream analysis by multiple BI applications including the Revva Platform.Based in the travel technology hub of Palma in Mallorca, Revva has the expertise and market reach to support Triometric sales activities in the region. Revva's distinct consultative approach brings value to new Triometric customers in three distinct ways:Knowledge of the Trio platform and its operational capabilities during evaluation,Implementation support and expertise where necessary and applicable,Data and business intelligence expertise to help optimise the use of the platform.There is also potential for Trio processed data to be able to be a source for other analytic or visualisation systems such as the Revva revenue management offering. Here synergy with the Trio platform is manifested in Revva's ability to provide forecasts, clustering and other artificial intelligence-powered analytic features.The Trio platformDesigned for and used by travel suppliers such as hoteliers, airlines and distributors (bed banks and wholesalers) the Trio platform delivers real-time insights into API performance and analysis of XML/JSON traffic streams. This intelligence helps manage their complex API environments and keep their inventories optimised and relevant for increased conversions."We have a lot of synergy with Revva in terms of the markets that we target and the importance that we place on high quality software development and customer service," said Jonathan Boffey, VP of Business Development at Triometric. "As Revva builds out its own complementary data analytics and revenue management platform, we are delighted to work with them to build momentum in the adoption and use of performance monitoring and business intelligence across the travel supply chain industry.""I have long been an advocate of Triometric's approach to equipping online travel companies with key performance metrics to help them excel" said Marcello Bresin, Chief Data Officer at Revva. "By forming this partnership, we are pairing our local knowledge, skills and expertise with Triometric's unique API monitoring and analytics platform used by some of the largest organisations in the online travel world. With the growing demand for analytic services (including cloud-based) and our specialisation in business intelligence and cloud delivery, we believe we have the ideal qualifications to help facilitate the growth of Triometric's stellar roster of customers."According to the Allied Market Research report, the 'Online Travel Market' is estimated to grow at a CAGR of 11.1% (2016-2022). This exponential growth in online travel is driven by instant bookings and the ease of comparing available travel options. With the increase in search volume and drive for efficiency, such research is further testimony that all online travel companies need to ensure they have greater real-time visibility into their search traffic for future competitiveness.About RevvaREVVA is a unique self-service analytics solution, based on revenue/yield management and is designed to help tour operators and hotel distributors visualize and understand their data to for decision-making. Its advanced iteration includes predictive analytics through machine learning, critical to employ revenue management and dynamic pricing techniques.Revva serves the data analytics and revenue management needs of hotel distributors and tour operators with www.revva.net and the needs of independent hotels and small chains with www.revva.pro. REVVA can be easily accessed from any web browser or mobile-based device, as it's securely cloud-based. The system's conceptual foundation lies on Revenue/Yield Management, a technique as of today not widely implemented in our target client companies' decision processing. REVVA aims to democratize an increasingly indispensable tool for mid-small sized operators, in order to optimize financial & operational performance in all market conditions.

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