Managed travel programs of any size are challenged to ensure the preferred hotel rates they negotiate are competitive. Yet, most of the benchmarks used today are general averages, with other data options often overwhelming or insufficient for final sourcing determinations. As a result, too many companies leave potential savings on the table.
HRS, which already sources more global hotel room nights than any travel management company or other outsourced provider, now deploys a higher level of benchmarking and precise rate projection on behalf of its clients. With AAI driving new insights, programs have more leverage in typical hotel negotiations, helping corporations save ten percent or more in their top business destinations. Procurement leaders working with HRS have newfound, more accurate insight as they build 2020 lodging budgets, finalize preferred rates, and integrate those rates into search and book channels.
Augmented AI is superior to standard artificial intelligence, as it runs multiple data models instead of a single routine. HRS models leverage advanced prediction algorithms used by financial institutions, social networks and large e-commerce marketplaces. Models are then combined and validated for highest accuracy. Finally, automation reviews all results and selects the model / output with the least degree of error.
HRS' AAI models are based on machine learning that identifies complex patterns from continuous hotel rate data feeds. Looking at any given market, factors impacting analysis include:
"To compete for the best rate projections, we make use of multiple AI models as part of our end-to-end technology stack. This marks a new frontier in optimizing corporate hotel spend," said Tobias Ragge, CEO of HRS. "Identifying market-specific patterns in a fraction of a second, AAI explores data continuously, probes various scenarios and interprets results in a more accurate way for global programs. It also strips out irrelevant data points that humans would believe have a high impact."
Other unique elements help HRS clients secure competitive rates for 2020 and beyond:
HRS will feature this new rate projection technology at the GBTA Europe Conference in Munich on November 19-21, as well as the HRS Corporate Lodging Forum in Paris on November 28.
By creating Lodging as a Service, HRS is revolutionizing the accommodation category for corporations, hotels and business travelers worldwide. Leveraging its proprietary technology and consultant services, HRS provides global corporations with an integrated platform that facilitates savings, efficiencies and customer satisfaction. HRS technology and its 1,500 experts drive the hotel programs of more than one-third of Fortune 500 corporations. HRS solutions also deliver newfound efficiencies for hotels and event planners. HRS was founded in Cologne in 1972. More information at www.hrs.com/corporate.