HRS Uses Augmented AI to Improve Corporate Hotel Rate Projections

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HRS Uses Augmented AI to Improve Corporate Hotel Rate Projections

11/11/2019

HRS, a Global Hotel Solutions end-to-end technology provider in business travel, introduces hotel rate projection technology powered by Augmented Artificial Intelligence (AAI). 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 is now expected to deploy 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 can have more accurate insight as they build 2020 lodging budgets, finalize preferred rates, and integrate those rates into search and book channels.

Augmented AI 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:

  • long-term rate patterns, including seasonality
  • short-term local events driving occupancy rates (i.e. sporting events, conventions, etc.)
  • benchmarked corporate rates destination-wide
  • benchmarked corporate rates in a client’s vertical and/or volume category
  • algorithms measuring average errors in past projections
  • intelligent compilation of forecast models to enhance destination-specific accuracy
  • traveler search and booking data
  • consistent, enhanced incorporation of machine learning for each destination

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.