OTA Insight and PredictHQ Partner for Smarter Demand Forecasting as Hoteliers Prepare for Rebound
OTA Insight, a cloud-based data intelligence platform for the hospitality industry, announced a new partnership with PredictHQ, the demand intelligence company. PredictHQ’s intelligent event data is used by many of the world’s leading hotel brands, and elements of it are now part of OTA Insight’s solutions.
The partnership has expanded OTA Insight’s sources of intelligent event data, allowing hoteliers using either Market Insight, Rate Insight and Revenue Insight to take advantage of a broader range of more accurate event insights, incorporating more geographical regions. This will enable hoteliers to better predict traveller demand as the world recovers towards a new normal.
The agreement brings together two influential service providers supporting the accommodation industry. The combination of PredictHQ’s intelligent event data with Market Insight, the industry’s first predictive market intelligence solution; Rate Insight, OTA Insight’s real-time rate shopper and Revenue Insight, OTA Insight’s business intelligence platform will enable all of these solutions to deliver more complete insights and recommendations informed by real world events, facilitating informed decision making for hoteliers.
OTA Insight’s solutions now have access to a deeper pool of event data that includes relevant concerts, conferences, community events, festivals, expos, performing arts and sports events; that have been sourced, verified and enriched by PredictHQ.
“As the world continues to recover and rebound from COVID-19, it's critical that hoteliers have access to high-quality event data,” said Kristof Elst, Chief Technology Officer at OTA Insight. “As demand continues to grow, it's vital that teams are able to act on surges in demand from events. The pandemic has also taught us that the accuracy of event data is now more important than ever due to the frequency of event cancellations, postponements and rescheduling. This pairing of two best-in-class business intelligence providers will enable short-staffed teams to quickly and more effectively act on demand upticks from events, and further drive their revenue.”
“Hotels were hit hard by the pandemic, but as vaccinations rise and restrictions ease, they are already experiencing major pent up demand across the USA,” PredictHQ chief operating officer Richard Bray said. “We are working closely with our accommodation customers and OTA Insight to enable hotel groups to price for incoming demand surges earlier in the booking curve. As the world starts returning to normal, millions of people will be travelling to see family, reconnect and take holidays.”
PredictHQ works by aggregating and verifying more than two billion data points to enrich nearly 25 million events across 30,000 cities worldwide into an API. The technology gives businesses an advantage on their competition by allowing them to better predict which future events will drive demand. By correlating their historical demand with events, PredictHQ enables companies to focus on the exact causes behind fluctuations in demand.