HRS Uses Augmented Artificial Intelligence to Improve Corporate Hotel Rate Projections
Unique Algorithms & HRS’ 500+ Location-Based Experts Deliver Unmatched Benchmarking and Insight into 2020 Rate Scenarios Worldwide
COLOGNE, Germany - HRS, the leading Global Hotel Solutions end-to-end technology provider in business travel, today introduced innovative hotel rate projection technology powered by Augmented Artificial Intelligence (AAI). HRS is the first technology company using AAI in support of corporate hotel programs, and one of the few companies using AAI today.
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:
- 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
"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."
Connecting Predictive Data Analysis with Superior Automation
Other unique elements help HRS clients secure competitive rates for 2020 and beyond:
- The capability to track four years of exclusively corporate rate history in more than 200 countries from data systems of any kind.
- To facilitate continuous sourcing year-round, HRS' sourcing service features an ongoing corrective ratio that contrasts client data from report to report, highlighting discrepancies and select metrics to improve both future and historic accuracy.
- HRS has 500+ experts in the world's top 60 business travel city centers, staying on top of timely developments in their market. Their capacity to apply local market knowledge and conduct quality checks, cross referenced with the one million+ negotiated hotel contracts in HRS' database, provides unparalleled real-time consulting guidance for HRS clients as they expand and consolidate programs around the world.
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. Founded in Cologne in 1972, HRS has more than 35 offices worldwide. More information at www.hrs.com/corporate.