HotelHub Introduces AI-Based Rate Optimization Tool to Improve Hotel Booking Efficiency for Business Travelers
LONDON – September 28, 2021 – (Newswire.com)
HotelHub, the world’s leading provider of hotel technology solutions to the business travel industry, has launched Rate Optimize. Using advanced machine learning, Rate Optimizer monitors current hotel reservations in accordance with an organization’s preferences and automatically re-purchases for better hotel rates by browsing content from multiple vendors.
However, unlike other tracking tools in the market, in addition to buying lower prices, Rate Optimize also allows the business travel agent or its clients to set search parameters based on best hotel amenities, room type, downgrade savings, traveler comfort upgrades, preferred supplier goals and commission optimization. Additionally, Rate Optimize automates rate cancellation and rebooking without any manual intervention, increasing workflow productivity.
In addition to email and browser notifications, the tool is integrated with AI-based virtual assistance, such as Alexa and Siri, to provide notifications to business travelers when search criteria to optimize hotel reservation are detected. After confirmation by the user, the built-in, customizable reservation change function cancels the existing reservation, instantly re-rents the new accommodation, and the details are immediately shared with the traveler.
Rate optimizer is integrated with HotelHub’s hotel booking platform and its self-booking tool used by bookings and travelers, which means the process is automatically streamlined and the user doesn’t you don’t have to connect to a separate third-party tool to compare rates. Monthly reports compile all data in an easy-to-use format, showing all new successful bookings, savings and missed opportunities. Data can be further filtered by hotel chain, brand and property.
The tool has already been successfully piloted by a global business travel management (TMC) company. For example, after dynamically tracking and re-purchasing all qualifying hotel reservations for better rates during the third quarter (June to August 2021), Rate Optimize identified total average savings of 15% for businesses. TMC customers. The tool is now fully implemented to manage hotel costs more effectively, as well as to improve productivity and user experience by automating the re-booking process.
Eric Meierhans, Commercial Director of HotelHub, said: âWe have leveraged our hotel reservation expertise and technology to develop Rate Optimize with a holistic approach to hotel cost management, efficiency productivity and improved user experience. Other hotel rate finder tools on the market only track the lowest rates, while our tool doesn’t just focus on price. The artificial intelligence and machine learning feature optimizes rates based on the company’s preferred criteria, whether it’s a room upgrade for the convenience of travelers or a specific room type. The tool also purchases across multiple standardized hotel content channels, and it can be configured to match preferred corporate policy rules. Rate Optimize is also unique in the market as it has a built-in functionality to automate the process of canceling and changing reservations. This streamlines the entire process as the most desirable rate is automatically re-booked instantly as soon as the previously booked rate is canceled.
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