Hotel solutions provider HRS has introduced rate projection technology powered by augmented artificial intelligence (AAI).
The company claims AAI is “superior” to standard artificial intelligence because it runs multiple data models instead of a single routine. Its own models leverage prediction algorithms used by financial institutions, social networks and large e-commerce marketplaces.
These models are then combined and validated for accuracy before automation reviews all results and selects the model or output with the least degree of error.
HRS says its AAI models are based on machine learning that identifies complex patterns from continuous hotel rate data feeds. Factors impacting analysis range from long-term rate patterns (including seasonality) and short-term local events driving occupancy levels to benchmarked corporate rates destination-wide and traveller search and booking data, among others.
According to HRS, programmes utilising AAI have more leverage in typical hotel negotiations, with a chance of saving ten per cent more in their top business destinations.
CEO Tobias Ragge said: “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 optimising corporate hotel spend. 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 programmes. It also strips out irrelevant data points that humans would believe have a high impact.”
The new technology comes after HRS launched a new payment platform called Invisible Pay.