Yapta today announced the general availability of TravelAI hotel analytics for the optimization of corporate supplier negotiations and policy compliance. TravelAI utilizes a combination of real-time hotel availability data and machine learning to identify areas of focus where companies can create or improve opportunities to save.
At a glance, the solution delivers actionable insight into supplier utilization and performance, contract rate performance, and travel policy effectiveness. The solution also aggregates anonymous hotel pricing data across the millions of travel itineraries tracked by Yapta, creating benchmarks by spend amount, geography, industry and supplier.
Most corporate travel programs suffer from a lack of booking data transparency, creating inefficiencies in the RFP process. Because the RFP process relies on vendor supplied pricing that does not report the availability of contract and ‘best rate’ options at the time of booking, most companies simply cannot identify the source of breakage that’s costing them money – either supplier or traveler compliance. TravelAI is helping bring this into clearer focus for customers, providing them with point-of-sale data from the actual booking and helping them gain visibility into rate availability and attainment.
Yapta customers participating in the TravelAI early adopter program have utilized the solution to measure the competitiveness of their contracted rates by comparing them to booked rates, pricing benchmarks, and the best available rates (BAR). They rely on this data to offer actionable insights throughout the year, highlighting issues with suppliers and where negotiations are not being realized.
In addition, with the visibility into traveler behavior at the time of booking, Travel Managers can implement and enforce policies that encourage booking lowest standard available rates. And since the data is not filtered, TravelAI also provides complete transparency into vendor re-booking behavior patterns.
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