At NH Hotel Group, we’re always looking into new ways to optimise and automate our processes. An integrated tech stack plays a huge role here as it lays the foundation for more efficient and effective operations. That’s why we immediately seized the opportunity to integrate Rate Insight, with Duetto, our RMS.
Before we did this, there was no way to quickly consolidate all the data required for forecasts and pricing decisions. Our revenue managers had to jump back and forth between several tools on multiple screens to gather data. Creating complex spreadsheets was the only way to have all the needed information in one spot. This resulted in our revenue team spending more time on data collection and collation than on refining their strategies. These days, having to forecast in a highly volatile market creates an added challenge.
However, using Rate Insight alongside Duetto solves this problem. Rate Insight supplies the live competitor and demand data needed to understand how business is developing in the market. Via the integration, Duetto leverages this information, as well as other recent market trends and our on-the-books data, to quickly create accurate, data-based forecasts that are reliable even in today’s difficult environment.
Sometimes we make manual adjustments, but even so, the time and effort required for forecasting are drastically reduced now.
"In the past, our revenue team had to spend more time on data collection and collation than on refining their strategies. Using Rate Insight alongside Duetto solves this problem."
Before using Rate Insight and Duetto, our revenue managers had to do manual market research and update rates by hand if demand shifted. Especially in cities where our properties aren’t the market leader, we had to keep a close eye on the compset to ensure we adapted room prices in time to maintain our positioning. This was time-consuming and resulted in missed revenue opportunities.
Having the combined power of Rate Insight and Duetto on our side during the pandemic was a lifesaver. Nobody was able to predict the mid- to long-term impact on the markets, but our set-up allowed us to make the best of an extremely challenging situation.
Rate Insight provided the live compset data that showed the real-time reactions of hotels around us. This kept us continuously informed on how the competition, travellers and markets overall were behaving.
The combination of Rate Insight with Duetto and the option to set up automated pricing rules proved especially valuable. Whenever Rate Insight detected a change in the compset’s rates, Duetto automatically uploaded new prices in line with our global pricing guidelines into all distribution systems.
Of course, we were able to manually adjust Duetto’s recommendations, if needed. This ensured that we always remained competitive, captured demand and maximised revenue through our open pricing strategy. With a much smaller team, this would have been impossible to do manually.
"Since we began using Rate Insight, we can make immediate, data-driven rate changes to stay competitive and capture our fair share of demand at the optimal price."
On top of its many other advantages, Rate Insight is also very user-friendly. The onboarding is quick, and everyone can get the most out of it from the first day they use it.
That’s very important since it means our team actually works with Rate Insight on a day-to-day basis. It’s not like with some of the convoluted legacy tech solutions which are implemented and never used because they’re too complex.
The data flow between Rate Insight and Duetto is flawless as well. The information is always reliable and up to date in both tools. Thanks to the stable interface, we never have to worry about outdated data or updated rates not being synched between the two systems. It’s great to have such a stable interface.
"Getting live access to competitor data via Rate Insight and using Duetto’s automatic, data-driven rate updates, saves us about four hours per property every single day."
I recommend Rate Insight to every revenue management team that wants to maximise their portfolios revenue potential. It’s an easy-to-use tool that provides the real-time compset information you need for data-driven pricing decisions.
Rate Insight also integrates with other solutions, like the Duetto RMS, which helps to further save time and boost your results.
Finally, OTA Insight is constantly introducing new features, so you can be sure you’ve always got the latest tech at your disposal.