We discovered OTA Insight at an event, where we weren’t specifically looking for a new tool at that time, but when we saw the presentation for Rate Insight and the difference versus what was available on the market, we had to have it.
A huge impact Rate Insight made was with price, which was a challenge in our previous process. Before Rate Insight, we were paying per rate shop and per number of competitors we wanted to shop, which was extremely expensive and put pressure on our budget. We also needed to wait 24 hours to get a report, which was also quite time-consuming and made our decision process slow. With Rate Insight we can shop as many times as we want and play with our compset; it’s made a huge difference in how we strategise.
Rate Insight really saved us time as it increased the speed of getting data. You can customise the dashboard to suit your strategies and display which data points you would like to see. It has opened more opportunities to explore competitor rates and be more flexible with our strategy across different rate types. I think the more active we are the more we can do and have a better chance of leading the market.
Our revenue management team use Rate Insight on a daily basis and I use it to analyse competition strategy, such as global rates, to see how we’re positioned and if we need to adapt. The application is open to APIs so the tool itself is very useful and then can be further enhanced.
Live shopping is the feature that has been a game-changer for us. We have some days of the week where we, as well as competitors, are looking at changing rates 2 or 3 times a day. We now have the ability to quickly re-do a shop and have a fresh view of the market. Being able to work faster to respond to change is definitely better for us.
We use Rate insight to understand our performance by also using it for a parity check that helps our properties monitor and control rate distribution, and ensures that our strategy is being correctly implemented. I feel the benefit overall is for the end customer because it makes things fairer in the sense that now we are all playing with the same tools, which allows a more free market. When demand is there, everyone can now see that, adapt to it and then give the most optimal rate to the customer.
I would recommend Rate Insight and really exploring what it can do. Don’t stay static as you can adapt and change your competition as many times as you want. You can really understand the data and customise it your way, which has been great for us.