Scandinavia’s hotel chain First Hotels has partnered with SaaS company RateGain Technologies for AI-enabled competitive intelligence and rate parity solutions.
RateGain will provide First Hotels with AI-driven competitive pricing insights besides maintaining the price parity across various OTAs and third-party booking platforms.
The hotel chain has been looking for a comprehensive solution, which enables its revenue management team to make daily pricing decisions while effectively monitoring the market.
Powered by Parity+ and OPTIMA, RateGain’s rate intelligence suite allows First Hotels to configure the smart rate shopping using an AI-enabled data platform while tracking real-time parity.
The solution features include advanced KPI dashboards combined with automated alerts, which help to seal the loops with violators, while simultaneously checking revenue leakage, saving time and driving costs down.
First Hotels Revenue Management director Pontus Mark said: “We have been searching for a partner that can make it easier for our managers and central resources to formulate the pricing strategy.
“RateGain’s Optima and Parity+ offers a fantastic AI-empowered dynamic setup. It will enable First Hotels to acclimatise to any competitive ecosystem and make good pricing and rate distribution decisions.
“As such, after evaluating multiple service providers, we were confident that RateGain understands our needs and would be the best partner for us.”
RateGain said that the hotel chain will obtain more than 99% data sufficiency and accuracy to adjust prices in real-time by combining the new solutions with MarketDRONE and AI-driven dataSURE.
RateGain Technologies Europe senior vice-president and head Mark Haywood said: “Optima’s easy to use UI and the ability to deliver real-time actionable insights would help First Hotels with day-to-day pricing decisions.
“In addition, Parity will be accretive as it identifies channels or properties facing maximum revenue loss due to parity issues. Together, Optima and Parity+ will help First Hotels maximise their revenue.”