TRIPBAM Offers Innovative new tool revolutionizing the way travel managers manage their corporate hotel program
TRIPBAM, a hotel rate shopping and analytics service innovator, today announced the release of its new tool, TRIPBAM Benchmarking.
TRIPBAM Benchmarking is a first of its kind solution designed with extensive input from clients, and is the only tool in the market that allows travel managers in real time to:
- Accurately grade hotel, brand and chain performance regarding true discounts received and LRA (Last Room Availability)
- Quantify the realized value and benchmark their managed hotel programs against companies of similar size
- Compare chain, brand, and property discounts across all hotels around the globe
- Measure hotel chain or brand chainwide dynamic discount performance
- Identify hotels for share shift to meet contract commitments and utilize TRIPBAM’s patent pending clustering technology to deliver
- Identify savings lost by property due to LRA issues
- Source high quality hotels to add/replace poor performing hotels
- Have the comfort to sign long term, dynamic discounts that generate more savings
- Reduce overall hotel spend by as much as 10%
“We are very excited to announce the release of Benchmarking,” said Steve Reynolds, TRIPBAM Founder & CEO. “We’ve been working on this for over a year and using this tool, travel managers can take a more proactive, efficient and dynamic approach in managing their hotel program.”
TRIPBAM Benchmarking identifies savings lost due to LRA issues and allows travel managers to use this information to correct the issue with the property in real time. Travel managers can also use the new service to obtain, again in real time, year-over-year rate changes by city, brand or chain, and hotel to assist in rate negotiations during the hotel sourcing process.
“As a member of the group involved in the creation of the new Benchmarking service, I can vouch firsthand for the positive impact this new technology has on hotel programs,” said Rick Bajaj, who leads the accommodation category for McKinsey & Company globally. “Not only does the service allow us to benchmark against programs of similar size and scope, it allows us to be more proactive in addressing issues that arise with any individual properties or chains to capture further cost savings throughout the year.”
TRIPBAM Benchmarking is available to all clients for free in 2018 and at an upgraded subscription cost starting in 2019.
Dallas-based TRIPBAM is a hotel shopping service used by corporations, hotels, travel agencies and travellers. It uses patent-pending shopping processes to find savings on more than 60 percent of hotels searched, with average savings of more than $100 per booking. Savings can be found on the original property booked, or by including nearby properties or “clusters.” Within the U.S. and internationally, TRIPBAM’s penetration in the corporate travel arena has continued to grow over the company’s four-year lifespan. To date, more than 1,000 companies use their services.