Beonprice updates revenue management system with live data

Spain: Spanish revenue management startup Beonprice has updated its service with live integrated traveller insights and demand data.

The company hopes that this will optimise rates and distribution for any post COVID-19 bookings.

Beonprice’s assumptions is that much of the historical data which has informed its platform previously will be outdated due to the shifts in traveller priorities. As a result, it wants this new data to fill a necessary gap in between.

Emilio Galan, Beonprice Chief Technology Officer said: “Our goal is to continue optimising profitability for our customers, and as such, we have spent the last few weeks looking closely at the data that will replace dependency on historical data. The data science team is now working to improve the algorithms so revenue calculations learn from live travel demand data as well as consumer trends.”

The platform will now be quickly integrating data based on online searches, flight data, destination demand and benchmarking data. This will inform the company’s proprietary Hotel Quality Index, allowing hoteliers to better understand their competitive position.

Galan added: “Good algorithms are those which are capable of detecting an anomalous situation and as a consequence redirecting their behaviour. Our platform also incorporates Machine Learning which is capable of detecting changes in demand behaviour and automatically establishing corrections in the trends.”

Beonprice hopes to buck COVID-19 trends by delivering a new generation of highly analytical revenue managers. Prior uses of their HQI technology has led to as much as 11 per cent raises in REVPAR over the first six months of use.

The company has been active throughout 2020, taking in major Series A funding at the beginning of the year. It has also introduced an online training programme.

To find out more about the company, read on how Beonprice is examining Spanish demand during COVID-19.

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