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TRIPBAM adds LRA Enforcement and Smart Sourcing for corporate hotel programs

Hotel shopping, benchmarking and analytics provider TRIPBAM has added two new enhancements to its solution offering aimed at further improving corporate negotiated hotel programs.

Its LRA Enforcement feature monitors the last room availability performance at a preferred hotel for every booking, providing insight into whether negotiated terms are being honoured. TRIPBAM’s second enhancement, Smart Sourcing, enables corporates to easily add dynamic or static discounted rates to their negotiated program throughout the year.

“With these two updates, TRIPBAM is going a step further to make sure travel managers have greater confidence in their hotel program, source additional preferred properties, save more money for the company and provide travellers increased choice,” said Peter Grover, TRIPBAM Managing Director.

Additional details on LRA Enforcement:
LRA Enforcement works by auditing real traveller bookings daily to identify where and when negotiated rates are unavailable. When unavailable rates are discovered, TRIPBAM notifies noncompliant hotels to fix the issue and then rebooks the reservation at the corrected rate. All instances of unavailability are documented and measured to capture the savings lost as a result of non-compliance. In TRIPBAM client programs, LRA Enforcement has led to:
• More than 90% increase in rate availability

• 3-5% savings on overall hotel program spend

• Increased leverage during negotiations by ensuring contracts are honoured and programs are given credit for all traveller stays at a given property

• Greater traveller confidence and compliance by displaying below-market rates whenever a traveller books
 Additional details on Smart Sourcing:

Typically, corporate negotiated hotel programs only cover a fraction of the destinations visited by a company’s travellers. This leads to a higher volume of non-preferred properties being booked, which means reduced negotiating power and potential savings. Smart Sourcing identifies destinations where a negotiated rate is needed based on existing booking volumes and provides clients with a list of TRIPBAM A-rated hotel properties in the area that meet their criteria. The client can opt to have TRIPBAM send a bid to a hotel at the click of a button. Hotels can either accept or reject the bid, eliminating the back and forth that often comes with typical hotel negotiations.

TRIPBAM uses its own internal data to ensure the property rate or discount requested by the client is competitive in the market. If a bid is accepted, rate loading instructions are automatically sent to the hotel and online booking tool provider to be incorporated within 48 hours.

A pilot with 10 TRIPBAM clients has resulted in:
• 74% of offers accepted at the rate and discount provided

• $100,000 in annualized savings

• $0 cost to buyers and suppliers

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