Event Planning Platform for Competitive RFP Award Analysis
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Solution Overview
Problem
Current systems lack the ability to associate relevant data sets with each other, identify trends, and utilize that data in decision making for hoteliers to effectively target and win group business from Requests For Proposal (RFPs), leading to missed opportunities in securing comparable events.
Innovation Solution
A system that receives awarded RFP data from a group of venues, including historical event data, and displays relevant information to a particular venue, utilizing machine learning and artificial intelligence to analyze and provide insights on competitor performance and potential business opportunities.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If automated machine learning software is used to analyze planner activity and RFP awards, then decision-making capability is improved, but system complexity increases
Solution Approach 1:
The patent introduces an intermediary system (automated machine learning software platform) that mediates between raw RFP data and decision-making processes. This intermediary automatically collects, processes, and analyzes RFP award data from multiple venues, transforming unstructured information into actionable insights without requiring manual analysis, thus improving information utilization while managing complexity through automation.
Solution Approach 2:
The patent replaces manual mechanical analysis methods with automated machine learning algorithms. Instead of manually reviewing and analyzing RFP data, the system uses automated machine learning models to process large volumes of data, identify patterns, and generate insights, thereby improving decision-making capability while reducing the complexity of manual analytical processes.
2Measurement precision
If data from multiple venues is collected and analyzed, then competitive intelligence quality is improved, but data processing complexity increases
Solution Approach 1:
The patent merges data from multiple competing venues into a unified analysis platform. By consolidating RFP award data, event information, and venue metrics from various sources into a single system, the patent enables comprehensive competitive intelligence analysis while managing data processing complexity through integrated data structures and standardized processing pipelines.
Solution Approach 2:
The patent creates a universal data processing system that handles multiple types of venue data (RFP awards, event details, venue specifications, pricing information) through a single multi-functional platform. This universal system can process diverse data formats and sources using standardized methods, improving competitive intelligence quality while avoiding the complexity of separate processing systems for each data type.
Data Source
AI summary
A system for event planning includes a processor and a non-transitory computer readable medium storing a set of instructions which when executed by the processor configure the processor to receive awarded RFP data from a plurality of venues, receive a comp set from a particular venue in the plurality of venues, the comp set comprising one or more venues in the plurality of venues, and display, to the particular venue, at least a portion of the awarded RFP data. The portion of the awarded RFP data is associated with venues that are in the plurality of venues and that also are in the comp set. The awarded RFP data comprises historical event data that is associated with a plurality of previously held events. The historical event data comprises dates the previously held events took place, venues where the previously held events were held, and names of the previously held events.