Global revenue management software and services provider IDeaS has announced that its suite of revenue management solutions will now be used in the cruise industry by Sir Richard Branson’s cruise brand, Virgin Voyages.
Under the partnership, IDeaS is working with the cruise line to develop a first-of-its-kind, RMS solution for the cruise industry.
To fully realize revenue potential, cruise lines need the ability to efficiently and effectively forecast passenger demand. Historically, this forecasting posed challenges for the industry for a variety of reasons. But with a clearer understanding of this demand, the door opens to transformative, sophisticated pricing and revenue management strategies. While cruise organizations have explored numerous approaches to revenue forecasting, a clear, science-based leader in advanced revenue management has yet to emerge – until now.
Virgin Voyages’ revenue management team saw the “importance” of science-driven automation so approached IDeaS to outline a proof of concept.
The two companies are now spearheading the adoption of revenue management for the industry.
The partnership hopes to deliver forecast modelling to determine more efficiently the right booking curve so cruise lines or commercial teams can more dynamically adapt to trends.
It wants to bring revenue science to streamlining cabin pricing, automating processes so that individual cruise lines can focus on demand-based forecasting and pricing for each cabin type (i.e. inside, balcony, suites, etc.).
By optimising business mix and inventory allocation, the solution helps to maximize revenue potential and future scalability.
Cruise lines often build their own systems internally. With the new formed relationship, IDeaS can now provide a solution that delivers the speed and scalability that a an internally-built system “can’t”.
Jessica Fleisher, vice president revenue of Virgin Voyages, said: “We came to IDeaS because we saw the power of science-driven automation and the results delivered to the hotel industry. Today, nothing in our market can compare to the power of IDeaS revenue management expertise.
“We couldn’t be more pleased with the project’s development thus far and are impressed with the entire organization’s commitment.
“As a visionary in the cruise industry, we see the value of sophisticated revenue management so it was only fitting we should partner with the pioneer of RMS technology.”
Sanjay Nagalia, co-founder and chief scientist of IDeaS, said: “IDeaS is excited to work with Virgin Voyages as we make this proof of concept a reality.
“This collaboration not only marks our entry into the cruise industry but also demonstrates our commitment to expanding our expertise into new verticals.
“By helping them gain key insights into dynamic forecasting and pricing, we believe we will help usher in a new era for the entire cruise industry. We couldn’t be prouder to work with this exciting and forward-thinking team.”
