First-of-its-kind collaboration will result in
demand forecasting, inventory management, and pricing to drive
revenue for the world's most innovative cruise line
MINNEAPOLIS, Sept. 12,
2024 /PRNewswire/ -- IDeaS Revenue Solutions, the
world's leading provider of advanced revenue management software
(RMS) and services, announced that it is expanding its
industry-leading suite of revenue management solutions to the
cruise industry through a partnership with Virgin Voyages. Under
the partnership, IDeaS is working with Virgin Voyages to develop a
first-of-its-kind, innovative RMS solution for the cruise
industry.
To fully realize their 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.
As a pioneer in the industry, Virgin Voyages and its innovative
revenue management team saw the importance of science-driven
automation. They approached IDeaS and outlined a proof of concept,
and the two companies are now spearheading the adoption of revenue
management in this complex and dynamic industry.
Key benefits of this partnership include:
- Power of forecast modeling: IDeaS delivers forecast
modeling to determine more efficiently the right booking curve so
cruise lines or commercial teams can more dynamically adapt to
trends.
- Forecasting and pricing automation: IDeaS revenue
science streamlines cabin pricing, automates processes, and allows
individual cruise lines to focus on demand-based forecasting and
pricing for each cabin type (i.e. inside, balcony, suites, etc.).
By optimizing business mix and inventory allocation, the solution
helps to maximize revenue potential and future scalability.
- Buy versus build: The modern enterprise is plagued
by the decision of whether to build custom software or buy a
commercial off-the-shelf solution. In fact, it has been common for
cruise lines to build their own systems internally. IDeaS now
provides a solution that delivers the speed and scalability that a
homegrown system can't. By working with IDeaS, which has existing
revenue optimization models (custom to each client), cruise lines
that need specific functionality can now realize higher ROI
and faster time to market.
Jessica Fleisher, vice
president revenue, 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, 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."
See how IDeaS revolutionizes revenue management strategy for
cruise lines. Visit https://ideas.com/cruise-lines/ to learn
more.
About IDeaS
IDeaS, a SAS
company, is the world's leading revenue management software
and services provider. Combining industry knowledge with innovative
data analytics technology, IDeaS creates
sophisticated yet simple ways to empower revenue leaders with
precise, automated recommendations they can trust. With 35 years of
expertise serving hospitality, including hotel, event, and parking
clients, IDeaS delivers revenue science
to more than 30,000 properties in 164 countries around the world.
Results delivered. Revenue transformed. Discover greater
profitability at IDeaS.com.
Press Contact:
Kim Dearborn
kim@mfcpr.com
+1-909-455-4316
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SOURCE IDeaS, a SAS company