IDeaS and Virgin Voyages partner to bring advanced Revenue Management Solution to Cruise Industry

IDeaS Revenue Solutions, the world’s leading provider of advanced revenue management software (RMS) and services, announced that it is expanding its 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 realise 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 organisations have explored numerous approaches to revenue forecasting, a clear, science-based leader in advanced revenue management has yet to emerge – until now.

“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 organisation’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,” said Jessica Fleisher, vice president revenue, Virgin Voyages.

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.

The partnership will see IDeaS deliver forecast modelling to determine more efficiently the right booking curve so cruise lines or commercial teams can more dynamically adapt to trends.

IDeaS revenue science will also streamline cabin pricing, automate processes and allow individual cruise lines to 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 maximise revenue potential and future scalability.

“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,” said Sanjay Nagalia, co-founder and chief scientist, IDeaS.

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 optimisation models (custom to each client), cruise lines that need specific functionality can now realise higher ROI and faster time to market.