IDeaS branches into cruise revenue management with Virgin Voyages

Minneapolis-based IDeaS has 35 years of experience starting with airlines, then hotels, parking and meeting space.

Now, with Virgin, it's working to develop an RMS solution for the cruise industry. Components include forecast modeling to determine more efficiently the right booking curve and forecasting and pricing automation focused on cabin type.

According to IDeaS, the 'modern enterprise is plagued by the decision of whether to build custom software or buy a commercial off-the-shelf solution. It's been common for cruise lines to build their own systems.

Speed and scalability

IDeaS said it 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,' the company said.

Virgin Voyages' Jessica Fleisher, VP revenue, said it went to IDeaS after seeing the results delivered to the hotel industry.

'Today, nothing in our market can compare to the power of IDeaS' revenue management expertise,' Fleisher asserted. 'We couldn’t be more pleased with the project's development thus far and are impressed with the entire organization's commitment.'

Dynamic forecasting and pricing

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.'