IDeaS Cruise RMS wins top TravelTech award for innovation
IDeaS has received the "RMS Innovation of the Year" award from the TravelTech Breakthrough Awards programme for its Cruise Revenue Management System.
The Cruise Revenue Management System (RMS) from IDeaS leverages advanced data analytics and decision automation to forecast demand, implement dynamic revenue strategies, increase profitability, and help cruise operators maintain competitiveness.
The system applies advanced booking curve analytics, automatically generating demand forecasts for every sailing, with detail down to ship and cabin categories. These forecasts include onboard spending data, enabling operators to make decisions informed by total revenue insights. The technology also incorporates data from ancillary revenue streams such as spa services, casinos, shore excursions, and dining packages, maximising total revenue and supporting profitability across the cruise operation.
Dynamic pricing decisions and automated demand forecasting are at the core of the system for each cabin type. This ensures that pricing strategies are updated based on real-time data and prevailing market conditions, supporting cruise lines in optimising their income potential.
Beyond revenue maximisation, the Cruise RMS solution delivers insights into demand trends and overall revenue performance. Operators can use these insights to manage unpredictable changes promptly and accurately. Detailed reporting capabilities further allow tracking of performance metrics.
Ongoing support, from initial training to continuous technical assistance, is available through IDeaS' team of experts to help clients secure the best possible outcomes from the Cruise RMS system.
Crystal Pernici, Global Director – Cruise RMS at IDeaS, said: "While cruise organisations have explored approaches to revenue forecasting, we're offering a science-based approach to advanced revenue management. With a clearer understanding of demand, the door opens to transformative, sophisticated pricing and revenue management strategies for cruise operators. We're grateful to receive TravelTech Breakthrough's 'RMS Innovation of the Year' award for our Cruise RMS. We believe the cruise industry is on the cusp of a new era marked by improved data-driven decision making that's rooted in a foundation of proven revenue science."
The TravelTech Breakthrough Awards programme aims to identify and celebrate global technology companies that are reshaping the travel sector. The programme receives thousands of nominations yearly from more than 14 countries, reflecting rapid technological progress throughout the industry.
Bryan Vaughn, Managing Director of TravelTech Breakthrough Awards, said: "IDeaS Cruise RMS is revolutionizing the cruise industry with its groundbreaking revenue management platform. Cruise lines exist in a ruthlessly competitive environment where they have to undervalue ticketing to ensure a ship full of passengers – whose onboard spend might cover the difference. It's a balancing act with missed revenue opportunities due to not utilizing revenue science principles adopted across airlines and hotels. Cruise RMS is the ultimate solution for cruise operators looking to optimize their revenue management strategies and achieve greater profitability. With its innovative features and dedicated support, RMS enables cruise operators to make informed pricing decisions, quickly respond to changes in market trends, and distribute competitive rates efficiently, creating a win-win for both cruise operators and their passengers."
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