Latest news with #CrystalPernici
Trade Arabia
18-05-2025
- Business
- Trade Arabia
What's next for revenue management for cruise lines?
The Middle East cruise industry is poised for continued growth with the 2024-2025 season set to attract over one million cruise tourists to the Arabian Gulf through key ports including Dubai, Abu Dhabi, Doha, and Jeddah, a great testament to the region's expanding maritime tourism sector. Saudi Arabia is the fastest growing regional market, projected to reach $89.5 million by 2030 and expected to register the highest CAGR over the next five years, stated Crystal Pernici, Global Director, IDeaS Cruise RMS. Aside from well-known international cruise lines such as Royal Caribbean, MSC Cruises, Costa Cruises, TUI Cruises Virgin Voyages, and Celestyal Cruises, the region now has its very own first homegrown cruise brand, AROYA Cruises, which cruises from Jeddah in Saudi Arabia. The sector is supported by the Cruise Arabia Alliance, established in March 2024 by the maritime and tourism authorities from Dubai, Abu Dhabi, Bahrain, and Oman. This partnership aims to promote the Arabian Gulf as a premier global cruise destination by enhancing port infrastructure, improving passenger experiences, and attracting more cruise lines to the region. With the growth and development of the cruise sector in the region, the landscape is increasingly competitive. Interestingly enough, despite the industry's ability to deliver millions of memorable passenger experiences every year, cruise lines have been comparatively slow to adopt the shift in tools and philosophy needed to maximise revenue from their cabin accommodations. The result? A vastly competitive environment with cruise lines willing to undervalue ticketing to ensure a ship full of passengers who'll (hopefully) spend enough onboard to cover the difference and then some. It's a tough balancing act filled with missed revenue opportunities. And it's one we believe can be fundamentally shifted through the use of similar, tried-and-true revenue science principles widely adopted across airlines and hotels. One of the key challenges is the inability to effectively forecast demand. A cabin ticket can't be sold after the ship departs, resulting in cruise lines focus in filling ships and maximising onboard spending, rather than maximising revenue across cabin categories. Predicting premium cabin demand early could improve pricing and promotions. Revenue management systems, used in hotels and airlines, enhance financial performance by analysing demand and adjusting prices, distribution, and promotions for smarter, category-specific pricing. In addition to forecasting demand, cruise lines often need more defined market segments that group similar booking (and spending) behaviors. Revenue management can look at factors such as booking channel, product offerings (and conditions), source market and agency vs direct bookings which can serve as key indicators for segmentation-based forecasting. With enough insight into segment-based demand, cruise lines can develop strategies that ultimately lead to getting the most valuable mix of passengers on board as possible. But there's just one problem—it takes a ton of time-consuming, error-prone work to make this happen manually or extensive staffing and high labor costs that typically only the large lines can take of. Particularly at the scale and frequency needed to respond effectively for an entire fleet of ships booking months or years in advance. To pull off the necessary data crunching and subsequent shifts in selling strategy effectively, cruise lines need to enlist the power of advanced automated tools. By harnessing revenue management technology, cruise lines can navigate the tides of an ever-evolving industry, optimising performance across their vast and diverse itineraries. By ensuring each route and cabin is dynamically priced with precision, they can maximise profitability while delivering smooth sailing and unforgettable experiences for passengers.
Mid East Info
02-05-2025
- Business
- Mid East Info
IDeaS Cruise RMS Named 'RMS Innovation of the Year' In 2025 TravelTech Breakthrough Awards Program - Middle East Business News and Information
IDeaS, a SAS company and the world's leading provider of hospitality revenue management software, today announced it has been selected as winner of the 'RMS Innovation of the Year' award in the 3rd annual TravelTech Breakthrough Awards program conducted by TravelTech Breakthrough, a leading independent market intelligence organization that evaluates and recognizes standout travel technology companies, products and services around the globe. The IDeaS Cruise Revenue Management System (RMS) uses advanced data analytics and decision automation to predict demand, execute dynamic revenue strategies, boost profitability, and maintain a competitive edge for cruise operators. Cruise RMS utilizes advanced booking curve analytics to automatically provide demand forecasts by segment for each sailing, both at a ship and cabin level. These forecasts incorporate onboard spending data, enabling operators to make informed decisions on their total revenue strategies. By incorporating ancillary revenue data, such as spa services, casino, shore excursions, and dining packages, into its pricing and inventory management strategies, the RMS helps to maximize overall revenue and drive profitability. The innovative platform also automates demand forecasting and dynamic pricing decisions for each cabin type, ensuring that pricing strategies are consistently optimized based on real-time data and market conditions. The solution drives overall profitability by understanding demand and potential onboard revenues, allowing operators to capture higher value bookings. In addition, operators gain insights into demand trends and revenue performance, helping them stay ahead of unforeseen changes. The system also offers detailed reporting capabilities for tracking performance. IDeaS' team of experts is also available to provide ongoing support and ensure optimal performance of the Cruise RMS system, from initial training to continuous technical support. Crystal Pernici, global director – Cruise RMS, IDeaS, said: 'While cruise organizations 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 mission of the annual TravelTech Breakthrough Awards program is to research and recognize the global innovators who are transforming the travel technology landscape. The TravelTech Breakthrough Awards program aims to conduct the industry's most comprehensive analysis of breakthrough technologies driving innovation and shaping the future of travel. This year's program received thousands of nominations from more than 14 countries worldwide, reflecting the global momentum and impact of travel technology advancements. Bryan Vaughn, managing director, 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.'
Techday NZ
02-05-2025
- Business
- Techday NZ
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." Follow us on: Share on:
