Disruptions are a constant part of Cruise line business operations, whether they are weather occurrences, geo-political incidents, changes in government policy, or unpredictable actions by competitors. These events can have both short term and longer-term impacts that can force changes to itineraries or account for an interruption of demand, which brings up two questions:
- How do Cruise leaders accurately forecast the demand considering the disruptions?
- How do Cruise leaders maximize revenue considering these disruptions?
The key to both: the ability to adapt to the situation based upon the remaining time to the sail date.
Revenue Analytics’ cruise product offerings include a machine learning, attribute-based forecasting product along with an integrated price and marketing optimization capability to address both above challenges.
Our cruise forecasting algorithms are custom to every voyage and ship, identifying similar sailings from history and apply cutting-edge analytics models to predict future demand. These models capture the booking pattern of customers to estimate the remaining demand and adjust the forecast based upon the current booking pattern.
Complementing this capability, our integrated price and marketing solution offers Revenue Managers flexibility to evaluate options for generating the revenue maximizing demand for the cruises they are managing. This integrated optimization approach provides strategic control to the business to implement the appropriate strategy to balance revenue, customer satisfaction and brand integrity.
Revenue Analytics clients using these capabilities have a tool at their disposal which they can use in these uncertain times to course correct. Empowered, they’re able to operate confidently knowing that they have a complete and far-reaching solution and can avoid the feverish scramble caused by the latest fire drill.
Disruptions are inevitable in today’s business environment, and the companies which can adapt to these changes fluidly are going to come out on the top.
As Albert Einstein said, “in the middle of difficulty, lies opportunity”.