London North Eastern Railway (LNER) Announces Implementation of FareVantage™ RMS
I’m delighted to share the announcement by London North Eastern Railway (LNER) that it has implemented the Revenue Analytics FareVantage™ Revenue Management System (RMS). LNER went live with FareVantage™ in late 2019, and the next-generation RMS has already helped the UK rail company, which operates on the East Coast mainline, boost ridership on price-sensitive journeys and generate substantial revenue uplift.
We at Revenue Analytics are proud to be partners with LNER in their mission to, as Suzanne Donnelly, Commercial Director at LNER, says, “Provide even more reasons for our customers to book and travel with us.”
An example of FareVantage’s next-generation capabilities is automatic adjustment in pricing, which was important to LNER owing to its introduction of Azuma trains on its route last spring. Azuma trains feature an average of 100 additional seats on every train. LNER recognized the need to deploy next-generation technology to better manage demand for the thousands of extra seats available every day.
LNER relies on FareVantage™ to “auto-optimize” approximately 80 percent of services, which means more responsive fares to reflect demand. FareVantage™, which is designed specifically for passenger rail operators, is uniquely capable of this level of automation thanks to its state-of-the-art automation capabilities and advanced analytics, powered by artificial intelligence.
LNER INNOVATING TO MAKE MORE GREAT VALUE FARES AVAILABLE TO CUSTOMERS
YORK, UK – February 25, 2020 – London North Eastern Railway (LNER) is to become the first train company in Britain to use sophisticated artificial intelligence systems to help encourage more people to travel.
With the introduction of Azuma trains on LNER’s route, world-leading technology is being harnessed to better manage demand for the thousands of extra seats available every day.
Using an artificial intelligence system will help highlight where seats are available on services across the day to make better use of the extra capacity Azuma trains offer customers and ultimately encourage more people to travel by train.
The innovative approach will see approximately 80 per cent of services ‘auto-optimised’ meaning more responsive fares to reflect demand. For example, this could include more Advance fares offering customers even better value tickets up to 40 minutes before departure.
Suzanne Donnelly, Commercial Director at LNER, said: “We are always looking at ways to make travel simpler and this new way of managing our thousands of extra seats will offer significant benefits to customers.
“We are using artificial intelligence to better predict passenger numbers and thereby address overcrowding, as well as creating ways to better highlight trains to customers with great value, lower priced tickets.
“This new technology will help us continue to provide even more reasons for our customers to book and travel with us.”
LNER has teamed-up with software company Revenue Analytics, which provides an industry leading predictive analytics platform to deliver significant improvements in forecasting, inventory management and pricing.
Dax Cross, Chief Executive Officer at Revenue Analytics said: “We are thrilled to bring the power of predictive analytics and AI at scale to LNER. Working with such strategic, forward thinking industry leaders is always exciting for us, as it means we can help deliver a customer-centric system of managing demand specifically designed for passenger rail.”
About Revenue Analytics:
Revenue Analytics is a SaaS company that empowers big companies to make big revenue decisions in pricing, products and promotions. By providing predictive analytics at scale, Revenue Analytics’ flexible solutions enable their customers to act immediately and adapt strategically.
London North Eastern Railway (LNER) is on a mission to transform rail travel for the customers and communities we serve. Our new modern Azuma fleet of trains will continue the LNER tradition of setting new, higher standards in comfort, reliability and customer experience. LNER calls at 53 stations along the East Coast route, totalling 936 miles including major towns and cities between London, the East Midlands, Yorkshire, North East England and Scotland.