Revenue Analytics and LNER Named Winners of the Technical Innovation of the Year Award
The prestigious title, awarded by the Rail Business Awards, credits the partnership with leveraging advanced analytics to create efficiencies in pricing and scheduling.
Revenue Analytics, in partnership with the London North Eastern Railway (LNER), have been named winners of the Technical Innovation of the Year award by the Rail Business Awards in their virtual ceremony Tuesday, February 23. The Revenue Analytics team was honored by the recognition.
"This award marks a phenomenal achievement across both the rail industry and the Revenue Management communities,” said Dax Cross, Chief Executive Officer at Revenue Analytics. “We look forward to continuing to innovate with our partners at LNER.”
Revenue Analytics and LNER launched their partnership in late 2019, when LNER engaged Revenue Analytics to work together to build a next-generation Revenue Management System (RMS) for Passenger Rail. Revenue Analytics markets the new RMS, which LNER affectionately calls ROSE, as FareVantage™.
Prior to COVID, LNER had seen a significant increase in ridership, largely due to the software’s ability to incentivize demand shifts to less busy trains while opening availability on historically price-constrained journeys.
FareVantage™ is a first-of-its-kind RMS for clients in the Passenger Rail industry, powered by advanced analytics and automation capabilities. Moreover, it guides users to revenue opportunities through an intuitive user interface and a priorities dashboard.
FareVantage™ offers functionality that has never before been available to the rail industry, including automatic adjustments to timetable changes, auto-detecting special events, intraday re-optimisation, group sales optimisation, and split ticketing mitigation.
“We have continued innovating with LNER by developing modules that are first-to-be seen in Revenue Management within the rail industry,” said Gareth Hawkins, Commercial Director - Transportation at Revenue Analytics.
To learn more about FareVantage™, visit https://www.revenueanalytics.com/rail/farevantage.