Virgin Voyages partners with IDeaS to revolutionise cruise RMS

IDeaS Revenue Solutions has announced a partnership with Virgin Voyages to extend its suite of revenue management solutions into the cruise industry.

The partnership aims to develop an innovative revenue management system (RMS) specifically designed for the cruise sector, marking a significant step forward in capability and technology for the industry.

Historically, forecasting passenger demand has posed challenges for the cruise industry, hindering the development of effective pricing and revenue management strategies. This partnership between IDeaS and Virgin Voyages seeks to address these challenges by leveraging science-driven automation and advanced forecasting models.

"We came to IDeaS because we saw the power of science-driven automation and the results delivered to the hotel industry," Jessica Fleisher, Vice President of Revenue at Virgin Voyages, said.

"Today, nothing in our market can compare to the power of IDeaS revenue management expertise. We couldn’t be more pleased with the project's development thus far and are impressed with the entire organisation's commitment. As a visionary in the cruise industry, we see the value of sophisticated revenue management, so it was only fitting we should partner with the pioneer of RMS technology."

Virgin Voyages and IDeaS are spearheading this initiative to bring a more sophisticated, science-based approach to revenue management in the cruise industry. The partnership will enable cruise lines to efficiently determine the optimal booking curve, allowing commercial teams to more dynamically respond to trends in passenger demand.

IDeaS' revenue science will also streamline cabin pricing and automate processes, enabling cruise lines to focus on demand-based forecasting and pricing for various cabin types, such as inside, balcony, and suites. This approach aims to optimise business mix and inventory allocation, maximising revenue potential and scalability for the future.

Sanjay Nagalia, co-founder and Chief Scientist at IDeaS, expressed enthusiasm about the collaboration. "IDeaS is excited to work with Virgin Voyages as we make this proof of concept a reality. This collaboration not only marks our entry into the cruise industry but also demonstrates our commitment to expanding our expertise into new verticals. By helping them gain key insights into dynamic forecasting and pricing, we believe we will help usher in a new era for the entire cruise industry. We couldn’t be prouder to work with this exciting and forward-thinking team," he said.

The modern enterprise often faces a dilemma between building custom software and purchasing off-the-shelf solutions.

Cruise lines have frequently opted to develop internal systems, but the new offering from IDeaS provides a scalable and efficient alternative. By adopting IDeaS' solutions, cruise lines can potentially achieve higher returns on investment and faster implementation times compared to homegrown systems.

This partnership aims to fill a gap in advanced revenue management within the cruise industry, offering bespoke functionality and faster market readiness. IDeaS' established expertise in revenue optimisation models, tailored to each client, is set to bring significant improvements in forecasting accuracy and pricing strategies for cruise operators.