The 10 Revenue Management Solution Companies - 2020
With the rise in competition from counterparts, continuous increase of seasonal offers and discounts and customers becoming more vigilant and tech savvy, the bar of challenges for the consumer industry has risen much higher from its position in the previous decades. Not only is the hospitality industry bearing the whiplash of the aforementioned challenges, but sectors like : vehicle rental companies, medical services, financial services and the telecommunications industry are also struggling with them. At this critical point, walks in the Hero: Revenue Management Solution Providers.
Revenue Management ensures that an organization provides the best mix of its products and services to the right customer at the appropriate time and price, thus extracting the most out of a business opportunity throughout the lifecycle of the organization. The process is much more difficult in practice, because it involves a multitude of procedures, viz. - spotting the target group of consumers, identifying hierarchy of their needs and whether they would avail the product/service at the offered price. The motive is to optimize an organization’s products and services, before the shelf life of the product gets over or the service reaches a point in time, post which it is no longer required.
For example, an airlines cannot run on no profit- no loss business logic, so to derive maximum profitability at any given time, it deploys marketing strategies like, selling off seats at nominal or high rates, days before a flight’s scheduled departure or in case there is a risk of seats running vacant, revising and reducing the rates, hours before the departure. Revenue management solution providers automate a lot of the previously mentioned tasks, by analyzing the pre-recorded data and deploying prescriptive analytics to suggest further course of action for any kind of roadblocks being faced by their clients.
To assist our readers in partnering with the best of best RMS providers, bring them some peace of mind and save their precious time, that otherwise might go in collecting feedback from the big names in the industry or rummaging through the internet, CIO Review has come up with the 10 Most Promising Revenue Management Solution Providers 2020.