Virgin Atlantic Cargo Goes Live with Industry's First Air Cargo Price Optimization Solution - RTS CargoPriceOpt
Plano, TX (PRWEB) October 24, 2013 -- Revenue Technology Services (RTS), provider of profit optimization tools for the travel and transportation industry, announced that Virgin Atlantic Cargo, the world’s leading cargo airline achieved successful delivery of phase 2 of the RTS CargoPriceOpt solution implementation. RTS CargoPriceOpt is a comprehensive pricing decision support system for the cargo industry that considers multiple factors such as competition, customer value, price elasticity and costs to recommend prices.
Virgin Atlantic is the second largest long haul UK airline and serves several destinations in Europe, North America, Africa, Asia, Australia, and the Caribbean since 1984. RTS CargoPriceOpt solution supports the airline’s medium term pricing process in determining the best rates to be offered to customers, considering both profitability and other key performance indicators. Given that the bulk of the cargo business is managed through contract rates, Virgin Atlantic Cargo needed a robust solution to support this process through intelligent customer valuation, integration of 3rd party data elements for market share and capacity share, and models for price elasticity and costs. Combined with the above mentioned elements, the system generates optimal contract rates and rate sheets for the business to meet the goals of the process.
RTS Project Manager Patrick Allen said, “We have been extremely pleased with the collaborative efforts between the various teams at Virgin Atlantic Cargo and RTS over the last eight months to deliver this phase of the project on schedule.” The go-live was achieved in July after an extensive implementation effort that involved the development of advanced mathematical optimization techniques to create a cutting-edge price optimization solution that identifies pricing opportunities and brings a new definition of customer value. Virgin Atlantic Cargo and RTS together rigorously tested the solution to ensure that it met all business requirements before going live. The solution is hosted at RTS data centers.
Dan Parker, Vice President Commercial commented “In order to maximize the revenue and yield potential of our aircraft and network, we need to be in a position to make the best, most informed sales decisions for us and our customers. The RTS software has impressed us because it is extremely user friendly and addresses some of the most important pricing decisions we face on a daily basis.”
Alex Rowe, Manager, Pricing Development & Strategy said “Virgin Atlantic Cargo is pleased to introduce the enhanced RTS CargoPriceOpt software to our business which will increase our analysis capabilities and help optimise our preferential rates. In an ever-competitive global market the RTS CargoPriceOpt software enables us to better identify the characteristics, value and behaviour of a customer and support our Sales effort with improved guidance and recommendations.”
Mukundh Parthasarathy, Vice President of Cargo solutions for Revenue Technology Services chimed in, “To have the world’s first air cargo price optimization solution implemented at Virgin Atlantic Cargo is a huge achievement for our cargo suite. Adding to this, we are the only company to have an integrated cargo revenue management and cargo pricing solution.”
"Revenue Technology Services is committed to the air cargo industry and make positive changes to the air cargo automation world," said Raja Kasilingam, President and COO of Revenue Technology Services. We are delighted to add this product to the industry-leading suite of products we offer to the marketplace, all designed to help carriers’ better market and sell their product, operate efficiently, and serve their customers better."
About RTS
Revenue Technology Services is a worldwide provider of profit enhancing revenue management and pricing software solutions for passenger and cargo, consulting services, and IT development support for the airline, cruise ferry, and rail industries. RTS is headquartered in Dallas, Texas with offices in UK and South Africa and a development centre in IT Park in Chandigarh, India. For additional information, visit http://www.rtscorp.com or contact rts.information(at)rtscorp(dot)com or 1-972-573-1600
About Virgin Atlantic Cargo
Virgin Atlantic Cargo is synonymous with the highest levels of reliability and customer service. It is a commitment that customers have rewarded with 11 global 'Cargo Airline of the Year' awards since 2002. As the cargo division of Virgin Atlantic Airways, one of the world's leading long-haul airlines, Virgin Atlantic Cargo provides direct flights to many of the greatest cities in the world, including Boston, Chicago, Las Vegas, Los Angeles, Miami, New York, Orlando, San Francisco and Washington DC in the Americas as well as destinations in the Caribbean, Australia, Canada, China, Dubai, Hong Kong, India, Japan, Nigeria and South Africa. Combined with its onforwarding network, Virgin Atlantic Cargo customers have access to over 350 destinations worldwide, included those of its partner airlines, V Australia. For additional information, please contact Karen Kerslake, Head of Marketing at karen.kerslake(at)fly(dot)virgin(dot)com
Deeshi Gandhi, http://www.rtscorp.com, +1 (469) 333-8001, [email protected]
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