A New Reveue Management System
CodeGen, the specialist software technology company, have developed a revolutionary new approach to an aged application – Revenue Management. CodeGen's R&D team are two years into a three year project developing their ground-breaking concept, which will be named 'Revenue Manager' when it becomes available within their TravelBox brand, in the next few months.
CodeGen's Bharat Patel (Commercial Director) stated, in advance of the 2011 World Travel Market exhibition, being held at London's Excel Centre between November 7th and 10th,"We are currently planning a strategy to display the capabilities of our developments to our existing clients, some of whom we have worked closely with during the early R & D stages. It is fair to say we are all very excited about this development and believe it will offer a new dynamic approach to this key business requirement".
Revenue Manager will be offered by CodeGen as an integral module within the company's TravelBox product suite, or as a stand-alone application that can be integrated into any environment.
"The traditional approach to revenue management has been to analyse market trends and then adjust the supply and pricing to maximise revenue. The effort necessary to make this analysis meaningful is often prohibitive and the results are not sufficiently dynamic to respond to needs of rapidly-changing markets", added Patel. "CodeGen's Revenue Management System will use state of the art analysis and visualisation techniques to make it convenient for any Business Analyst to gather, visualise, analyse and model data".
In the CodeGen Revenue Management System, created models can be 'dry-run' and the impacts visualised, by applying them into the business scenarios, thus allowing users to experiment and fine-tune the model parameters, thus easily comparing strategies side-by-side. The system will also include a comprehensive scheduling platform, used to gather and update data, perform revenue optimisation runs and to generate and publish reports.
Patel concluded, "Although our development is not yet finalised and we are naturally taking a cautious approach to promoting the benefits, we have decided that WTM is an excellent platform from which to start our business discussions, and although we do not see the product being restricted to the Travel Industry, we know that many of our existing clients within this established market will be in a single place at the same time, and eager to talk to us about how this may fulfil their individual business needs".