PROS®, the revenue and profit realization company, today announced new innovations for RevenuePRO, its cloud-based revenue management solution for the airline industry. PROS is a leading developer of revenue management solutions for airlines, serving carriers in 55 countries around the globe.
Using data science-driven insights, RevenuePRO enables carriers to realize increased revenue by better forecasting demand, setting optimal pricing and managing dynamic availability to instantly respond to both group and individual requests.
“Airlines around the world are redefining the customer experience through dynamic pricing, offer optimization and offer personalization,” said PROS Chief Marketing Officer Patrick Schneidau. “Airlines are again at the forefront as they look to reshape other parts of their business model through the lens of advanced revenue management. With new capabilities for data science-driven analytics, PROS continues to innovate and enhance its solutions with prescriptive, actionable insights that enable airlines to realize their revenue and profit potential.”
Airline executives are looking for new ways to generate meaningful revenue growth by improving pricing strategies and managing inventory. RevenuePRO provides carriers with a platform that increases visibility, and business and customer engagement, to help airlines accurately forecast demand, and differentiate price and availability. The platform includes PROS O&D, PROS Availability Server and PROS Group Sales Optimizer.
RevenuePRO is a cloud-based solution that leverages data science-driven prescriptive analytics to help accurately forecast ever-changing demand; confidently scale winning pricing strategies to increase profits; and streamline decision-making so organizations can realize their revenue growth and profit potential.
PROS Availability Server with Real-Time Dynamic Pricing PROS Availability Server is a high-performance engine that provides airlines with real-time availability across all channels. PROS enables airlines and their customers to circumvent the expensive and restrictive chokeholds of today’s Global Distribution Systems (GDS). With PROS Availability Server, customers can view real-time flight options and fares rather than stale data that may not surface the latest offers from participating carriers. At the same time, airlines are able to personalize offers and deliver a frictionless buying experience based on optimized availability that converts offers to bookings without increasing costs.
The highly scalable architecture of PROS Availability Server featured in “The Art of Scalability” by Martin L. Abbott and Michael T. Fisher creates real-time dynamic offers, at a fraction of the cost using commodity hardware, without relying on expensive mainframes. The latest spring release of PROS Availability Server includes new and enhanced features:
Minimum availability capabilities protect against revenue leaks: Airlines can’t always predict when travel agents are booking trips with the intent to eventually cancel one or more of the segments. PROS Availability Server prevents agents from bypassing availability controls by simulating and evaluating multiple origin and destination segments. With married segment control capabilities, airlines can evaluate multiple shopping offers at request time and apply data science to prevent revenue leaks that may eventually result from cancellations or other changes to existing orders.
Advanced channel integration: PROS Availability Server provides carriers with consistent availability across the entire revenue management system and every selling channel. Airlines are able to integrate with external systems to provide their customers with real-time availability and guarantee their best offers for customers at the time of purchase.
PROS O&D (Origin & Destination) PROS has enhanced its state-of-the-art revenue optimization solution to provide carriers with a highly configurable system that delivers significant incremental benefits using advanced data science-driven analytics to forecast and optimize network revenue.
• Enhanced forecast analytics: Data science-driven analytics provide airlines with enhanced forecasting visibility, which enables them to better forecast demand for each flight. Carriers are able to optimize their flight networks and provide the most current availability to passengers based on their flight records.
• Data science-based Frequent Flyer Optimizer: Airlines can better serve their customers with new visibility into frequent flyer analytics to provide travelers with the most accurate fares that fit their specific shopping behaviors.
• Expanded Pricing Centric Fare Valuation (PCFV): PROS O&D now considers the connection airport when calculating daily fares for specific itineraries. The enhancement provides demand and fare analysts with additional configurability, and ensures future demand is properly valued.
PROS Group Sales Optimizer (GSO) The newest spring release of GSO provides airlines with a unique and comprehensive data science-based group revenue optimization solution that empowers confident decision-making and increases group revenue.
• Booking management enhances productivity: Agents gain greater visibility to booking information that enables them to accelerate and simplify the booking management process. PROS has added a new capability that allows agents to cancel the booking with a single click.
• Automated contract generation: New configurable contract templates can be used in conjunction with client-specific terms and conditions to automatically generate the right contract for every group request.
• Record and track payments: Airlines can now record payments against system-generated contracts and pro-forma invoices, and track balances for future actions.
PROS Holdings, Inc. (pros.com) is a revenue and profit realization company that helps B2B and B2C customers realize their potential through the blend of simplicity and data science. PROS offers cloud solutions to help accelerate sales, formulate winning pricing strategies and align product, demand and availability. PROS revenue and profit realization solutions are designed to allow customers to experience meaningful revenue growth, sustained profitability and modernized business processes.
This press release contains forward-looking statements, including statements about the functionality and benefits of revenue and profit realization software to organizations generally as well as the functionality and benefits of PROS software products. The forward-looking statements contained in this press release are based upon PROS historical experience with revenue and profit realization software and its current expectations of the benefits of revenue and profit realization software for organizations that implement and utilize such software. Factors that could cause actual results to differ materially from those described herein include the addressability of an organization’s revenue and profit realization software needs, the risks associated with PROS developing and enhancing products with the functionality necessary to deliver the stated results and the risks associated with the complex implementation and maintenance of revenue and profit realization software such as PROS software products. Additional information relating to the uncertainty affecting the PROS business is contained in PROS filings with the Securities and Exchange Commission. These forward-looking statements represent PROS expectations as of the date of this press release. Subsequent events may cause these expectations to change, and PROS disclaims any obligations to update or alter these forward-looking statements in the future whether as a result of new information, future events or otherwise.