Revenue Analytics Unveils FareVantage, Next-Generation Revenue Management for Passenger Rail
Revenue Analytics’s First-Of-Its-Kind Software Will Give Modern Train Operators Big Gains in Ridership, Revenue, Team Efficiency, and Customer Experience
Revenue Analytics, pioneers in revenue management and predictive analytics solutions, announced the launch of FareVantage, a breakthrough Revenue Management System (RMS) for the passenger rail industry. FareVantage™ is the only RMS powered by advanced analytics and built specifically for modern train operators. With state-of-the-art automation and intelligence, FareVantage™ gives revenue management teams the ability to work faster and smarter, and achieve significant improvements in ridership, revenue, team efficiency, and customer experience.
“That’s why we start and end each software implementation with ‘human intelligence’—tailoring the software to the customer’s needs, ensuring adoption, and providing ongoing support long after launch.”
“Today’s train operators need to maximize ridership and revenue, but their current tools just aren’t up to the challenge. Excel isn’t a real RM system. And homegrown systems and off-the-shelf software either don’t have the sophisticated analytics revenue management teams need, or they’re clunky copies of RM systems designed for other industries decades ago,” said Dax Cross, Chief Executive Officer at Revenue Analytics. “That’s why we’re thrilled to announce FareVantage, revolutionary software designed to meet the unique needs of train operators and powered by the most advanced pricing science and predictive analytics technology available.”
Leveraging the power of predictive analytics and artificial intelligence, FareVantage delivers these valuable benefits:
- Gives revenue management teams 80% of their time back and the ability to focus on high-level strategic tasks by providing trustworthy recommendations;
- Improves RMS forecast accuracy 35% by incorporating advanced capabilities in sports match and special events forecasting, walk-up demand forecasting, modeling, and more;
- Boosts revenue 3-4% by automating away busywork so teams have time to implement daily recommendation reviews and updates to journeys at scale;
- Surfaces the highest priority opportunities for teams so they know where to focus to make the biggest impact with their time;
- Provides tools to better plan, manage, and review decisions, and flag overrides and review their performance;
- Integrates with current and future national reservation systems and all business intelligence tools.
In addition to the FareVantage™ software, Revenue Analytics offers customers premium, cutting-edge services—including a split ticketing assessment, revenue management diagnostic, and competitive intelligence integration.
All customers also receive included services to make each software implementation a success. “We believe that technology must be useful or it’s not worth having,” said Stan Ward, Vice President, Passenger Rail, at Revenue Analytics. “That’s why we start and end each software implementation with ‘human intelligence’—tailoring the software to the customer’s needs, ensuring adoption, and providing ongoing support long after launch.”