The tool is aimed at helping revenue managers eliminate manual processes with machine learning and artificial intelligence framework.
Image: RateGain Technologies
RateGain Technologies announced at the 2021 International Car Rental Show the launch of revAI, the first end-to-end AI-powered demand forecasting and price optimization platform for car rentals.
The summer of 2021 witnessed a surge in car rental demand, with most travelers experiencing supply shortages, highlighting the problematic process of forecasting demand accurately and managing fleets more precisely. This supply-demand gap limits revenue maximization opportunities for car rental operators.
revAI seeks to solve revenue leakage by looking at 25 demand indicators that drive hyper-local demand at a city level to help car rental operators clearly understand the market potential and adjust their strategy to reach their maximum revenue potential in any given day. revAI combines this with a price optimization module, which enables revenue managers to capture the incremental market share through an AI-driven-price recommendation engine.
While most demand forecasting solutions rely on historical bookings, revAI uses forward-looking demand indicators that are credible in quantifying demand at a hyper-local level for the city. The forecast and understanding of market demand can also help identify dates that need attention, ensuring that car rental operators never lose an opportunity to maximize.
The platform drives automation and digitization. It is aimed to help revenue managers eliminate manual processes such as complex spreadsheets and multiple data sources. revAI provides revenue managers with one single platform to understand demand, determine their pricing strategy and let the system execute that strategy seamlessly to stay ahead and drive recovery through sophisticated machine learning and artificial intelligence framework.
Commenting on the launch, Group CEO Harmeet Singh, said: “Car rentals are one of the hardest hit by demand volatility and have very little bandwidth or technology support to adapt. With revAI, we are committed to changing that. Our solution will essentially bridge the gap between forecast and revenue maximization by ensuring that every rental is profitable, reduces time, effort and improves margins.”
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