Car Park Revenue Management System (CPRM)

Maximize revenues by optimizing car park utilization
Home > Overview – Airport Analytics Solution > Car Park Revenue Management System (CPRM)

Overview – Car Park Revenue Management System

Airport Analytics (AA+) Car Park Revenue Management System (CPRM) is a demand driven dynamic pricing system for car parks in an Airport or even in Malls or Parking Zones. Airport Analytics (AA+) Car Park Revenue Management System predict and recommends future price every day for few days ahead based on historical data analytics, algorithms and business rules. It is an extension to AA+ car park analytics framework for revenue optimization and is built on advanced statistical models with several linear and non-linear variables for occupancy predictions

Does demand exceed your car park capacity? Or the other way round? In either case, get the price right!

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Challenges in Maximizing Airport Car Park Revenues

With decline in aeronautical revenues, airports are increasingly becoming aware of the need to maximize their non-aeronautical revenues to maintain their profitability. GrayMatter‘s AA+ Car Park Revenue Management System is a key contributor towards non-aero revenues. Following are the challenges in achieving high revenues in airport car parks

Why Airport Analytics (AA+) Car Park Revenue Management System (CPRM) ?

  • Airport Analytics (AA+) CPRM predicts pricing every day for the next few days factoring historical trends as well as recent data
  • The solution operates within the definition of business rules
  • The solution includes regular monitoring that alerts re-modelling activities in case pricing off target
  • Airport Analytics (AA+) CPRM allows end user to override the system recommended pricing
  • The solution offers what-if-analysis capabilities to enable end users to do their own analyses andmake informed decisions
  • The solution offers customer segment specific pricing
  • The solution factors seasonality, adjustments due to special events
  • CPRM factors competitor pricing
cprm

Airport Analytics (AA+) CPRM Solution Approach

Historical data processing

  • Uses past 2+ years of historical transactions and reservations
  • Data cleaning – outlier detection, identifying constrained periods & special events
  • Customize demand prediction model according to specific business needs

Decision Optimization

  • Factors affecting demand analysed
  • Historical data as well as recent trends included in analysis
  • Demand models generated for identified demand groups
  • Using business constraints, predictions generates pricing decisions

Monitoring Process

  • Monitors patterns and predictions in a predefined frequency
  • Significant deviations results in alerts and re-modelling activities

Solution Architecture

Car Park Revenue Management System

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