Wiremind Cargo's Revenue Optimisation System is a CargoTech first
Enhances CargoStack CMS suite with Revenue Optimisation System developed under CargoTech innovation umbrella
Wiremind Cargo has today launched a new module within its CargoStack CMS suite: Revenue Optimization is a comprehensive decision support tool designed to help sales steerers and flight controllers in three key aspects of their job. For Revenue Management, the system recommends an Entry Condition, or "hurdle rate", to help flight controllers to decide on which bookings to accept on the flight. For pricing, a rate recommendation for spot requests is provided. Lastly, for overbooking, the system provides advice based on the expected show-up rate of booked cargo.
The advice that the system provides is not the only added value it offers. As important as these recommendations based on AI models are the flexibility that the system offers by allowing rules to be set by the user, especially in cases where there is less data, such as on a newly launched route. Finally, one of the key differentiating features of CargoStack Revenue Optimization is the display of key market insights to help with decision-making. For Revenue Management and Pricing, in particular, those insights include live market data (capacity and demand) that are essential to take a decision for a flight controller. This Model, Rules and Insights (MRI) approach offers the right level of advice for each possible use case.
"CargoStack's Revenue Optimization tool is clear evidence of the innovation that can happen when digital expertise is pooled and funded. Thanks to CargoTech's investment in our product, Wiremind Cargo has been able to create the most relevant decision support systems," Nathanaël de Tarade, Chief Executive Officer of Wiremind Cargo, illustrates. "In an industry-first software, our advanced data science algorithms leverage the data available in CargoStack together with live and historical market demand information based on aggregated search data. The result is a fast and convenient tool providing clear analytical insights, and one that Sales Steerers and Flight Controllers will actually use because it really does make their life easier." Not only is the user interface specifically designed for ease of use, and thus stands out from the industry's legacy system, but the tool is scalable, too. "A small airline does not have the same processes for revenue optimization as larger ones do, so we adapt our system to the appropriate use case," he clarifies.
CargoStack is a competitive and highly cost-effective software as a service (SaaS) product enabling seamless interaction between airlines, GHAs, GSAs, and forwarders and offering visibility and control along the entire operational chain from product placement through to flight loading. Wiremind Cargo continuously maintains and updates the product to keep pace with the dynamic changes within the air cargo industry.