Car Park Revenue Management (CPRM)

Description

Car Park Revenue Management (CPRM) maximizes revenues at airport car parks by demand forecasting and price optimization. CPRM is a demand-driven dynamic pricing system consisting of machine learning enabled future price recommendation, supported by dashboards and reports providing historical analysis of bookings and prices as well as representation of outcomes of the data science models. The solution takes into consideration the following aspects:

  • Length of Stay
  • Day of Week
  • Competitor Pricing
  • Booking Pace
  • Traffic Trend
  • Seasonality
  • Special Events
  • Digital Promotions
  • Price Elasticity with Demand

You can read more about the solution here.