At RTS, we have the expertise, experience, and knowledge in Business Analytics for Travel Transportation domain. Our consultants have higher degrees in operations research coupled with business knowledge and the ability to model business challenges analytically. We have been involved in developing several forecasting and optimization projects to forecast demand, capacity, and customer behavior. In addition, we have worked on modeling and analysis of capacity planning, resource allocation, contract planning, routing, and pricing.
Business Analytics is the discipline of applying advanced mathematical and analytical methods to help companies make better decisions and build more productive systems. Business analytics considers all available options and constraints, carefully predicts outcomes and associated risks, takes advantage of available data, and deploys latest mathematical and statistical models to recommend the best option(s). It is a uniquely powerful approach to enhance your decision-making capabilities. Business Analytics has enhanced organizations and experiences all around us - from better scheduling of airline crews to the design of waiting lines at Disney theme parks and from global resource planning decisions to optimizing hundreds of local delivery routes.
Some of the techniques used in Business analytics. include:
- Simulation - the ability to try out approaches and test ideas for improvement.
- Optimization - narrowing down the choices to the very best when there are virtually innumerable feasible options and comparing them is difficult.
- Probability and Statistics - helping to measure risk, mine data to find valuable connections and insights, test conclusions, and make reliable forecasts.
RTS Business Analytics Services RTS provides modeling, analysis, and decision support capabilities to the travel and transportation industry, including :
- Statistical Analysis of data Cost modeling - Price elasticity – Relationships between business variables, etc.
- Forecasting Forecasting of demand - Customer behavior - Supply, etc.
- Revenue management Inventory control - Space allocation - Allotment planning .
- Pricing Dynamic pricing - Target pricing - Customer value pricing, etc.
- Scheduling Routing - Schedule analysis - Fleet management - Shift scheduling, etc.
- Transportation planning Depot location - Tracking - Mode selection, etc.
- Resource allocation Capacity planning - Product planning - Distribution planning - Inventory control, etc.
We adopt the following approach when performing Business Analytics projects:
1. Understand the challenges – this includes identifying the business objectives, understanding the constraints, and defining the relationships and structure of the challenges. This defines the scope of the problem and is accomplished through discussions with key stakeholders and people involved in the business processes associated with the challenges.
2. Identify and analyze the required data for quality, completeness, and validity. This will define the relationships to be used in structuring the problem and the type of forecasting methods to be used.
3. Develop a model to represent the business challenge considering objectives, constraints, and data. The type of model and the exact structure of model will depend on the above as well as the ability and the need to solve the model heuristically or optimally. There may a few iterations during this stage to finalize the model that best represents reality
4. Analyze model results in the light of changes to data or business scenarios is a critical step in finalizing the recommendations. For example, sensitivity to changes in cost or demand needs to be analyzed.
5. The final step is to present the results, review, and make adjustments as needed.
There may be a few iterations between the some or all of the steps before final recommendations are made. The users and stakeholders need to be on board on the representation of reality and data throughout the project.
- Business Analytics is at the core of everything we do at Revenue Technology Solutions (RTS).
- Our revenue management, pricing, and scheduling software solutions incorporate industry leading statistical forecasting models and network optimization models.
- We, at RTS, have deployed operations research techniques to solve real-life challenges in the travel and transportation industry over the last thirty years.
- We have successfully developed several advanced planning and operational systems using business Operations Research based methodologies which enabled our customers to make better decisions.
- Our people bring together a vast amount of expertise and experience in business analytics, industry expertise, and IT, which are the key components of our and our customer’s success.