Services
Veritec’s staff have pricing and revenue management experience across approximately 20 industries. Our experience spans travel industries such as airline, hotel, and rental car in which revenue management and pricing analytics and optimization have been sought for 20 – 30 years, as well as industries that have only more recently begun to pursue more profitable pricing practices.
Veritec offers a comprehensive range of pricing and revenue management consulting services:
- Strategic Consulting – assessment and evaluation of current revenue management, pricing, product design, marketing, and sales efforts and formulation of the best directions for moving forward with a revenue optimization program;
- Opportunity Assessment – an in-depth diagnostic of the opportunities for revenue enhancement and specification of the most effective approach to capitalize on these opportunities;
- Quick Wins – take advantage of near-term opportunities for revenue and profit improvement, focusing on changes to processes, policies, reports, communications, or simple analytical tools;
- Process Improvement – assessment and redesign of the business processes and organizational structure to support a successful revenue optimization program;
- Product Evaluation – unbiased assessment of the best Pricing/Revenue Management product to meet your specific needs, including support throughout the purchase and installation process;
- Audit – assessment of the benefit level obtained from your Revenue Optimization Program relative to its full potential, and provision of a plan for narrowing the gap;
- Interim Departmental Management – on occasion, companies find that they do not have the revenue management leadership they seek. We provide such leadership on an interim basis to ensure that revenue opportunities are not lost or delayed because they are relegated to too low a priority.
Veritec also offers customized software systems solutions, ranging from "low technology" approaches to state-of-the-art revenue management systems. For example, to independent and small hotels, we can provide hotel price optimization support in the form of easy-to-use electronic pricing guides containing price recommendations that reflect competitive conditions. For larger hotel chains, we can provide a full-featured comprehensive hotel price optimization system.
System Design and Development - design and develop Pricing and Revenue Optimization decision support tools that supplement the capabilities provided by revenue management systems. This includes the design and development of a comprehensive Pricing or Revenue Management system in industries for which revenue management system products are not available.
Implementation - successful roll out of custom systems and processes to achieve optimal pricing and revenue management throughout the organization.
Veritec uses an iterative, modular approach to software development. Our approach has been fine-tuned over the years to ensure that development risks are reduced (e.g., high risk areas are addressed in early iterations), key functionality is demonstrated by providing deliverables to our clients well in advance of system delivery, and collaboration with our clients occurs to the fullest extent possible.
It is worth noting that our expertise and involvement can go beyond systems development. Revenue management success is often a result of both strong systems capabilities as well as having supporting business process and policies in place. As appropriate, we can provide whatever training and educational support is necessary to achieve better success with the system. In addition, we can help ensure that business processes are consistent with effective revenue management.
Please contact us to request more information on how Veritec can enable you to get more from your pricing and revenue management programs.