For a major ferry operator we designed and build a ticket price optimizer. The goal was to maximize the proceeds of ferry travel. The ferries could carry people (seat or cabin), cars, trucks, and cargo. The problem is not unlike the subset sum problem on behavioral big data. The system would change pricing depending on the relation between confirmed bookings and the date of sail. If bookings were relative behind prices would go down and vice versa. The system would also limit the spread of offers to individual customers to guarantee customer satisfaction. Complicating factor was that cars, cargo and trucks would compete for some of the deck space and a large portion of car owners would not book a trip if they could not get a cabin also.
We have designed a very fast, state of art price setting system and connected it to the existing booking systems for people, cars, trucks, and cargo as well as to the legacy administrative systems. After the previous, ten year old, system had been replaced, proceeds went up with 57% and customer satisfaction went up form 5.5 to 7.8 out of 10. Implementing math really made a difference.
Do you think your company could do with an improvement like this? Than don’t muck about, reach out and together we can make it happen.