Veovo launches a new next-generation revenue management platform
Unifying automation, predictive insight and charge flexibility to help airports accelerate time-to-revenue realisation and improve cash flow visibility.
Veovo, at Passenger Terminal Expo 2019, has unveiled the Veovo R8 Revenue Management System – its next-generation aero and non-aero billing platform.
With significant enhancements to processing speed, automation, charge management and user experience, R8 Revenue Management helps airports accelerate time to invoice, improve revenue forecasting, win new carriers and expand routes.
“As airports face a new era of capacity constraints, they urgently need to find ways to reduce revenue leakage and create new sources of revenue to fund future infrastructure development,” said Chris Warrington, VP of Veovo. “R8 Revenue Management has been designed to tackle these challenges head on and is the industry’s only platform that provides bill-ready aero transactions, real-time revenue recognition, and unparalleled charge flexibility.”
An airport’s largest source of income is aeronautical charges levied per flight, calculated on factors such as landing weight, time of day, passenger numbers and resources like baggage belts, gates and buses. However, the complexity of airport operations and the disconnection between revenue and operational systems can delay billing data availability and slow revenue realisation.
R8 Revenue Management addresses this by accelerating time-to-revenue generation through end-to-end automated processing (bill-ready aero transactions and intelligent exception handling slashes time to invoice); smoothing cash flow with real-time revenue recognition (in-line analytics gives financial managers a real-time view of the economic impact of operations, with insight into aero and non-aero accrued revenue); and winning new carriers and improving throughput with any charge, discount and billing criteria (airports can create the differentiated tariff structures they need to expand routes, promote off-peak slot uptake or encourage faster aircraft turnarounds.)
R8 Revenue Management is a key module of Veovo’s Predictive Collaboration Platform which connects, automates and optimises processes against real-time events across the airport. By generating a role-specific and business-orientated answer to challenges, Veovo helps airports plan, predict and perfect operations, and improve financial and guest experience outcomes.
Over 70 airports worldwide benefit from the Revenue Management software, including Dublin, Melbourne, Hong Kong International and the UK’s AGS Group. The new R8 version is currently being rolled out to several airports including Belfast International and a Tier 1 U.S. airport.