Case study

Evolving Revenue Management to the next level of sophistication for UK’s leading holiday rental group

Forge Holiday Group is one of the UK’s largest holiday-lettings operators. Its proprietary RM system, PRISM, was incepted and developed in 2017 through a collaboration with MV’s founder, Dimitris Hiotis, and has driven portfolio pricing for nearly a decade. After eight years in production it had reached its design limits, while developments in ML and AI have provided a true opportunity to evolve the system further and move to the next level of sophistication.

Key ask

Identify key initiatives to evolve PRISM to a more sophisticated system, taking advantage of key evolutions in RM through ML algorithms and AI applications.

Approach

MV conducted a comprehensive diagnostic by reviewing the current use and application of PRISM, benchmarking vs. best-practice systems in the market and conducting a detailed data-driven analysis of booking and pricing data to identify clear opportunities for PRISM to evolve.

Key results

MV identified 8 core initiatives to evolve PRISM covering strategic initiatives to improve pricing and RM strategy, business model initiatives to enable RM to be less constrained and more aligned to the market and core enhancements that can use ML and AI technology to move to a fully predictive and pro-active RM system. MV conducted a detailed bottom-up business case for the 8 initiatives, identifying potential revenue uplift of 8% by implementing these initiatives.

Holiday cottage by the sea

“I’ve known Dimitris for over 20 years and worked with him across several projects, most recently at Forge where he helped us evolve our revenue management and pricing systems. His instinct for connecting data to commercial outcomes is rare; he understands not just what the numbers say, but what a business should actually do with them. Pricing is one of those disciplines where experience genuinely counts. Dimitris has it in abundance, and I'd put him among the best I've worked with in this space. Always a pleasure.”

— Graham Donoghue, CEO of Forge Holidays Group

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