OUR INDUSTRY PARTNER

^{Revenue Management Solutions (RMS) is a global consulting firm focused on the food service and hospitality industry. Through leveraging on quantitative data, they are able to deliver increased profits and margins for their clients through a suite of product offerings such as menu pricing strategies and menu design optimisation.}

WHAT WE HAVE DEVELOPED

^{An on-cloud platform solution which allows for self-service pricing analytics, utilising best-in-class machine learning algorithms which are purpose-built for for F&B menu price optimisation. Based on historical data of the prices and demand of menu items, optimal prices are recommended to maximise either profit or revenue.} 

^{Our platform solution accelerates and enhances the client engagement process for revenue management consultants, allowing them to better serve their clients. The solution is robust and capable of processing data from a restaurant chain with 973 stores, 153 menu items over a 1 year period and with over 500 business constraints.}

PREDICTING DEMAND

^{Historical data on prices and weekly sales are used to train gradient-boosted tree models for each menu item that estimates weekly demand based on menu prices.} 

^{A demand prediction model is trained for each item using all available menu prices as input for each model, emulating the business challenge of maximising revenue using only prices as the actionable input.}

OPTIMISING PRICES

^{Utilising the trained demand models, a genetic algorithm price recommender is used to optimise a store's profit.}

THE NEXT STEPS FOR OUR PLATFORM SOLUTION

^{Through our frequent discussions with our industry partner, the development of the platform solution has been aligned with their needs. To wrap up Capstone, the platform solution will be handed over to our industry partner along with developer and user manuals. Our team will also remain open to having further discussions with our industry partners to help them better adapt our platform solution to suit their evolving needs.}

INDUSTRY PARTNER