Claims:We claim:
1. An Artificial Intelligence based rental revenue optimization system for vehicles comprising :
i. A portal for collecting, storing and analyzing customer details ;
ii. A price optimization system;
iii. A customizable dynamic pricing system.
wherein, the price optimal system and customizable dynamic pricing system are operated using Artificial Intelligent technology.
2. The system as claimed in claim 1 wherein, the portal for collecting and analyzing customer details includes the collection of basic details of each customer by logging into the said portal which are stored in the said portals database for analysis.
3. The system as claimed in claim 1 wherein, the artificial intelligence based algorithm is used to determine the rental price based on competitive price, existing market demand, fuel pricing, maintenance requirement, the type and model of the said vehicle.
4. The system as claimed in claim 1 wherein, the said artificial intelligence algorithm is used to determine customer’s rental pattern and suggest customizable packages depending on the said rental pattern thereby suggesting attractive packages for different customers.
, Description:FIELD OF THE INVENTION:
The present invention relates to an Artificial Intelligence (AI) based rental revenue optimization system for vehicles.
BACKGROUND OF THE INVENTION:
Human Intelligence can be explained as the quality of the mind that is made up of capabilities to learn from past experience, adaptation to new situations, handling of abstract ideas and the ability to change his own environment using the gained knowledge. However with recent technological advances, the field of Artificial Intelligence has overcome human behavior which focuses on designing machines that can mimic human behavior. Artificial intelligence (AI) is the simulation of human intelligence processes by machines, which include learning through the acquisition of information and rules for using the information, reasoning by using rules to reach approximate or definite conclusions and self-correction. By presenting an unfamiliar task, an AI system is able to find a solution without human intervention. Artificial intelligence finds application in weather forecasting, traffic light signaling system, occupancy of hotels, medical billing, Automobile Industry etc.
Previously, in automobile rental industry there were rules laid out and fixed prices, where the company would hire employees to carry out in-depth analysis to calculate the fees that customers would pay for the goods and services. However, with the onset of digitalization, artificial intelligence has made a significant contribution where large volumes of uncommon data are generated at various sources and can be used to predict the average rate and utilization in automobile rental industry Thus, AI has its application in vehicles and its rental system which makes it accurate, easier and convenient for the customers to use.
In US7133848B2, it explains a dynamic pricing system that generates pricing recommendations for each product in market using mathematical calculations and models. However, our invention explains a rental revenue optimization system based on Artificial Intelligence which makes it accurate, easier and convenient for the customers to use and aims at allowing the company to generate better revenue. In WO2016000501A1 explains a car rental system based on wireless communication and satellite positioning technology. However, our invention explains a rental revenue optimization system based on Artificial Intelligence which makes it accurate, time saving and efficient compared to the manual method of rental estimation.
OBJECTS OF THE INVENTION:
Our present invention is an Artificial Intelligence based rental revenue optimization system for vehicles. It has a portal for collecting, storing and analyzing the customer details. The customer has to log into the portal and his details have to be shared. Each time when the customer makes a rental request, the details of the type of car selected, offers availed, which time of the year the request was raised are recorded. Also, customer feedback and conditions of the car after being returned by the customer is also recorded. Price Optimization system uses AI to assign rental pricing for each category/type of cars based on the current fuel price, market demand, competitor price and maintenance cost of the particular type of car. Market demand includes seasonal demand, demand for a particular type of car and demand based on location. Maintenance cost includes the maintenance cost for each category or type of cars based on the usage. Dynamic pricing is another AI based algorithm that helps to provide customizable packages and pricing for regular customers.
SUMMARY OF THE INVENTION:
An Artificial Intelligence based rental revenue optimization system for vehicles has a portal for collecting, storing and analyzing the customer details. The customer has to log into the portal and his details have to be shared. Each time when the customer makes a rental request, the details of the type of car selected, offers availed, which time of the year the request was raised are recorded. Also, customer feedback and conditions of the car after being returned by the customer is also recorded. Price Optimization system uses AI to assign rental pricing for each category/type of cars based on the current fuel price, market demand, competitor price and maintenance cost of the particular type of car. Market demand includes seasonal demand, demand for a particular type of car and demand based on location. Maintenance cost includes the maintenance cost for each category or type of cars based on the usage. Dynamic pricing is another AI based algorithm that helps to provide customizable packages and pricing for regular customers.
DESCRIPTION OF THE DRAWINGS:
Fig 1 is a Block Diagram of an Artificial Intelligence based rental revenue optimization system for vehicles.
DETAILED DESCRIPTION OF THE INVENTION WITH RESPECT TO DRAWINGS:
The invention relates to an Artificial Intelligence based rental revenue optimization system for vehicles. With recent technological advances, the field of Artificial Intelligence has overcome human behavior which focuses on designing machines that can mimic human behavior. Artificial Intelligence is making its impact on each and every aspect of human life. Traditionally, in automobile rental industry there were rules laid out and fixed prices that the company would allocate for their employees to carry out in-depth analysis to calculate the fees that customers would pay for the goods and services. However, with the onset of digitalization, artificial intelligence has made a significant contribution where large volumes of uncommon data are generated at various sources and can be used to predict the average rate and utilization in automobile rental industry. Efficiency, customer satisfaction, time saving, revenue optimization are some of key factors that drives the market of Artificial Intelligence based rental revenue optimization system.
An Artificial Intelligence based rental revenue optimization system for vehicles has a portal for collecting, storing and analyzing the customer details. The customer has to log into the portal and his details have to be shared such as name of the customer, his address, his previous history of renting a vehicle at frequent intervals along with its duration, vehicle type and availed offers. These customer details will be stored in a database of the portal. Each time when the customer makes a rental request, the details of the type of car selected, offers availed, which time of the year the request was raised are recorded. The price optimization system uses artificial Intelligence technology to determine the rental price of the vehicle based on competitive price in the market, existing market demand of the vehicle, fuel pricing, maintenance requirement, the type and model of vehicle as per the customers demand. This actually helps the customer to know the right vehicle which would satisfy his needs as per his requirement. Thus each and every customer who logs into the portal could get a vehicle that is specifically suited for his needs. Customizable dynamic pricing system would take its role with the help of artificial Intelligence technology to determine customer’s rental pattern and suggest customizable packages depending on the said rental pattern thereby suggesting attractive packages for different customers. Thus AI helps to create a wonderful experience by predicting customer preferences and offering recommendations based on their requirement. Thus Efficiency, customer satisfaction, time saving, revenue optimization are some of the core features that would help a customer to opt for an Artificial Intelligence based rental revenue optimization system.
Customer details (S1) includes the basic personal details of the customer and allocate a unique login username and password. Each time when the customer makes a rental request, the details of the type of car selected, offers availed, which time of the year the request was raised are recorded. Also, customer feedback and conditions of the car after being returned by the customer is also recorded. Price Optimization system(S2) uses AI to assign rental pricing for each category/type of cars based on the current fuel price(S3), market demand(S4), competitor price(S5) and maintenance cost(S6) of the particular type of car. Market demand (S4) includes seasonal demand, demand for a particular type of car and demand based on location. Maintenance cost (S6) includes the maintenance cost for each category or type of cars based on the usage. Competitor pricing (S5) is the price at which the competitors are renting the cars. This data has to be collected via web. Dynamic pricing (S7) is another AI based algorithm that helps to provide customizable packages and pricing for regular customers. This algorithm shall analyze the rental pattern, the car type preferences, the types of promotion/offers that he/she have claimed and the time of the year that the particular customer has requested car for rental. Based on the customer rental data pattern the algorithm can suggest suitable car type and rental prices.