In this recent webinar, FLYR’s head of artificial intelligence and machine learning explained how airlines can gather the right insights, update them continuously, and have them readily available to accurately predict changes and optimize revenue in the rapidly evolving air travel environment.
A recent Skift webinar, “How AI and Machine Learning Will Transform Airline Revenue Management”, presented in partnership with FLYR, highlighted how airlines can update their legacy revenue management systems by implementing artificial intelligence and machine learning models that will help them predict and plan revenue strategies in real time.
In this video:
- Volatility and unpredictability are the new normal. We’re continuing to see route cuts, staff shortages, travel restrictions, and inflation. That volatility has huge implications not only for customer satisfaction, but also for airline safety, operational efficiency, and cost planning.
- Data is hard, but artificial intelligence makes it easier. It’s impossible for humans to manually process all the information they’re collecting from digital resources. The good news is that airlines already have a lot of key information at their fingertips, so now they need to focus on unlocking those insights.
- Real-time decision making is critical. Legacy systems don’t allow carriers to surface trends in the moment because they were built to work in stable environments where things don’t change much. In today’s business, they’re not able to take advantage of the volume or velocity of data.
- AI is an “intelligent sidekick”. Artificial intelligence is not replacing airline data analysts, but rather is enhancing their ability to make coordinated, strategic decisions impacting different levels of the organization — instead of spending all of their time manually processing data.
- Airlines have to regain their mojo. The industry was a pioneer in revenue strategies like ancillary sales and unbundling, but has underinvested in the tools to optimize revenue management. Now is the time to take advantage of the new technology to boost their recovery and set themselves up for success.
Travel demand is taking off around the world, and the numbers are fairly striking. But it’s also become abundantly clear that there will continue to be day-to-day, week-to-week and month-to-month uncertainty as the airline industry evolves.
It’s difficult for airlines — and indeed, travel companies across the spectrum — to make dozens of daily decisions impacting costs and customer satisfaction, and they must find some semblance of reliable revenue forecasting.
In this recent webinar, FLYR and Skift discussed how airlines can use artificial intelligence and machine learning to gather the right insights, update them continuously, and have them readily available to accurately predict changes and optimize revenue in the rapidly evolving air travel environment.