What revenue management of the future & a smart car have in common
In the current everything - everywhere - now market environment revenue management (RM) algorithms, principles & assumptions from the past that most airline RM systems are based on are less and less relevant.
This means loss of revenue opportunities in an increasingly crowded market place. It is a bit like driving a vintage car on current motorways instead of making use of a smart car which uses artificial intelligence and machine learning to take into account real time influence
laurent lebard, CEO at YIELDIN RM solutions compared RM to a smart car that adjusts speed automatically to keep the chosen distance to the front car & changes direction in case of roadworks etc.
At the International Air Transport Association (IATA) ADS Airline Data Symposium event in Berlin he points out that traditional RM approaches work for an easy & straight road. The smart car type of solutions are adapted for a complex & dynamic environment. They are self learning & keep improving. Watch the video here.
#aviation #artificialintelligence #machinelearning #revenuemanagement #pricing #strategy #airline #ITmanagement #iata Estelle Gueritey @Alexandre de Tenorio