Airlines can add up to 5% additional net revenues to the bottom line if they improve their pricing processes, access real-time data to calculate fares, and rely on cloud-based technology to uncover hidden revenue opportunities, according to "The High Cost of Doing Nothing," our recently published infographic.
Shortly after unveiling our pricing intelligence platform at the Aviation Festival in Miami last month, my colleague and Airnguru co-founder Javier Jimenez and I were interviewed by Airline Profits. And when it comes to airline profits, we quickly formed a consensus - there aren't enough of them.
CEO Sergio Mendoza explained how Big Data and Artificial Intelligence (AI) are changing our lives, our jobs and airline pricing, as Airnguru participated as an exhibitor at Aviation Festival Europe 2016, held in London on 7-9 September.
Ticketing and distribution systems can also face computer glitches that, in the dynamics of yield management, can have a ripple effect. These can be costly mistakes if the airline is not fast to correct it, due to a complex networked structure of legacy carriers, hiding errors and inconsistencies.
Will Artificial Intelligence rival airline revenue management and pricing analysts?
It is a fact, and surely you heard it is happening. The time when machines learn has come. In the airline industry, machines can learn about fare gaps from themselves, and airlines are looking beyond historical trends for yield management. They are running predictive analytics and interpretations. But will they replace or empower revenue management and pricing analysts?
Earlier, we looked at some airline industry trends, wondering whether airline pricing optimization would evolve by 2020, as digital developments in areas such as Big Data, the Internet of Things (IoT) and Artificial Intelligence are reshaping the way airline pricing analytics works.
A couple of weeks ago, Richard Branson, the founder of Virgin Airlines, called for an exciting challenge on LinkedIn. He asked people how they think air travel will have changed in 10 years’ time.
Market dynamics around large sport events like the Olympics test yield management and advanced predictive analytics of the airline industry.
In an ordinary day, airline pricing and yield management are a dynamic, competitive chess game for airline revenue managers. Now, imagine a major event that gathers people from around the world, which completely changes the dynamics of the market and flight demand patterns.
Pricing optimization and revenue management will have a very different face by 2020. Digital developments in areas such as Big Data, the Internet of Things (IoT) and Artificial Intelligence will ultimately reshape the way airline pricing analytics works.
Recently, we had an exciting experience at Aviation Festival Americas in Miami, where we met experts and discussed some of their most significant concerns in revenue management, pricing intelligence, airline fare visualization and big data analysis.
The airline industry continues running a roadshow of seminars, encounters and events around the world to meet, network and discuss important issues at all levels of operations.
Here is a list of interesting conferences airline pricing and revenue managers should attend over the next 12 months.
Today, airline industry executives in charge of pricing optimization and revenue management must develop skills in different areas: big data mining, airline pricing intelligence, data science and price visualization, to say the least.
With this in mind, I was thinking what books should you be reading to keep yourselves updated. I provide you with some of the bestselling books for our field of work.