INFARE talks about The Future of Airline Dynamic Pricing at the IATA Aviation Data Symposium
As the travel industry evolves, more and more airlines are moving towards Dynamic Pricing to stay relevant.
We have been invited to the IATA Data Symposium in Berlin to share our insight on Dynamic Pricing, Airfare Big Data and Machine Learning technologies.
But proper dynamic pricing is no child's play; airlines need to have access and process huge amounts of real-time price data to respond timely to market changes. – Josef Habdank, Infare's Chief Data Scientist
In his presentation, INFARE's Chief Data Scientist disclosed how actual Airfare Big Data and Machine Learning work and how they can help to solve the pressing challenge of Dynamic Pricing for Airlines. Real-time data access and processing design is a must and ensures airlines make the right pricing decisions at the right time.
Bryan Wilson, former British Airways Director of Information Management and IATA CIO & Director of Industry Architecture, moderated and summarised Josef’s speech – “That was fascinating insights into the ways forward on dynamic pricing.” Make sure to watch the keynote till the end to hear the full commentary by the industry expert.
Dynamic Pricing seems to be far away, but in fact it is not… and we are not the only one saying it. According to PROS's Director of Product Management, 2018 will be a transformative year during which a handful of large carriers will start moving towards dynamic pricing science and technologies.
We took a closer look at the past 8 years and tried to pinpoint the main changes that took place since the last financial crisis. The paradigm shift observed between 2010 and 2018 not only allowed airlines to remain profitable business beside all the odds but resulted in Dynamic Pricing being one of the drivers of airline’s success during the upcoming business cycle.
Download the Infographic and learn how airlines increased their net profit by 48% since the financial crisis.
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P.S. To know more about IATA Aviation Data Symposium & AI Lab visit the official website.