Technology changes the way businesses interact with their customers, make business decisions, and build workflows. For instance, such actions as booking a flight via phone or conducting solely offline surveys seem unusual these days. Real-time access to data — the 21st-century oil — allows organizations to take informed steps towards operational efficiency.
We discussed with data science specialists and AI startupers how airline industry players use cognitive technologies to reach new heights.
The main applications of AI and data science in the airline industry
Artificial intelligence and its cognitive technologies that make a sense of data can streamline and automate analytics, machinery maintenance, customer service, as well as many other internal processes and tasks. So, AI technologies are useful for various aspects of airline operation management.
1. Revenue management
Revenue management (RM) is the application of data and analytics aimed at defining how to sell a product to those who need it, at a reasonable cost at the right time and using the right channel.
It’s based on the idea that customers perceive product value differently, so the price they are ready to pay for it depends on target groups they belong to and purchase time.
Revenue management specialists make good use of AI to define destinations and …