Business Description
"Airline revenue management is a strategic approach that involves optimizing the pricing and allocation of airline seat inventory to maximize revenue and profitability. Over the last three decades, revenue management has followed a conventional framework, but advancements in technology, particularly in big data and artificial intelligence/machine learning (AI/ML), are reshaping the future of this field.The emergence of big data and improvements in hardware have facilitated the efficient storage and processing of vast amounts of data. This data includes historical sales, customer preferences, market trends, competitor information, and various other factors that impact demand for airline tickets. The availability of such extensive data sets has opened up new possibilities for revenue management."
