Airline demand forecast
PredictHQ sorts through the noise to figure out which events are likely to impact airlines specifically.
By predicting when demand is high and relatively inelastic, lower fares can be restricted; by anticipating when demand is low but elastic, lower fares can be made more available. But what is it about airlines that necessitates a dedicated product, compared to, say, ride-hailing companies?
These could be higher-profile events, such as Oktoberfest in Munich, or industry events like the World Dairy Expo in Madison, with around 20, people flying in to attend.
Airline industry growth projections
Many companies report that absolute accuracy changes over time — in a highly dynamic market with large unforeseen changes - but that FVA for key steps in the process can be a more consistent measurement of performance. In summary then, despite the gains in airline revenue management over the past 30 years, forecast accuracy remains an under utilised metric. Trends in Accuracy: Are we getting better or worse at our day out forecasts? Deriving meaningful insights from this data can help cities figure out the real-time flow of people and traffic , for example, or enable life insurance providers to establish more accurate mortality rates. Businesses crave smart data and the relevancy to make lightning fast decisions in a competitive landscape. In-flight Today, PredictHQ has announced its first industry-specific product — built with airlines squarely in mind. Who touches the forecast? If an airline can foresee a demand spike that will be generated by three or four events happening in a region at the same time, it can schedule more flights to cater to this demand and win more customers in the process. Well, not all events are created equal — and some are far more likely to attract inbound air traffic.
Ultimately, big data is cumbersome, and simply saying you have a lot of data does not mean you are extracting value. Are you missing the forecast because you have over-forecast demand — and therefore go out with empty seats spoilage or because you have under forecast demand and fill up too many seats with cheap fares spill?
GamesBeat Summit AprilBig data has emerged as a lucrative by-product of the digital revolution, enabled by vast banks of information collated from the likes of smartphones, sensor networks, and cloud-based apps and databases. Contact Tom at tom.
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