Putting Data-Driven Insights at the Core of Your Business Strategy

In this video from Skift Global Forum East 2022, we hear from Jens Munch, co-founder and CEO of Pace Revenue (now FLYR for Hospitality), on why it's so hard for travel companies to make the right dynamic pricing decisions and how artificial intelligence can eliminate those problems.

Key Insights

Seizing a $1 trillion opportunity: According to research from Pace Revenue, there is 10 to 20 percent revenue leakage across the entire travel industry due to pricing decisions made with insufficient data. Addressing that leakage adds up to approximately $1 trillion.

Navigating the complex maze of decisions: How many rooms have already been sold, what should the remaining rooms cost, how expensive are the distribution channels? The factors that impact revenue management are no less challenging than trading on Wall Street. Predicting the future amidst highly dynamic demand requires technology that can optimize decision-making around the clock.

The need for bold leadership: True hospitality innovators will need to make bold decisions, shifting dollars away from legacy systems toward a new model. True digital transformation requires a leadership team committed to the change. A recent Accenture study shows that just 13 percent of travel companies have the maturity today to unlock the full potential of artificial intelligence.

As hotels and airlines look for opportunities to jump ahead of the competition, the winners will be the pioneers who leverage a scalable, repeatable, and measurable decision-making engine.

This content was created collaboratively by FLYR and Skift's branded content studio, SkiftX.