Cognitive computing can have significant advantages over static rule-based methods
At Datalex, we have been running simulations to discover trends, patterns and predictive insights across a diverse set of structured and unstructured profile, schedule, offer and order data for real-time computation of offers.
Early results are showing the significant business advantage of cognitive computing over static rule-based methods.
Datalex is partnering with IBM to showcase just how transformative commerce and cognitive technologies will be for the dynamic pricing and optimization of airline offers.
The industry continues to operate on legacy static rule-based methods for computation of offers and prices
With IBM’s capabilities in cognitive systems, cloud services and data and analytics, coupled with Datalex’s digital commerce pricing and offer management capabilities, we are anxious to prove the case for a new approach to dynamic pricing and offer optimization
According to Rob Ranieri, Vice President and Partner, Travel and Transportation, IBM: “The industry continues to operate on legacy static rule-based methods for computation of offers and prices.
"As the volume of variably priced offers continues to expand across an increasing volume of channels, the industry can no longer rely on static rule-based methods. We believe the combination of best-in-breed commerce and cognitive technologies will revolutionize the airline retailing capabilities.”
Ranieri continues: "Travelers are less pleased by their multi-channel digital experiences, which are delivered by way of airline websites, mobile apps and a host of social channels, as they tend to provide generic offers to all passengers regardless of circumstances.
Airlines will have channels that are better coordinated, operate in real-time and can be personalized
"A digital commerce engine that can provide dynamic air and ancillary pricing provides the airlines with an opportunity for revenue expansion through optimized offers across all channels and touchpoints.
"By adopting a digital strategy that embraces mobile, analytics and cognitive solutions, airlines will have channels that are better coordinated, operate in real-time and can be personalized to the traveler's liking."
The IBM discovery algorithms will allow us to create predictive models for optimization of offers through Datalex’s platform. But there's lots more to come, and we look forward to sharing more results! Sign up to the Datalex blog to find out more.
Excerpts in this article are taken from a recent post on the IBM ‘Think blog’. Click here for more from Datalex