PROS Willingness-to-Pay (WTP) Forecasting and Optimization Technology Powers the Future of Airline Revenue Management
Malaysia Airlines’ revenue optimization strategy anchored by latest innovations in revenue management to deliver right pricing every time
PROS, a provider of SaaS solutions optimizing shopping and selling experiences, today highlighted the power of its willingness-to-pay (WTP) forecasting and optimization technology with the implementation at Malaysia Airlines. WTP is available in PROS RM Advantage, an edition of Airline Revenue Management, that gives airlines access to the latest in technology and revenue management best practices and workflows. With WTP, airlines can overcome common buy-down challenges in priceable demand markets by utilizing the power of artificial intelligence (AI) and pricing science at scale to improve demand forecasting and inventory management and to drive efficiency across all aspects of their revenue optimization programs.
“Malaysia Airlines operates in a highly competitive environment, where evolving passenger demands and buy-down are real challenges that we must continually overcome”
As travel demand continues to increase, airlines are refining their business strategies that require innovative solutions to accelerate revenue and to capitalize on a stronger recovery. Moreover, revenue management teams want greater control over fares and offers to meet evolving passenger expectations. The optimal path to achieve this is through leveraging AI-powered capabilities that deliver real-time demand forecasting and inventory control. By having the power to price beyond a static price point and in between two fares, revenue managers can capture much-needed incremental revenue.
“Malaysia Airlines operates in a highly competitive environment, where evolving passenger demands and buy-down are real challenges that we must continually overcome,” said Malaysia Airlines Berhad Group Chief Executive Officer Captain Izham. “With PROS WTP capabilities, Malaysia Airlines can deliver a personalized offering for every passenger, tailored to their needs and ultimately giving them more choice in offers that they book, while at the same time enhancing revenue.”