New Age Forecasting using AI Technology Applications in the Travel Industry

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Making accurate forecasts has always been a pain point for businesses. But with artificial intelligence (AI) and machine learning (ML), which is extensively applied in the travel industry and its ancillaries can help business forecast to make specific predictions to achieve your business goal with large amount of data such as customer behaviour, price trends, season, upcoming events and
inventory from various sources.

TRAVELYTIX Time Series Forecasting Model, helps in facilitating Revenue and Demand by :

· Forecast the Conversion of Leads to Bookings

· Forecast preferences of travel services

· Booking and Revenue Forecast

· Forecast factors driving bookings and revenue

· Forecast the behavior of customer types based on class, category and lead time varied across different Air and Land Reservations

How TRAVELYTIX Machine Learning Engine aligns itself with real world forecasting intelligence.

· Self-learning Forecasting algorithms are capable to automatically collect historical data, recognize patterns, capture demand signals, and provide forecast on demand, trends and seasonality and predict future movements taking into account all the internal and external factors to improve forecast accuracy

· Forecasting techniques allow predicting travel activities for specific periods and segments. Identify new market and future opportunities for business expansion and generates more granular insights into future demand.

· Forecasting demand and preferences of  customer segments helps business to better do target marketing, operational expenses, and achieve an optimal business mix.

· Helps examine tweets and posts on websites and social media to understand customer sentiments and forecast for the existing and upcoming travel services.

· Automating Forecasting helps in managing and planning risk, uncertainties, volatile demand patterns, fast changing environment and new product launches