More important to understand here is what it will replace, than a clear “Yes” or “No” to this question.
We are sure you must have read about the increasing reach of AI at least a few times recently, in print or digital. Artificial Intelligence is taking over in every business. The time for machine learning has indeed arrived. In almost every industry, machines are taking over. This is irrespective of the fact whether; they will replace or empower revenue management and pricing intelligence.
In the travel industry, AI is capable of finding price gaps and demand pattern. In the current time of tough competition, all travel companies, airlines, car rental, and cruises, etc. are looking beyond past trends for price, demand and yield management. Progressive Airlines are already using AI for competitive marketing intelligence, target new customers, build its brand value and drive revenue.
Industry professionals are using predictive analytics and interpretations using machine learning. Artificial Intelligence (AI) is one of the biggest trends in the travel industry and other related fields like flight maintenance, airport management, cruise, car rental companies and the hotel industry. Industry players are innovating with their pricing strategy using big data and AI.
As we head towards next decade 2020, AI and machine learning will be an even major driver of transformation. However, deficient knowledge of disruptive forces in the business environment is another crucial barrier to correct forecasting related price, demand, and even human resource requirement.
While some feel that, the community will witness “The Next Golden Era, as it will radically improve how businesses interact with their customers when they are information assisted. However, what will follow as an outcome of this is getting their staff educated on what AI is all about and how it will enhance their work experience.
Another cause of worry for most in the industry is – will it reduce jobs and workforce requirement? Yes, it will. However, for the betterment of the industry. Like in the past also, with the introduction of new disruptive technology many earlier tools, processes, and jobs became redundant. Similarly, AI and AI-based tools will replace jobs just as digital cameras replaced films. While some jobs will disappear, other new jobs will also be created.
