When Covid-19 impacted the market, we saw many companies taking control of what they could and one of the main actions was to freeze costs.
Even during these challenging times there are still many areas to explore, we see that the patterns of the customers have changed and provides the possibility to invest and develop new revenue streams and in-turn increase turnover and profitability in the short and long-term basis.
This is what we would like to share in this blog and also exemplify.
Lesson from the Airline industry, they work with the data which is internal and external. Internally from the point of view that we have X % booked seats for a certain flight and need to discount or increase costs due to high or low availability. Combining this with external factors such as, which weekday it is, Christmas, New year’s Summer holidays etc. which will impact the price for the customer and of course the other way around in low season when many aren’t travelling the airline tickets tend to be lower.
There are so many industries who have the data but don’t always use it to be able to fill capacity.
I will exemplify:
Imagine the last time you had dinner at a restaurant, you sat down with your friends or family received the menu and ordered your food and drinks. You are next to a big wide window with a fantastic view. You look around the restaurant and see that not everyone has the same view, however everyone is paying the same price.
If you eat at a restaurant on a Monday or a Friday, it’s usually the same price, right?
Ask yourself would you be willing to pay a bit more for having a great view and booking when it’s Friday or Saturday evening and being sure to get a table? I’m sure in many cases you would. The same thing goes the other way around to also provide an incentive for customers to pay a little less to come before the peak hours or other day of the week at a lower cost. This is something the pubs and bars around the world invented a long time ago and named “Happy hour”.
It’s about collecting the data, analyzing and adjusting and the technology to make this happen has been developed.
This is just one example how to in these challenging times it’s possible to increase revenue and profitability with help of AI/ML.
What would you like to predict and would have an impact on your business to increase revenue and profitability?
Please feel free to reach out to us and we would be happy to listen to your idea and how to turn that idea into a solution.
Are you interested in how to work through a time series forecasting problem from a practical point of view?
Do you have knowledge about the principles of AI/ML and are very interested in time series forecasting?
Then this article is definitely for you.
Practical time series forecasting
Torbjörn will discuss briefly on what AI/ML is and go through a number of example applications in his article such as customer segmentation, location optimization and product recommendations.
Are you unsure of what AI is?
Do you want to understand what AI can do for your organization?
Getting started with AI
Torbjörn will discuss briefly on what AI/ML is and go through a number of example applications in his article such as sales forecasting, predicting user churn and sentiment analysis.
In the past years we have seen a huge uprising of AI/ML companies across the market. Artificial intelligence and Machine Learning is a part of our everyday lives and will be for the foreseeable future.
This is an area which TIQQE has decided to invest heavily in, both to meet the needs of our customers and also to extend our offering to the market.
The first of September Torbjörn Stavenek joined our team at TIQQE. Torbjörn is an AI expert and will lead our investment in the AI domain.
AI has already started to grow within TIQQE and we have several customers in different market segments.
One of our strategic partners is Neurolearn. Neurolearn is a company based at the AI Innovation Hub close to Örebro Universitet and they are at the forefront of AI research. Together we combine our strengths within AI and cloud services. One example is our joint collaboration in supplying an AI solution to the start-up Beescanning which has won several awards thanks to the AI solution based on computer vision to fight the Varroa mite. In the next coming weeks, we will be sharing different customer cases where we have helped companies across the Nordics with AI solutions.
Since AI is applicable in so many different areas, our go to market approach is simple: we will never try to sell you an AI solution to fix a problem you were not aware of that you had. However we will ask you specifically which challenges you are facing, what goals you have and if there is a match then let us find a way forward together on how to solve it.
If you are interested in learning more about our AI investment then please don’t hesitate to reach out.