Flyr Labs, VP of Growth, Matt Brown at the CAPA Australia Pacific Aviation Summit 2022

Transcript

Matt Brown:Flyer Labs is a technology company that we, we really got our start trying to solve some of the problems that we saw with legacy commercial decision-making in the airline space, and really around revenue management. So how in the world do we expect airlines to optimize revenue using decades-old technology and processes and systems in an optimized manner. So we saw this as an opportunity for the company using technology that's used across all sorts of different sectors, particularly in the form of artificial intelligence, to do a much better job taking boatloads of data, processing that data through machine learning, specifically deep learning models, to drive much more accurate forecasting that can inform a lot better commercial decisions and insights for an airline. So put simply, it's a new technology, a clean-sheet technology approach that unlocks a whole bunch of value in data that airlines and travel companies are generating to be able to optimize revenue performance across their operation. There's several benefits. First of all, the, the fact that we can dramatically improve using the technology, the ability to forecast the future. So most people, when they think about forecasting, they— there's very, very little credibility that they place on a forecast. What we're proving though is using some of this advanced technology, technology that Google and Tesla and Netflix and other very, very successful— Amazon— very successful organizations use, that we can in fact improve that forecasting accuracy by 5 to 10 times what's previously been available. And when you can start to forecast the future a little bit better and you can trust those forecasts, you might imagine that the decisions that you can make based on them are almost endless from a commercial perspective, right? I can not only make smarter decisions on how to price an airfare, but how to price ancillary offerings as well, how to dynamically bundle and offer those to customers at certain times throughout, throughout that, that buyer journey. But then also how to inform better use of assets and scheduling and network planning, how to do a better job of forecasting cargo availability and how to price cargo in the belly of an aircraft. So we're finding that being able to, to take the data and to really, really apply really good forecasting to that data, it drives a whole bunch of different opportunities from— in terms of commercial decision-making. Forecasting in the past has really been a function of looking at the past and using trends from the past to predict the future. COVID and the pandemic effectively rendered that sort of methodology useless, right? And so now, using some, some of this advanced technology that again is all sorts of sectors, we're not reliant on all those signals from the past to be able to do a better job of foretelling the future. So as volatile as travel is, as the airline business is, any ability to take some of that volatility out and create normalcy or a source of truth is incredibly valuable.

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