As the airline industry copes with and begins to recover from the COVID-19 pandemic, PROS current airlines are faced with uncertainty of how to handle the crisis. Revenue Management (RM) teams are dealing with scenarios that they never have before, such as decreased demand, if any demand at all, and uncertainty as to when demand will return to normal.
RM teams are also dealing with huge organizational changes, and in the coming months, airlines will have to accomplish the same responsibilities with a smaller team and less resources.
So how should we approach RM going forward? Airlines will need assistance in assessing the current situation and guidance on actions to take within their everyday processes. They will lean on reporting and will need to know which reports to create and how to use that data. And they will need training for best practices based on the airline’s unique situation.
PROS suite of Crisis Management Services can help airlines in achieving these goals. PROS has been a leading RM provider in the industry for more than 30 years, and our Professional Services Consulting team has worked with airlines throughout the world to drive effective revenue management and pricing best practices.
Our Crisis Management Services include:
- Situation Assessment and Guidance: assessing the challenges airlines are currently facing and making recommendations based on our analysis
- RM Reporting Framework: providing reporting templates and training on how to interpret the results
- Airline Health Check: discovering opportunities for value realization using PROS solutions
- Science Deep Dive: addressing specific parameters once a business recovery signal is detected
Our core RM principles will have to take a backseat and RM teams will need to focus on availability management, preserving data integrity, and monitoring. After recovery signals, airlines will need to focus on adjusting the forecast.
Once demand starts to come back for airlines there will be many variables: What is the new financial forecast, how are bookings coming in to that forecast, and what tools and adjustments in our processes do we need to make to achieve the new financial forecast?
PROS has rolled out certain services in order to help with planning, analysis, reporting, decision making, and best practices. We anticipate airlines using these services to react to demand increases, retool, and move quickly, as this will require quick learning, and clever decision making.
If you would like to learn more about our Crisis Management Services, you can download the brochure Airline Crisis Management Services or reach out to your PROS representative.
About the AuthorMore Content by Genevieve Todd