November 11, 2016 | Written by: J. Casey George, IV
Categorized: Cognitive Computing
As I reflect on World of Watson and start to imagine the possibilities for Watson in the Travel and Transportation Industry, I quickly concluded that the possibilities are endless. The opportunities for your organization to leverage Artificial Intelligence to make your business smarter, more nimble, and more competitive is incredible.
We witnessed real world examples from companies like United Airlines that are leveraging Watson to communicate with their customers on travel and add-on travel services such as; a hotel, rental car, and even restaurant suggestions. One key area where Watson can help airlines is through real-time personalization and offers. Travelers visit an average of 10.2 websites before booking. Travel service providers offer generic promotions or run seasonal campaigns based on conventional customer segmentation and offline analytics approach. However, in this day and age, where there are endless options (and engines where customers can cross check prices), airlines will only succeed by providing travelers with personalized services. This begins with prices and offers.
Watson can provide real-time personalization of price and offers by estimating a customer’s propensity-to-pay and response to offers. To do this, Watson learns about the customer, their journey, and the various product attributes. After Watson understands the context, it identifies offers that will have the most probability of acceptance, quantifies the effectiveness of each hypothesis, and then does real-time learning in which it collects customer responses to individual offers to successively improve customer centric recommendations. Through greater interactions, Watson is able to learn more about the customer, and offer more and more personalized offers.
At World of Watson, we saw how rail companies will be able to leverage their own proprietary data and The Weather Company (an IBM Company) data to anticipate, track, and make real decisions on routes in order to make travel safer for their customers and staff. Watson IOT will help companies establish platforms for all of their connected assets from rail cars to air planes to automobiles.
These are just a few examples of how Watson is working with travel and transportation companies today. Just imagine if YOU were able to make real time decisions about how to deploy your assets to avoid or embrace a storm, to anticipate defects or failures, or even to anticipate shifts in the market. How can Watson work with you, to improve your business?
For more information about IBM travel and transportation industry expertise, please visit www.ibm.com/industries/traveltransportation/