LOS ANGELES and LARNACA, Cyprus, Feb. 22, 2023 (GLOBE NEWSWIRE) -- FLYR Labs, the travel industry’s leading innovator in decision intelligence and end-to-end revenue optimization, and Cyprus Airways, the flag carrier of Cyprus, today announced a strategic agreement to implement FLYR’s revenue management and data platform, leveraging Artificial Intelligence (AI) technologies to enable Cyprus Airways’ total revenue optimization and forecasting capabilities.
Using FLYR’s AI-based solution, which feeds all available historical, competitive, and ongoing data into deep learning algorithms to determine the optimal pricing strategy, Cyprus Airways will be able to dynamically optimize revenue 24/7, all with an eye on what’s happening in the market in order to generate the most competitive and confident positioning for its guests. Simultaneously, powerful decision intelligence across commercial functions will help Cyprus Airways improve productivity.
To meet customer demand for flexible ancillary offerings, Cyprus Airways will use FLYR’s ancillary revenue management suite to generate and forecast optimal, dynamic selling points for a la carte products such as seat selection, luggage, and fare families doing so at all customer touchpoints.
“We are helping reshape Cyprus Airways into the leading airline of the Mediterranean, for and by the people of Cyprus. In the current hyper-competitive environment, fostering innovation to drive your competitive advantage is an absolute must,” said Paul Sies, CEO of Cyprus Airways. “The FLYR next-generation revenue management systems will enable us to embrace these technological advancements to achieve our growth and revenue targets while at all times offering the best possible fare to our guests.”
As the adoption of AI in the aviation industry grows, digital-first airlines are able to harness the true power of data, moving beyond reliance on historical trends and leading the charge in dynamic pricing and hyper-informed commercial decisions.
“To remain competitive in today’s volatile market, airlines must take advantage of the latest technologies,” said Alex Mans, founder and CEO of FLYR. “Cyprus Airways understands that, and we’re very excited to work with them to deploy powerful revenue optimization and decision-making with our cloud-native, AI-based platform.”
About Cyprus Airways
Cyprus Airways, Cyprus’s flag carrier, resumed operations in 2016. The airline operates across eighteen destinations. Winter destinations include Athens, Beirut, Tel Aviv, Yerevan, Paris, and Rome. Additionally, summer destinations include Dubai, Basel, Zurich, Milan-Bergamo, Prague, Santorini, Skiathos, Rhodes, Heraklion, and Cairo. Last year Cyprus Airways announced its new strategic plan that will see it operate a hybrid business model offering customers a low-cost base but also giving them the choice to build their own travel experience by upgrading their services according to their needs. The airline has embarked on a digital transformation exercise to maximize its ancillary revenue making sure that customers are always offered the best value for money.
This year the airline will increase its aircraft to four Airbus A320ceo aircraft with a view to switch to new generation aircraft 2024. Plans are in hand to increase the fleet to six aircraft in 2024, nine aircraft in 2025, and up to 11 aircraft by 2026. Following the recent launch of services to Paris and Rome, the airline intends to continue expanding its European network and develop further point-to-point tourism and business traffic while also increasing connectivity to Cypriot nationals.
For more information, visit our website at www.cyprusairways.com or find us on all social media platforms under @cyprusairways.
About FLYR Labs
FLYR Labs, the pioneer of The Revenue Operating System, is focused on the relentless application of AI technologies that help transportation leaders unlock their highest potential. Its clean sheet, vertically integrated platform, brings data, forecasting, pricing, reporting, and simulation capabilities into a “single pane of glass” that informs and automates commercial-wide functions. FLYR’s end-to-end platform can enable or automate all commercial decisions and eCommerce experiences, including those through its internet booking engine (IBE), offer management, customer messaging, customer management, and content management capabilities, resulting in improved revenue performance and digital customer satisfaction. FLYR Labs is headquartered in California with offices in Los Angeles, San Francisco, Dallas, Krakow, and Amsterdam. To learn more about FLYR Labs, visit flyrlabs.com or follow @flyrlabs on Twitter and LinkedIn.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/966ac1b5-c621-43d7-8e58-7bae8a0bd065.