MyForecast RMS and the University of Catania: A New Agreement for the Development of Machine Learning Algorithms for Revenue Management
MyForecast RMS, a company specializing in the development of revenue management software, began a significant collaboration in 2022 with the University of Catania, specifically with the Department of Mathematics and Computer Science.
An agreement that represents an innovative partnership between the private and public sectors, enabling the development of advanced solutions in the field of Machine Learning for Forecasting.
As part of this collaboration, a PhD Scholarship in Computer Science was established titled “Machine Learning Algorithms for Forecasting”, co-financed by MyForecast RMS through the National Recovery and Resilience Plan (PNRR).
The research project represents a key meeting point between the academic world and the pressing innovation needs of businesses. In line with the provisions of D.M. n. 352 of 09/04/2022, M4C2.I.3.3, this project aims to promote the introduction of innovative PhDs capable of concretely responding to the challenges of industrial renewal and, at the same time, to promote the integration of researchers into the business fabric, strengthening the link between research and practical applications in the workforce.
The research is supervised by Prof. Giovanni Maria Farinella, scientific tutor of the project.
The first result of this important collaboration was the publication of a scientific article titled “Dynamic Price Prediction for Revenue Management System in Hospitality Sector,” presented during the 13th International Conference on Data Science, Technology and Applications (DATA2024) in Dijon, France.
Read the article, click here>>
Vito D’Amico, CEO and founder of MyForecast RMS, commented: “We are proud of this collaboration with the University of Catania, which not only allows us to contribute to the training of future talents but also to develop new technological solutions for the revenue management market. It is an ambitious project that allows us to combine our business know-how with top-level academic expertise.”
The project led to the implementation of Machine Learning algorithms capable of supporting the decision-making process in revenue management, a strategic sector for optimizing resources and maximizing profits. The developed solutions will help make revenue management systems more efficient, enhancing predictive capabilities and providing managers with advanced tools to analyze and manage business data.
Prof. Giovanni Maria Farinella, from the Department of Mathematics and Computer Science at the University of Catania, emphasized: “This project represents an extraordinary opportunity to apply the latest Machine Learning technologies to a highly strategic sector like hospitality revenue management. The collaboration between the private company and the public university, at the core of this initiative, will combine advanced academic expertise with entrepreneurial vision, generating innovation that can significantly impact the ability of companies to optimize their future strategies.”
Thanks to this collaboration, MyForecast RMS aims to consolidate its technological leadership in the revenue management systems market, offering increasingly advanced and competitive solutions.