Underinvestment. Part due to a lack of demand the past 3 years, part due to a race to the bottom on pricing and quality that predates the pandemic.

We've heard a lot of stories about scheduling systems getting overwhelmed at airlines in the past few years. I wonder if any airlines are making a push to modernize them. Or is the business so low margin that they can't afford it?

"So low margin" that they spent years doing major stock buybacks...

From the shareholders perspective that may be better than trying a modernization that they can’t pull off.

I think the shareholders' perspective has been vastly overprioritized in recent decades, and it needs to take a back seat to the company's long-term health perspective, customers' perspective, the workers' perspective, and the overall health of the society's perspective.

It’s hard and costly to modernize. Look how many companies can’t pull off an ERP upgrade in a good market, let alone such a cyclical one.

IT as a cost center