How Airline Data Analytics Is Transforming The Aviation Industry?
by Audrina Grey Travel Technology AnalystTechnology has significantly brought about a change
in the way businesses communicate with their customers, build workflow, and
take major decisions. The competitive aviation world has also witnessed a
positive change in this regard, with big data transforming the airlines
including a selection of seats, ticket purchase, luggage, boarding, and more.
The airline data analytics helps the involved companies with improved planning,
timely response to market demands, and constant monitoring of major elements
relevant to the airline industry.
When followed properly, data analytics can help
organizations in the airline industry achieve lower operating costs, increased
profit margin, and better customer service. All these plus points under one
roof can go a long way in making your company, the industry leader. Mentioned
below are a few benefits that airline data analytics can offer in this
respect:
A surge in airline
revenues
Airline data analytics can
help in improving the revenues of companies operating in the aviation industry
appreciably. For instance, lucrative offers devised with the help of predictive
analytics can help in targeting potential customers in real-time. This in turn
can boost the company’s earnings.
Measurement of
performance
Any airline firm has to compete in a highly
competitive global environment and hence requires accurate and prompt
measurement of enterprise performance. Additionally, volume-driven variations
can quickly lead to major effects, thereby making timely action a critical
need. The industry also faces substantial difficulties in producing reliable
weekly performance measurements. Airline data analytics can automate daily
activity reports including the distance flown or the number of passengers flown
in a flight. This information can then help to gather data like daily revenues
for specific sectors and more.
Customer
satisfaction
The analysis of a traveler’s journey and sentiments
followed by predictive analysis can collectively help the airline industry keep
the information of their customers up-to-date. It can also help promote
personalized offers based on their habits, needs, and distinctive experiences.
This collection of customer-specific data helps companies into airline business
to understand the behavior, taste of the passengers. They can offer lucrative
options to travelers accordingly. Moreover, in situations where a baggage loss
or flight delays occur, passengers can get anxious. With the analytics in
place, they can receive a response quickly, which helps in building
trust.
Reduction in
cost
With the introduction of airline data
analytics, the aviation industry will be able to reduce their
costs when it comes to baggage loss. As per the rules, the airlines will have
to repay such damages but with baggage tracking, such losses, damages or delays
are now avoidable. Additionally, with the analysis of fuel consumption data,
airlines can achieve an enhanced level of fuel efficiency.
Analytics during
COVID-19
With the outbreak of the COVID-19 pandemic, airline data
analytics has an inevitable role to play. It can assist
companies to forecast losses, flight restrictions, customer sentiments, etc.
This will help the organizations to know if they have adequate cash reserves
for flight sustenance so that they could take appropriate measures to reduce
losses on those routes. Further, analytics can also help to analyze the
outcomes of real-time flight bookings and cancellations.
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Created on Jun 4th 2020 06:15. Viewed 353 times.