So how exactly would the airline industry use business intelligence?
The airline industry is notorious across the globe for thin profit margins and cut-throat competition. One wrong move and the entire operation could go up in flames.
Therefore, the airline industry has realized that the only way to minimize costs and improve customer satisfaction is by using data. Hence, the airline industry utilizes massive amounts of data each day.
Handling this data is no easy feat but luckily there are tools out there that can help to ease the burden. Among the most prominent of those tools is business intelligence (BI) tools.
These tools helps the airline industry to explore innovative ways of improving their business models and revolutionize the way they operate with the use of business analytics
What is business analytics?
Simply put, they are sophisticated tools and techniques that help make predictions, generate recommendations, and give deeper insights regarding the business which helps the business owner to make strategic data-driven decisions.
A list of some of these analytics is given below
- Pattern matching
- Data mining
- Forecasting
- Predictive analytics
These advanced techniques provide a comprehensive picture of day to day operations, customer behavior, etc. Moreover, these tools rely on machines for analysis and help to save time and resources which in turn boosts profits and minimizes costs.
Folio3 is your best business intelligence tech partner
Folio3 is one of the leading technology solution providers globally. It makes use of its vast amount of skills and expertise to give the best BI tool to all of its customers. Folio3’s BI tool integrates Microsoft Dynamics’ business intelligence seamlessly which helps to deliver an unparalleled BI experience.
Folio3 creates a wide variety of BI applications that are tailor made to suit the needs of the customer. These applications provide a myriad of advantages that ensures that your business is always ahead of the competition. Potential customers can even request a free demo here.
All Folio3 BI tools make use of Dynamics 365 that serves as the perfect platform to fast track finance and operations while simultaneously helping companies to improve their overall strategic planning. To know more about Microsoft Dynamics and its advantages visit here.
Business Intelligence as powerful and amazing as it may seem is useless if used incorrectly. Therefore you must know what you are doing before you dip your toes in the BI pond. If you are still wondering whether or not to incorporate BI in your business here is a great article to help you out.
Advantages of using business intelligence in the airline industry
In an industry as ruthless as the airline industry getting any advantage you can get is the only way to survive. So what advantages will using BI provide?
- Help with management
The airline industry is constantly changing. There are multiple factors at play that makes managing an airline difficult. Using business intelligence airlines can help reduce the impact of these changes and take the correct decisions promptly without any errors.
Therefore it ensures that many issues are resolved before they become too serious and that efficient operations are carried out 24/7
- Finding the perfect price point
Business Intelligence can help your airline set the perfect price point for daily flights. It can easily read trends and look at multiple data sources to bring the best most competitive prices.
Furthermore, it helps you get a bird’s eye view of the current circumstances and help you set just the right price that maintains just the perfect balance of what the customer is willing to pay without compromising the profit margins.
Hence, there is no need to manually update prices everyday saving time and labor that can be utilized elsewhere.
- Offering a personalized experience
The customer is always right. This phrase has been used in advertising and marketing for decades and rightly so. For any kind of business to succeed, it must know what the customer wants.
Business Intelligence helps you do just that. It allows the airlines a complete profile of the customer through various analytics. From their preferred routes to their behavior BI leaves no stone unturned.
Doing so allows for a more customer-targeted approach which includes but is not limited to particular deals and offers, targeted campaigns, etc which help in customer retention and improved profitability.
- Making your airline standout
Differentiating yourself from others offering a similar product/experience is the key to success especially in an industry as saturated as the aviation industry.
Usage of advanced BI tools will help your airline standout. Using these tools airlines can create customer profiles targeting just what the customer needs.
Catering to the whims and fancies of customers and providing just what the customers expect helps the airlines to differentiate themselves and build a relationship with the customer which helps foster customer loyalty.
So how should airlines make use of business intelligence?
Undoubtedly the airline industry could benefit immensely if all of them started adopting industry-leading business intelligence tools. So what steps can airlines across the globe take to start on their BI journey?
Firstly it is necessary to have a vision. A list of goals should be compiled that will help you define exactly what you want to achieve with your analytics.
Secondly, you should have a comprehensive strategy that will help you bring your vision to life.
Lastly, you need to create a list of Key Performance Indicators that will help you evaluate your progress with business intelligence. This will not only help you with customer retention, help you gain more customers but also streamline operations all in one.
Conclusion
Business intelligence is a game-changer within the aviation industry. It can be used to resolve many of the problems that have been long ingrained within the industry.
Data-driven decisions combined with innovation and creativity can surely help airlines to create the best possible product and stay alive in this unforgiving environment.
