Scope Of Data Analytics In The Aviation Or Travel Industry

SCOPE OF DATA ANALYTICS IN THE AVIATION OR TRAVEL INDUSTRY

Relevance of Data Analytics in Travel Industry High relevance of Data Analytics in the Travel industry. ➔ Data related to passengers and cabin crews performance can be used for better results ➔ The travel industry, especially airlines, use data analytics with regards to engine’s touchpoints to find new ways of making fuel usage more efficient. ➔ Data analytics can be performed on different sets: ● Booking/reservation preferences ● Transactions ● Sales ● Operational cost ➔ With these sets of data, firms can predict: ◆ Future of the market ◆ Changing Preferences

Relevance of Analytics in the Travel Industry

As per the analysis done by the IGT solutions: ➔ The travel industry loses approximately $ 80 billion every year. ➔ The reason is poor customer experience. ➔ Aviation industry faces a loss of $ 2.3 billion annually due to poor consumer experience.

Why implementing data analytics is apt? ➔ Will address these pain areas. ➔ Will instrument ways of using customer analytics ➔ Will devise a system to differentiate their levels of service based on the customer’s expectation and feedback.

Data analytics in the travel industry will help in engaging with customers more efficiently.

Growth using Data Analytics ➔ Decision making becomes easier ➔ Analytics highlights areas of improvement ➔ Helps in creating a stronghold in the industry by recognizing patterns ➔ Provides substantial information in choosing a target audience ➔ Automated algorithms can produce an analytical model for: ● ● ● ● ● ●

Predictive analytics Identifying trends Understanding consumer behaviour Patterns and relationships Future events and reasons for equipment failure Analysis of content, emails, and other text-based documents

Improves the Efficiency of Operations ➔ Data analytics improves the operational efficiency of the travel industry. ➔ Predictive analytics eases the process of pricing the tickets. ◆ A better understanding of supply-demand and tickets can be categorized into different segments ◆ Helps in regulating dynamic pricing across different classes ➔ Big data analytics improves an airline's on-ground operations. ◆ Prevents issues at security checkpoints, and at immigration and baggage counters. ◆ In this Covid19 pandemic where social distancing is the focus, data analytics can help travel industry to: ► Smooth Capacity measurement ► Analysis of passenger movements from the time of their arrival to their departure to avoid long queues and waiting time.

Better Results with the use of Data Analytics Data analytics in the travel industry can improve the performance and achieve better results. Here are some segments: ➔ Customer ◆ Measure consumer behaviour ◆ Purchase history ◆ Customer sentiment ➔ Revenue ◆ Revenue management system is pretty common in the travel industry ◆ Helps in precisely forecasting the demand ◆ Helps in understanding dynamic pricing ➔ Cyber Security ◆ Provides valuable insights on securing services from anonymous cyber threats.

Role of IGT solutions: IGT solutions understand: ➔ The use of big data analytics for staying in the competition ➔ Provide solutions to overcome the vast and complex data ➔ Solutions involve the use of: ◆ Intelligent modelling ◆ Machine learning ◆ Statistical Analysis ◆ In-trend analytical technologies IGT solutions also work to unravel patterns and provide information regarding: ➔ Customer behaviour ➔ Up-coming trends ➔ Changing preferences of consumers.

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