How does the airline industry use business intelligence?

The airline industry uses business intelligence to gain actionable insights, achieve greater efficiency, and gain a competitive advantage. Here are more details on how the airline industry uses business intelligence:

• To gain actionable insights. This is one of the many ways the airline industry utilizes business intelligence.

  Oftentimes pricing decisions are made using inaccurate data or assumptions. These are poor foundations when it comes to accuracy, and effective decision-making in the airline industry.

  Business Intelligence allows revenue managers in the airline industry to evaluate trends, benchmark against competitors, and make decisions backed up by validating data each time.

• To achieve greater efficiency. Time and efficiency are extremely important reasons airline companies use business intelligence.

  For instance, if an airline company wants to analyze all of its competitors on a specific route, manually doing this task is too labor-intensive, and time consuming.

  Business intelligence makes this process take only minutes. Airline companies can also instantly find new developments in the data, without having to spend large amounts of time re-analyzing.

  Business intelligence also allows airlines to free up staff time to focus on the objective of increasing revenue.

• To gain a competitive advantage. Airline companies use business intelligence to get an accurate representation of what competing airline companies are doing.

  Airline companies can then create benchmarks and seek to deliver the right flight fares to the right customers at the most beneficial time.

• To increase profitability. Subpar pricing can result in flight customers going with competitor airline companies.

  Business intelligence allows airline companies to determine if their prices are too high and if this will decrease the number of customers in a specific period.

  Using competitive fare visualization through business intelligence enables airlines to reduce the prices of their fares and increase the number of tickets being sold.