How could your airport use Business Intelligence? Key benefits of Data Analytics

Data intelligent companies have an advantage over those that don’t use data to its fullest. A 2020 Forrester study reported significant differences between data intelligent companies and the rest:

• 58% were more likely to both exceed their revenue goals and reduce costs
• 63% were more likely to improve their customer experience
• 63% were more likely to simplify their operations

Despite the proof that data works, only 32% of all data that’s available to enterprises is used.

There is a lot of untapped potential in leveraging data to achieve business goals, which could be neglected for reasons varying from data being unstructured to the organisation’s reluctance to embrace new technologies.

If you find it challenging to unify different data formats from multiple locations to extract the valuable insights you need, it’s time to make a change. You need a single source of truth that offers a comprehensive view of your entire business and gives you total confidence in your data. Business Intelligence tools can provide this solution for your airport.

With Business Intelligence tools, you can transform enormous amounts of complex data into insightful airport analytics to create the ”bigger picture“ and make informed business decisions. Work smarter, not harder, with the tools at your fingertips to monitor and maximise operational efficiency. We’ll show you how your airport can eliminate the guesswork, get ahead of competitors, and enjoy a turbulent-free flight to a more profitable future.

What is Business Intelligence?

There are unimaginable amounts of data generated every second, and accessing the right information at the right time to make the right business decisions is challenging. Business Intelligence (BI) combines several processes, including data mining, querying, collection, storage, management, visualisation, benchmarking, reporting and forecasting, to transform raw data into actionable and meaningful insights.

BI tools bring together large data sets (both historical and present-day) from multiple sources, providing deeper insights into what’s happening within a business and, on a broader scale, within an industry. They also offer powerful AI forecasting and machine learning algorithms that enable businesses to analyse existing data and derive insights, spot patterns and trends, and create predictive analytics for smarter, futureproofed planning.

Rezcomm’s Commercial BI module for airports offers:

• easy-to-use intuitive visualisation tools
• quick understanding of historical data
• real-time updates
• analysis of forecasts and trends analysis

This enables you to identify your airport’s strengths and weaknesses and gain actionable insights into KPIs and other important metrics.

Business intelligence is no longer a ”nice to have” but a necessity for all airport managers and corporate executives wanting to make informed decisions and sound business judgements from accurate, relevant, and timely data.

Benefits of Business Intelligence

There are several advantages to using BI that positively impact your airport’s revenue, operations, staff, and customers.

1. Revenue management

Increasing revenue is undoubtedly one of the biggest benefits of Business Intelligence for airports. BI solutions use predictive analytics to help revenue managers quickly and accurately complete pricing optimisation and forecasting reports with a level of speed and accuracy they wouldn’t achieve by collating data from multiple sources into manual reports.

Rezcomm’s Commercial BI module uses AI forecasting to predict demand accurately and increase revenue. Let’s take parking revenue as an example. Rezcomm Commercial BI uses machine learning algorithms to analyse vast amounts of historical and real-time data and generate predictions about future parking demand. This forecasting is improved by incorporating various factors that affect customer demand. We collect data from sources like car park occupancy rates, flight schedules, weather forecasts, and even local events. This information is then fed into our system, which uses advanced statistical techniques to analyse the data patterns and trends, resulting in highly accurate predictions.

Our AI algorithms can predict the number of parking spots occupied at any given time, enabling you to optimise your airport parking inventory and dynamic pricing strategies to offer the right price at the right time and thus increase revenue.

2. Staff management

Another benefit relates to staff management and how you deploy staff to bring the most value for your airport and passengers. Our AI-based forecasting supports your teams in allocating resources and staff more efficiently. For example, by forecasting demand (something we’ll touch on in a moment) for your airport Fast Track service, you can ensure you have enough lanes open and enough staff on hand to provide the smooth and speedy service you sell to passengers. What’s more, if you’ve forecast a quieter period of low demand, you can deploy less staff and save on costs. It enables you to plan more efficiently and gives you accurate analytics to make the best staff management decisions for your business.

3. Demand forecasting

In addition to accurately predicting demand for services to inform pricing strategies, BI can help you identify new opportunities and create smarter strategies. By using data from internal and external sources, you can spot emerging consumer trends and market gaps where your airport can offer new services in response to customer demand. With access to these valuable airport analytics and insights, you can act fast and launch new services to meet your customers’ needs before your competition does.

4. Operational efficiency

Business Intelligence tools help your airport reach its goals and track progress daily. They provide a holistic view of your entire operations and combine data from various sources. This enables you to identify trends, see where your airport is excelling, and find areas that need improvement. This insight helps eliminate inefficiencies, save time and money, and improve strategies for better business outcomes. And by automating the collection and presentation of data, you’ll achieve higher levels of efficiency as your staff will no longer need to spend hours each week manually collecting and inputting complex data from various sources into lengthy reports.

With Rezcomm’s Commercial BI module, your airport gains access to real-time data, enabling timely decisions and immediate as data is collected.

5. Customer satisfaction

Customer satisfaction drives repeat business and increased spending at your airport. Satisfied customers are more likely to return and spend more, boosting their lifetime value to your business. They also become brand advocates, spreading positive word-of-mouth recommendations for your airport. Rezcomm’s intelligent data analytics will help you understand customer behaviours, buying preferences, and trends, enabling you to improve passenger experiences. You’ll gain insights into who your customers are, what they want, and the experiences they expect, allowing you to offer tailored services that meet their needs.

With Rezcomm’s Commercial BI module, you also get real-time access to customer feedback. This will help identify any pain points within your customer experience you can quickly address to enhance customer service, such as by deploying more staff or opening another lane.

Enhancing Business Intelligence with data observability

Business intelligence relies heavily on high-quality, reliable, and timely data. Data observability ensures these conditions are met and is a critical element of BI. Implementing data observability can significantly enhance the outcomes of your BI efforts. Here’s why:

• Data observability ensures that the data fed into BI systems is accurate, complete, and reliable. You get high-quality data, which is the foundation of an effective BI solution.
• With data observability, you can detect and address data issues promptly. This means your BI tools will always work with the most current data, which is essential for real-time decision-making.
• Data observability helps trace the source of anomalies or unexpected trends identified by BI tools. This allows for faster resolution of issues and more accurate analysis.
• Data observability provides insights into the performance of data pipelines, helping to optimise them. Efficient data pipelines ensure BI tools receive data quickly and reliably, supporting timely analysis and reporting.
• Data observability supports better data governance by enabling compliance with data standards and regulations. BI tools then use this well-governed data to generate insights that are both accurate and compliant.
• By ensuring that your data is reliable and up-to-date, data observability enhances the quality of insights provided by BI tools. This leads to more informed and effective business decisions.

Launch Business Intelligence at your airport with Rezcomm

We’ve shared many ways Business Intelligence can improve efficiency, customer satisfaction, and revenue for your airport. But it all boils down to supporting you and your teams in making strategic decisions that positively impact your airport’s future. To make the right choices, you need access to the best data sources, and you need to be able to understand what it means quickly.

Rezcomm’s industry-leading Business modules provide a single integrated source of truth, extracting valuable insights from vast amounts of data to deliver the answers and metrics you and your stakeholders need to drive your airport forward.
Our plug-and-play solution is ready and waiting for you to tap into, with just a 2 to 3 week launch time globally. What’s more, our first-class tech creators are on hand every step of the way to ensure you get the most out of the Rezcomm Marketplace.