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

25 Apr 2023
Marc Ive

Are you leveraging airport analytics to make faster and smarter decisions? If you struggle to unify different data formats from multiple locations to extract the valuable insights you require, it’s time for a change. What you need is a single source of truth that provides a 360 view of your entire business and gives you total confidence in your data, and we have the ultimate solution in the form of Business Intelligence for airports.

With Business Intelligence solutions, you can transform enormous amounts of complex data into insightful airport analytics to create the ‘bigger picture’ and make more informed business decisions. Turn your airport and industry data into valuable revenue-making opportunities. Work smarter, not harder, with the tools at your fingertips to monitor and maximise operational efficiency. Here 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?

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. Moreover, with powerful AI forecasting and machine learning algorithms, businesses can leverage existing data and insights, spot patterns and trends, and create predictive analytics for smarter, futureproofed planning.

With unimaginable amounts of data generated every second, accessing the right information at the right time to make the right business decisions is challenging. Rezcomm’s BI for airports delivers intuitive visualisation tools to provide a better and faster understanding of historical data, real-time updates, forecasts and trends, enabling you to identify your airport’s strengths and weaknesses while gaining 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 intelligent decisions and sound business judgements from accurate, relevant and timely data. But you needn’t just take our word for it. Below we’ve shared how you can use BI to generate valuable airport analytics for improving revenue management, staff management, operational efficiency, demand forecasting and customer satisfaction.

Revenue management

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

Moreover, Rezcomm’s BI uses AI forecasting to increase revenues by providing accurate demand predictions. Let’s take parking revenue as an example. Rezcomm BI for airports uses machine learning algorithms to analyse vast amounts of historical and real-time data and generate predictions about future parking demand. Forecasting is further improved by increasing variables that would affect demand. This is carried out by collecting data from various sources, such as car park occupancy rates, flight schedules, weather forecasts, and even events happening in the local area. Finally, all of this information is fed into our system, which uses advanced statistical techniques to analyse the patterns and trends within the data and create 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 pricing strategies to offer the right price at the right time and thus increase revenue.

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 will support your teams in allocating resources and staff more efficiently. By forecasting demand (something we’ll touch on in a moment) for, let’s say, your airport Fast Track service, you can ensure that 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. Essentially, we enable you to plan more efficiently, and with accurate analytics you can make the best staff management decisions for your business every time.

Operational efficiency

Business Intelligence solutions will support your airport in reaching its quantitative goals and enable you to track progress daily. With a holistic view of your entire operations and unified data from a range of sources, you will have the means to spot internal trends and identify where your airport is excelling and where it is underperforming. This operational intelligence is invaluable in eliminating inefficiencies costing your airport time and money and improving strategies and processes to achieve better outcomes for your business.

One of the benefits of using Rezcomm’s BI solution is access to real-time data. Armed with this, your airport can make timely decisions and take instant action as your data is generated and collected.

And it goes without saying that by automating the collection and presentation of data, you will achieve higher levels of efficiency, as your staff will no longer need to spend hours and hours each week manually collecting and inputting complex data from various sources into lengthy reports.

Demand forecasting

We’ve already touched on how airports can use BI to accurately predict demand for services such as parking and inform pricing strategies toaccelerate revenue generation. But to recap, Rezcomm’s AI forecasting and machine learning tools use historical and real-time data to create predictions for parking demand at a given time and apply sets of variables (such as poor weather or an event taking place in the local area) to strengthen the accuracy of the predictions. This enables your airport to increase the price of parking reservations when you predict demand to be higher and reduce the price of parking when demand is low to unlock revenue growth.

In addition, BI can assist your airport in gaining a competitive edge over others in your industry by helping you identify new opportunities and build smarter strategies. Leveraging data from internal and external markets, you can recognize emerging consumer trends and spot gaps in the market where there’s demand for a service your airport can offer. With access to these valuable airport analytics and insights, you can act fast and get your new service out there to meet your customers’ needs before your competition beats you to it.

Customer satisfaction

We all know that customer satisfaction determines the success or failure of any airport. Therefore, your airport must create a positive impression on customers to stimulate loyalty and keep them returning to spend more money. Rezcomm’s intelligent data analytics will empower you to gauge customer behaviours, buying preferences and trends that directly influence passenger experiences and satisfaction. You will have a clear idea of who your customers are, what matters to them most and the experience they expect from your airport. Your airport can then ensure it offers more of what they want, builds a brand experience they’ll love, and avoids trying to sell services they’re not interested in.

With Rezcomm’s BI Module, you also benefit from access to customer feedback in real time. Instant access to this vital information enables you to respond rapidly and appropriately to emerging situations and deliver better customer service all round. What’s more, it’ll help identify any pain points within your customer experience or journey through your airport that you can address and improve, perhaps by deploying more staff or opening another lane.

Happy, satisfied customers are more likely to book with and return to your airport again and spend more money, thus increasing their lifetime value to your business. Moreover, with careful nurturing, you can shape satisfied customers into powerful brand advocates who take some pressure off your airport marketing team with positive word-of-mouth recommendations. Valuing and harnessing the power of your customer data with Rezcomm’s cutting edge Business modules is crucial in ensuring your customers remain happy and satisfied and continue generating that all-important revenue for your airport.

Launch Business Intelligence with Rezcomm

We’ve shared numerous ways Business Intelligence can improve efficiency, customer satisfaction and revenue for your business. 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 2-3 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. Download our Business brochure or watch our video to learn more and book a meeting with a team to launch Business Intelligence at your airport.