A New Opportunity rising: Data Monetisation in the Aviation Industry
12 September, 2018
Every day, airlines and other stakeholders of the aviation industry are transforming an incredible amount of data into actionable information; what’s more, the rate of data consumption and processing capability is growing exponentially. At Infare we are seeing a 50% Y-o-Y increase in data consumption by our clients. Estimated ~1,3 trillion airfares provided to Infare customers in 2018 and expecting this number to double throughout 2019.
The article published by the Low Cost & Regional Airline Business Magazine, looks at the possible revenue opportunities coming from data monetisation in the aviation industry.
What do airlines need to maximise the financial potential of putting this vast amount of data to action?
How far has the aviation industry come with data monetisation?
In the article, the Chief Data Scientist and Chief Executive Officer at easyJet talk about their data-driven approach to revenue management systems. It is also worth stressing the addition of 28 data scientists to their Team, which makes even more explicing the need to better understand, structure and gain insight from data. Our Chief Commercial Officer, Harald Eisenaecher, shares his experience and point of view on the commercial potential of data monetisation in the aviation industry.
“We are surrounded by an almost indefinite amount of data, from an infinite number of sources. The difficulty lies in knowing how to manage the level of data to only include those that are actionable and will support the airline, without spending excessive time or money on obtaining data for its own sake. I call this Smart Data.”
– Harald E., CCO of Infare
By carefully prioritising data sources, airlines can transform data into smart data and actionable information, without it being costly or requiring a disproportionate level of effort.
You can read more about the How’s and What’s of data monetisation here.
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