Business Intelligence: Must have Technology for Travel Industry
How Tour Operator Software can speed up travel operations?
15 June 2020
How Tour Operator Software can speed up travel operations?
When we as a human being lead to any conclusion, we have some perception about that particular thing going on in our mind to form a particular decision. That perception might be an experience, fact, suggestion, raw data, intuition and many more like that which makes us take a decision. Now how perfect the decision was totally depends on that experience, fact, data and intuition. In this heavily competitive world, nobody can afford to take that risk because that might ask you to lose your business. To avoid that risk coming in your way, the vast technology is developed and that is “Real Time Business Intelligence.” Let’s see what is business intelligence and how it can create miracles for travel industry.
Business Intelligence: : In simple language, it is the technology which uses multiple statistics to convert raw data into valuable business information. When we say real time then it refers to considering the actions the moment they are occurring which allows multiple industries have up to date knowledge of the factors in their niche.
Why Travel Industry needs Real Time Business Intelligence? :
When entire travel industry comes into the picture, then it is linked with multiple other industries for its survival. We can consider multiple suppliers such as hotel supplier, transport supplier, visa/passport service provider, transport facility provider(bus, train, airline) and many more depending on the size of the company. To run travel business successfully considering these many factors, and to play with the data linked to these factors is always a big deal. Minute misinterpretation in the received or perceived information can throw you out of the competition and vice versa. Implementation of efficient business intelligence technology can provide this valuable data to travel company for decision making, refining business strategies, getting insights of market trends etc. in the visual form and makes the entire process of business operation a lot easier that anyone can imagine.
How BI works? :
Business analysis is the application that goes through multiple process like data mining, process mining, online analytical processing, benchmarking and many more to gather data, understand relationships between multiple components, finding out multiple patterns and finally presents this valuable information in the form of charts, graphs and many other visual parameters which travel company can use for entire business analysis. Business Intelligence can answer numerous questions of travel company in multiple sectors.Travel company can set KPI’s (Key Performance Indicators) to analyze key parameters of travel business and measure business performance on that basis.
Supplier Management: Many times, suppliers mistake can lead to a huge loss to travel company in terms customer retention, business loss. BI provides the real time data about multiple suppliers, service providers travel company is dealing with.It provides you information about amount payable to/ receivable from suppliers, multiple actions taken by suppliers at their end.
Customer behaviorPatterns : This is the most important parameter when it comes to travel industry. Customers are the valuable assets of travel company. Business intelligence studies behavioral patterns of various customers and find out how they interact with the system, what are they looking for, what are the different actions they take before confirming tour and many more like that. This report gives complete analysis of customers changing behavior, their buying patterns which travel company can use as a weapon to form strategies to influence and attract customers and to turn them into loyal customers.
Inventory Management : BI if implemented properly in this sector, can save the last minute puzzle travel company needs to solve. Travel operators always needs to be aware of the inventories in terms of tour packages like seats available, tickets booked, upcoming tours. Real time data gives up to date information to travel companies to take steps in advance.
Market Trends : Business intelligence does market analysis for running trends in travel industry. Trends can vary from analyzing customer’s changing choices/preferences, current running prices in airline industry and other transport sector, seasonal vacation deals that other competitor is offering and many other valuable information that can act as a catalyst for travel industry to keep itself updated about market trends, take its advantage and make necessary steps according to data available. For ex. BI allows travel companies to make wise decisions in terms of forming business with multiple supplier’s/ service providers by comparing their current price they are demanding in the market depending upon the report available and selecting one that can bring huge profit to the business.
Business Operations : Business Intelligence records multiple processes run in the travel business like supplier management, tour management, tour scheduling management, HR management, Business promotion, finance management and simplifies complicated business process equations and the output is refined real time data in the form of reports.For ex. Dealing with which sector in terms of packages (group tour, package tour, honeymoon special, corporate sector) is turning profitable to the business, what revenue international as well as domestic packages brings to the business, comparison of the revenue, business generated during particular time period and many more like that.With the help of this reports, travel companies can easily analyze complicated business process and can forecast future trends and plan competitive strategies accordingly.
Decision Making: BI facilitates predicting &forming future business strategies in terms of investments, ROI, customer preferences, profitable markets in terms of multiple packages and distribution channels like B2B 7 B2C, entire travel business operation management. Real time business intelligence can bring out the valuable data for travel company out of multiple complicated businessprocesses, which is a way more difficult process if done by data analyst. It gives you control over historic as well as real time business data.
Reports : BI provides visual reports about key areas of travel industry such as accounts & finance, tour report and entire business report.
Accounts & Finance : This report can provide the real time data about cash flows, credit & debits, profit generated/ loss occurred during particular period.
Tour Report : This report provides information about canceled tickets, booked tickets, passenger details, repeat passengers, passenger report etc.
Business Intelligence is a must have software for travel industry as much as a perfect tour operator software is. Travel agency software takes care of simplifying travel business tasks with automated technology and business intelligence software simplifies the process of decision making for travel industry.