In most industries, organizations are having to work smarter — to do ‘more with less’ and run a leaner operation. The airline industry is no exception as margins remain slim and competition remains high. On top of that the administrative burden on airlines continues to grow as new legislation takes effect, such as CORSIA.
In this challenging business climate, innovative technology can be a good way of speeding up processes and finding new efficiencies. In this blog we’ll look at how cutting-edge analytics tools can help you do just that, in relation to airline fuel management.
With the growth of digital platforms and Cloud-based technology, the amount of data being created and stored has risen exponentially. So, it’s no surprise that the demand for tools that can analyze and make sense of all this data has risen sharply too.
There is a plethora of business intelligence and data analytics tools out there and they are becoming more powerful, more intuitive, and more accessible to all kinds of businesses — not just the retail and banking giants that we traditionally associate with big data analytics.
So, what are the new, innovative analytics features that could be most useful for airline fuel management? Let’s explore a few now.
Innovative analytics tools enable you to easily connect large datasets from multiple sources — databases, applications, individual files — and multiples teams. You can create one neat and centralized repository of all data which the system then turns into visual insights — charts, graphs, gauges and so on.
The best systems enable users to do this with little to no help from IT departments, because they don’t require any scripting or coding to work — the developers have already anticipated the most popular systems used by an industry and pre-built data connectors inside the tool.
For airline fuel management, this means that fuel data from across the airline — Planning, Flight Ops, Procurement, Finance, Logistics — can be quickly brought together and standardized, so that it can be effectively analyzed and interrogated. It makes it possible to gain insights such as:
By blending gigabytes of operational and commercial data in this way, you can see risks and opportunities within your fuel management process that you wouldn’t otherwise have seen.
See FuelPlus Analytics in action
Analytics or business intelligence tools now have features that enable you to stay up to date with minimal effort. For example, you can set customized alerts for individual users or teams, so they are notified of important updates or potential problems. For airline fuel management this could be:
These thresholds and alerts can be set up manually, or if an analytics tool has machine learning capabilities, it can learn what the normal data ranges are, and alert you when data falls outside of these — you won’t need to work these thresholds out for yourself.
These alerts can be delivered straight to smartphones or tablets, so users don’t need to remember to login and check for problems — this saves time and is a much more reliable and efficient way of working.
You can now interact with some analytics tools through virtual assistants and chatbots, thanks to the capabilities of natural language querying.
This means you can type your data queries into popular messaging platforms like Slack and Messenger or directly ask your smart speaker. Queries such as: ‘How long are we taking to verify invoices this month?’ or ‘What volume of fuel did X supplier provide last month?’ The answer will come back within seconds, in plain English — you don’t need to login to the analytics tool and drilldown through dashboards and charts to find it out.
This way of interacting with analytics is simpler and more intuitive, so it can reduce the need for training on analytics platforms and make it easier for all kinds of people across the airline to access and make use of the insights.
Typically, analytics platforms have been focused on helping businesses understand what’s happened (reporting) and why it’s happened (analysis). However, increasingly analytics tools are able to go a step further and tell you what’s happening right now (monitoring) and even what could happen (prediction) using a blend of data mining, statistical modelling and machine learning. One obvious example of predictive analytics in action is the practice of measuring credit risk in the financial services industry.
Predictive analytics is very new territory for airline fuel management, but we can imagine some possible applications. For example, it could help to more accurately predict:
1. Fuel volume requirements
2. The likelihood of supply shortages
3. Fuel prices – do futures indexes do this already?
4. Other operating costs
5. Supplier/fueler performance
7. Logistics problems, and more.
It could revolutionize airline fuel management, helping you predict and head off problems before they occur and manage fuel supplies, budgets and contracts with much greater efficiency.
There’s now an advanced analytics application that’s designed specifically to help with airline fuel management. FuelPlus Analytics includes many of the innovative new features outlined in this blog, including a large library of built-in data connectors, customized alerts that can be sent straight to your mobile or tablet, automated detection of data anomalies, and the ability to understand typed or spoken questions.
To find out more about this game-changing application, watch the recording of our webinar now.