Olympic Games. Christmas. A solar eclipse. Some events are simple to predict and get ready for months or even years in advance. Smaller incidents, however, are simple to overlook. There are actually tens of thousands of high-impact events for airlines every month, in addition to a great number of clusters of lesser events that together have a big impact on demand.
The main challenge currently facing the aviation sector is the failure of the forecasting future demand models that were previously relied upon, especially for short-term forecasting.
Knowing what's happening, when, and where is essential to the airline industry. What you can't see coming can't be planned for.
The Challenges Ahead
Forecasting future demand is essential to developing an air travel demand forecasting strategic objectives for operations, infrastructure, and passenger amenities. The main challenge currently facing the airline traveller forecast sector is the failure of the demand forecasting models that were previously relied upon, especially for short-term forecasting.
RateGain has created a number of scenarios and signposts to improve its capability, assisting both airports and airlines by reflecting on historical events like SARS or previous financial crises.
How Demand Intelligence Technology Works
With the help of RateGain’s demand data, predictive analytics may be used to pinpoint the precise timing and causes of demand spikes as well as their potential commercial implications.
By locating and validating millions of important events for businesses, they streamline demand forecasting. They accomplish this by compiling information from a large number of sources in order to locate and then confirm local, national, and international events that take place in thousands of locations and are both scheduled and unscheduled. This enables businesses to incorporate important events into their forecasting so that they may make appropriate plans months in advance.
It saves revenue managers a significant amount of time each month that they would otherwise spend manually inputting data into spreadsheets and searching for events, which they would undoubtedly miss.
Then, businesses can use that information for planning, pricing, and marketing. For instance, Booking.com leverages our analytics to improve sell-through and yield. Thankfully, airlines can now use this technology.
Predictive Analytics In Action
They needed to make sure that the technology was seamlessly incorporated into their larger planning suite because airlines are significant, complicated enterprises with well-established systems.
With the help of this "integration developed by air travel demand forecasting" strategy, they were able to customise the user interface to meet the needs of individual airlines. Airlines have access to some Aviation Rank insights through Altéa Event Monitoring.
Predictive technology will help airlines enhance their offerings as they strive to provide increasingly individualised services to clients. This will be done by improving revenue management, merchandising, customer experience management, network planning, and other areas. And that's only the beginning. The aviation industry is in a thrilling period. So, if you are also looking for the right airline traveller forecast, then connect with RateGain.