In addition to airline management software, many airlines are increasing their profits by also purchasing airline ancillary revenue software. With this analytical software, airlines can use previous customer buying data to accurately forecast customer demand for ancillary in-flight services and products for future upselling. As a result, the airline makes small sales gains per flight for larger overall profit margins per quarter.
How can airline ancillary revenue software increase revenue for 2020?
The days of analyzing spreadsheets by hand are long gone and are now replaced by artificial intelligence and machine learning software. You should consider acquiring airline revenue software to provide the tools needed to offer customers what they want when they want at a higher profit margin. Not only does this type of airline software helps to increase the bottom line, you can also experiment with new offers particular just for your airline. Now, you can design offers based on:
- Dynamic pricing and fares
- Market segments
- Passenger demographics
- Service or product demand
- Customized promo plans
Additionally, you can also do all of this with NDC channels compliance and ATPCO fares and services. Marketing channels include online as well as mobile applications.
The Nuts and bolts of modern airline revenue software
You, your executive marketing officer, and marketing department will have ready access to the latest in airline ancillary revenue software. Whether your airline is regional, national, or global, this cloud-based software is hosted on Microsoft’s Azure platform as a Software-as-a-Service (SaaS). Above all, your entire airline will have enterprise-wide access on multiple digital devices 24 hours daily.
Similarly, the software is securely housed inside of SOC 2-certified data centers. The SOC 2 is administered by the American Institute of CPAs (AICPA) and defines five criteria for minimal protections of business critical information systems such as:
- Processing Integrity
Of course, there are additional security and auditing protocols to consider in an airline software platform. You can request some, a few, or all of the additional security software such as the Cloud Security Alliances Cloud Control Matrix and:
- GDPR – General data protection regulation compliance
- SSAE 16 – The Statement on Standards for Attestation Engagements No. 16
- SOC 2 Type 2 – Service Organization Control 2 Type 2
- ISO 27001 – International standard for an information security management system (ISMS).
How the airline software optimizes customer data
As the airline software receives customer data, your personnel can change optimization logic according to different airline factors. These factors include seasonal market changes, EMSrb optimization, and price-demand sensitive models. Additional optimization features include business specific options and a range of advanced algorithms.
Optimized price-demand models can upsell ancillary products to 40% of passengers at any time during the journey since passengers spend more for customized experiences. You can also create seasonal, merchandising, product guides to provide personalized, airline shopping.
Forecasting passenger service and product personalization demands
Likewise, you can use the airline ancillary revenue software machine learning feature to forecast passenger demand from large amounts of purchasing, flight, segment, and class data. The software analyzes historical booking patterns according to route, week day, arrival and depart times, and seasonality. So, revenue forecast reports are generated in advance to adjust for opportunities and maximize profits.
Generating reports to communicate insights for better results
Airline software reports are flexible in their ability to present important knowledge from the past, present, and future. The reports can go years in the past for year-to-year comparisons of revenue, revenue estimates, yields, forecasts, and passenger patterns, and so on. Additionally, the reports can be viewed and printed in Excel, Word, and PDF formats.
Likewise, the reports can reveal Airline eCommerce, Selling improvement, and Airline products and non-ticketed services. Other reports vary from detailed purchasing, to management reports to network-wide summary reports.
Today’s digital economy demands that airlines participate with online and mobile airline ancillary revenue software. Savvy passengers routinely search the Internet for the best flight deals forcing airlines to their maximize revenue streams and increase profits.