Aviation Industry is on radar next and it bets on Big Data Analytics. This industry needs to move beyond its present way of working so big data analytics is only key to unlock the potential.
How does big data analytics help the aerospace or aviation industry?
Before going to answer for particularly aviation or aerospace, it is good to go through data analytics for general. Data analytics is a process of inspecting, cleansing, transforming, and modeling data with the goal of discovering useful information, informing conclusions, and supporting decision-making. it can also be called as information investigation as it is the way towards analyzing data, keeping in mind the end goal to make inferences about the data it contains, increasingly with the aid of specialized systems and software.
Every firm at some point grows and ultimately increases its cost and revenue. There a million ways to do so, but not everybody can explore those million ways. Every risk and decisions made in this industry are calculated and require a lot thinking based on statistics and instincts.
Understnding about Big Data Analytics:
Data analytics can also be called as information investigation as it is the way towards analyzing data keeping in mind the end goal to make inferences about the data they contain, increasingly with the aid of specialized systems and software. Data analytics techniques are widely used as a part of business enterprises to empower associations to settle on more educated business choices and by researchers and specialists to check or invalidate logical models, speculations and theories.
Data analytics also helps business to grow and survive in the market:
- Empowers management to take better decisions as Big data acts as a trust advisor for an organization to plan their organizational strategy. It helps your management and staff to enhance their skills and thereby improving decision making.
- Recognize patterns to remain aggressive as this is especially helpful for recognizing new and developing business sector patterns.
- It helps the business by recognizing and follows up on circumstances.
- Encourages sensible enlistment of ability.
- Aides in choosing target gathering of people.
Advanced types of Data analytics include data mining, which involves sorting through large data sets to identify trends, patterns and relationships; predictive analytics, which seeks to predict customer behavior, equipment failures and other future events; and machine learning, an artificial intelligence technique that uses automated algorithms to churn through data sets more quickly than data scientists can do via conventional analytical modelling. Big data analytics applied data mining, predictive analytics and machine learning tools to sets of big data that often contain unstructured and semi-structured data. Text mining provides a means of analyzing documents, emails and other text-based content. A crucial segment which has caught air is Social Media Analytics.
For every industry, Data analytics is basically used to find answer of questions raised in below image:
Data analytics work in aviation or aerospace industries and helps the business to grow and how it helps in taking informed decisions.
Business challenges faced in airline industry:
Key to successful deployment of technological advances in airline industry is to be able to anticipate how the current business model will change to survive in tough market conditions. Some of the challenges that can be successfully addressed by Big Data Analytics are:
- The need for accurate daily and weekly performance measurement reports (e.g. flash/estimated revenue, operating costs and net contribution reports for every aircraft's actual flight per sector/route).
- The Need to better manage all aspects of risk.
- The Need for better impact analysis and more effective optimization of all resources as well as being able to produce accurate passenger-revenue forecasts,
- The need for a holistic, 360 degrees view of the airline industries customers, suppliers, service providers and distributors.
- The Need for expense verification models to better control all industry cost aspects.
When it comes to note benefits of data analytics in any industry, it depends on how much you can use among from infinite.
Using Data analytics, allows airlines to offer its travelers the best rates and experiences possible and allow them to offer personalized offers to customers based on their behavior patterns.
The global airline industry has been subjected to major catastrophes over the past years. It is accordingly imperative for airlines to develop various risk management models and strategies to protect themselves from negative impact of these types of events. Furthermore, due to the global playing field, airlines often earn its revenues and pay its costs in different baskets of currencies (e.g. USD, Euro, GBP etc.). As a result, there is frequently a mismatch between the flow of revenue receipts and expenses of each basket of currency - creating risk exposure reports.
Airlines require the development of an effective and holistic forecasting model to regularly assess the impact of options and alternatives such as increasing aircraft seats available, adjusting fares, introducing new routes etc. Forecasts should also take account of actual statistical trends and results e.g. actual passengers carried, and actual average fares earned. Such forecasts should then be compared against budgets and prior year performance.
Holistic customer view:
Airlines would greatly benefit from knowing and understanding its business environment along some of the key business issues, such as performance, behavior, risk, profitability, etc. Using customers as an example - the main objective would be to enrich the knowledge about individual customers leading to new strategic customer segments.
It can be improved by systematically analyzing vast amounts of data such as pilot, incident, warning reports.
There is many software available in the market to solve these issues related to Data Analytics. They provide a lot of services embedded in them. They might have produced a scare for the independent service providers who charge these big firms a fortune for every service. For eg: if a firm wants to extract Data from a website and use social media analytics, they charge them separately for each service. There are times when one service provider may not even have the other analytics software. In that case the personnel must approach a whole different Software company to get their job done. This creates multiple software clients, it costs a fortune, troublesome to manage so many providers. There were companies that spent over billion dollars on employing these services annually.
In 2010 data analytics industry earned billions of dollars for providing these services as a separate entity. Big data will continue to stay growing, and introducing more and more servers is not the best solution as it will just add to the expenses of the company. If only there was a single compact solution to every need of every Industry, the world would be a better place to live.
I take this opportunity to introduce all of you with this amazing software product created on Blockchain Technologies. Referring to one of my answers here, Rishabh Bora's answer to What is Big Data Analytics and why it matters? It is the compact solution to all the world's industry for Data Analytics. This product includes all the Data Analytics possible in each industry and presents itself in form of a Dashboard. With a click of a button you can have all the analysis possible on a screen in pictorial forms. It has eliminated the system of various Data analytics service providers and collaborated these services under a single software product. It has a customized option to fit into every industry of the world and provide solution to their specific problems. The specification list is so dense and self-explanatory that it will prove its credibility in a second:
Objective Defining: In this process we define the objective of Data analytics work, for example: a real estate company wants to know prices available on various portals OR a Waffle machine manufacturer wants to know price fluctuations of the produce and weather condition. The Objective will be defined beforehand to make future analysis simple.
Identification of Business levers: This means focus areas a business has, the defined zone a firm wants to focus on. Since almost all businesses want more profit which can be achieved either by increasing sales or reducing costs. Hence Business Levers are always surrounding this.
Measurement of Priorities: Priorities are set afoot by the business model, but each business has different priority based on their pain points. somebody wants to up their revenue, somebody aims to cut their input costs.
Custom Dashboard Creation: We create custom dashboard for the client based on their plan and priorities. Selection of custom features and priorities is available.
Descriptive statistics: Data is split among various parameters, then groups of these models are created, our statisticians make sure to provide the best data knowledge on these parameters for your better understanding.
Social Media Analytics: Basic Social Media reports are provided, in this step deep social Media analytics are performed, for example: In case of a Real Estate firm showing reports of their accounts and who has commented or tweeted on their name is just basic social media reporting.
We even do social media analytics in much more advanced level like, defining apt platforms and mediums which are relevant to industries, scans similar hashtags like chocolate, photos, scanning of relevant photos, scanning of tweets of competitions, ranking, sentiment analysis, using patent level image recognition techniques to assist in the best results.
Data Visualization: Creating graphs and dashboards is about data visualization but in this we plan to go the next step and give option of choosing any graph of choice, 2D or 3D or even multi-dimensional as preferred by the business firms.
For every industry we can show the pricing fluctuations over time etc.There numerous other features which would require a lot of space to explain and present.This Blockchain Technology based programming doesn't have any concealed expenses or terms and conditions to it. Distinctive designs and highlights are available according to the personnel's needs.