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Reduce Maintenance Costs thru Predictive Analytics

The aviation industry is grasping for opportunities to reduce costs. Big data has been making headlines in several industries, promising to revolutionize the way in which businesses are able to make decisions. One of the sectors slated to benefit from the use of big data, and associated analytics, is the aviation industry. As new aircraft generate more in-flight data compared to older ones, innovative analysis methods summarized. Last studies show a reduction of maintenance budgets by 30 to 40% if a proper implementation is undertaken.by Big Data Analytics enable the processing of large amounts of data in short amount of time.

Maintenance using Predictive Analytics can be described as “the intelligent way to maximize machine availability”. With the right information in the right time it is possible to determine the condition of in-service equipment in order to predict when maintenance should be performed. As a result, it is possible to conveniently schedule corrective maintenance actions, preventing equipment failure.

Over the last several years data generated by aircraft has increased exponentially thru introduction of new onboard equipment that allows for the so-called connected aircraft. In the wake of this data growth OEM’s and airlines have shown increased interest in data analytics and predictive maintenance.

According to the MRO survey 2017 by Oliver Wyman 77% of respondents want to implement predictive maintenance in the coming three years. The MRO survey 2017 by Aircraft IT confirms this trend as most respondents answered that next to paperless maintenance predictive maintenance will play a major role in the development the upcoming years.

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Role of Predictive Analytics to deepen Customer Engagement at Airlines

These days through advancements in technology and extensive use of Internet, more data is available to be harnessed by Airlines to deliver a more tailored offering that spans the Airline traveller’s entire journey. Loyal customers are truly the backbone of any successful business, given the high percentage of revenue derived from them. It costs significantly more to acquire a new customer than to retain an existing one. For this reason Airlines are shifting to Customer-centric business models for focusing on Individual customer needs.

Airlines have discovered that understanding and predicting Customer behavior is critical to building and maintaining true customer loyalty. Predictive Analytics uses techniques like data mining, statistical modeling, machine learning in predicting Customer behavior patterns to shape business decisions. Predictive analytics help answer the question “ What’s next?” and “What should we do about it?”

Predictive Analytics can provide Customer Insights into where Airlines are or are not meeting Customer expectations. The world is changing and the Customer is in charge. Availability of choice, perceived benefits and personalized value are relevant factors and if Airlines don’t learn about, understand and invest in their customers, they will be left behind. Airlines can benefit from increased sales and market share as well as an increase in customer retention by investing in Predictive analytics. There is no doubt about the escalating significance of Predictive analytics to the Airline Industry.