What’s big data analytics and how can this be used to drive profits in the aviation industry?
That was the big question posed in one of the sessions at the Payload Asia Conference on Oct 12 in Singapore. Endau Analytics was invited by the organiser, Payload Asia (a publication focusing on the global airfreight industry), to moderate the discussion on big data.
According to Google big data is a “buzzword to describe a massive volume of both structured and unstructured data that’s so large it’s difficult to process using traditional database an software techniques.”
Big data itself essentially is a high volume of data stream that originates from multiple sources and in a variety of forms. Analysing and interpreting it can be extremely tough due to the many factors involved, but it’s too important to ignore and neglect.
The panellists came from diverse sectors of the industry:
- Luqman Azmi, CEO of MASkargo;
- Venky Pazhyanur, Senior Director Freight Solutions at UNISYS;
- Didier Lenormand, Founder of Phoenix Aero Consult;
- Stephen Leung, SVP – Crossborder, Lazada eLogistics
In a nutshell the panellists agreed businesses linked to the airline industry, such as logistics and software solutions, can now better understand their customers and how to communicate better using big data analytics.
But the true value of big data is, in our view, not fully exploited yet. For instance, airlines and MRO (maintenance, repair & overhaul) are not always sharing the data with their partners.
In any case, not everything in big data is of value. The intrinsic value is in the ability to extract relevant information and then analysing that to help in making accurate decisions.
What does the future hold for big data? Clearly there are challenges, such as filtering the huge amount of data and translating it to make the right decisions. Data analytics on the weather, for example, can be transformed into actionable knowledge.
There’s massive potential when big data is mined by specialists. Hence, having the right talent is critical in enabling information to be used accurately and responsibly to increase revenue and improve safety in the aviation industry.