A new report by Frost & Sullivan and commissioned by Amadeus, highlights a “window of opportunity” for airlines to boost their top- and bottom-line by integrating financial processes, increasing automation and exploiting predictive analytics.
Key findings from the report include:
Airline CFOs today face a number of challenges, such as revenue leakage, which can cost airlines as much as 3 percent of revenue
Greater integration of financial processes could boost revenues by up to USD1.5 million per annum for a medium-sized airline
Adapting to new payment methods such as Bitcoin will be a competitive imperative. More fundamentally, Blockchain technology could have a revolutionary impact on accounting by offering a single, secure, transparent global ledger
Interline settlement improvements could save the industry USD500m annually, if airlines embrace tools and standards
Better financial management will ultimately prove an enabler for the development of the airline product, in turn improving the customer experience and delivering increased customer loyalty
Amadeus is a leading provider of advanced technology solutions for the global travel industry. Customer groups include travel providers (e.g. airlines, hotels, rail and ferry operators, etc.), travel sellers (travel agencies and websites), and travel buyers (corporations and travel management companies).
The Amadeus group employs around 13,000 people worldwide, across central sites in Madrid (corporate headquarters), Nice (development) and Erding (operations), as well as 71 local Amadeus Commercial Organisations globally.