In the airline industry, adopting a comprehensive solution can bring several benefits.
Firstly, it enhances agility by enabling quick plan creation and adjustment in response to market changes. This fosters a competitive edge and facilitates well-informed business decisions.
Secondly, improved collaboration is achieved through a centralised data source, promoting effective teamwork and ensuring consistent information across departments. Additionally, real-time operational visibility allows airlines to identify areas for efficiency and profitability enhancements.
Lastly, automation and process consolidation lead to cost reduction and eliminate the need for multiple systems.
Two extensively utilised models in the aviation industry include an FP&A model for profit and loss analysis per airplane and an IFRS 16 model for lease contracts. The latter ensures compliance with International Financial Reporting Standards, automates lease accounting, provides insights into lease obligations, and supports decision-making processes. Overall, leveraging such a solution proves valuable in enhancing competitiveness and compliance within the dynamic airline industry.