There is still a month left before we enter 2023, but the warnings of incoming economic downturns are already coming in thick and fast. According to KPMG’s latest CEO survey, 86% of top executives believe there will be an economic recession in the next 12 months. This is indicated by the tightening of monetary policy in 54 countries, rising interest rates and inflation for these past few months – not to mention the Russia Ukraine war and COVID-19 pandemic still ongoing.

As the Travel & Aviation industry is returning back to its pre-pandemic levels, revenue and profit maximisation opportunities in the industry are on the rise. The International Air Transport Association (IATA) projects industry-wide revenue this year could result in a 54.5% increase from last year and fulfil 93.3% of the 2019 level, the last full year before Covid. Meanwhile, costs will be 44% lower year over year. According to a recent report from McKinsey & Co, the aviation industry has a massive opportunity in the years ahead with a projected value of $440.6 billion by 2030.

Organisations are constantly relying on emerging technologies to help drive strategy and growth whilst enabling them to work more efficiently in numerous ways. Finding the right software solution often comes as one of the most important stress points in organisations.

With the surge of travel demand since the lifting of most countries’ pandemic restrictions, the severe chaos in the aviation sector is undeniable and inevitable. According to FlightAware tracking data, airports around the world were already tallying more than 10,000 flight delays and 1,700 cancellations. Nearly four in five travellers (79%) who have taken an overnight trip outside their local area this year, according to a new Bankrate.com survey, have experienced at least one travel-related issue. Issues currently faced by customers and aviation providers include high prices (57%), long waits (29%), poor customer service (27%), hard-to-find availability (26%), lost money due to cancelled or disrupted plans (14%) or something else (4%).

Making the right decision in terms of pricing is crucial for any airline, especially when these decisions lead to maximisation of incoming revenue. To determine air fares and pricing, airlines need to be constantly updated with the nuances of current market demand, competitor strategy, passenger behaviour and all other related factors.
On top of these various factors to look out for, distribution and management of these fares also has various limitations due to complex workflows, dynamic airline-specific conditions, fares rules and other external factors.

Digital transformation continues to be a vital undertaking for airlines during this recovery period. According to the International Air Transport Association (IATA), total industry losses between 2020 and 2022 are expected to reach $201 billion. As a result, technology developments are continuously leveraged not only to optimise operations, but also to drive revenue and long-term growth.

When you are thinking about outsourcing your business, you might have heard the term onshore and offshore while doing your research. You may wonder, what’s the difference between the two and how will this affect your company?