9 WAYS MIS REPORTS ARE BENEFICIAL TO TRAVEL INDUSTRY
Explore how robust report generation and analysis drives success to travel industry !
15 June 2020
For any kind of service industry MIS Reports has been the crucial element. As in service industry, customer is at heart and to keep them always happy and satisfied, clear insight and analytics of customer data such as their behaviour, their buying patterns, their expectations etc. Plays a vital role.
To run entire business successfully, proper business analysis from every angle is very important. Only running any business without prior knowledge and complete study of prior loss, profits, debts, revenue etc. That business has incurred is meaningless as it involves repeating the past mistakes and not taking correct actions on them. This practice may ask you to lose your business at any cost.
As we are discussing service industries here, travel industry ranks first in this industry. It is all about serving variety of customers with satisfactory travel service. So when we discuss travel industry, complete study of multiple reports is mandatory. As robust data reporting and analysis enables precise forecasting of future business trends & demands and allows future planning to meet them with unique solutions.
What is MIS?
MIS stands for "Management Information System" which is the combination of multiple tools which facilitates valuable business data storage in organized way and its retrieval whenever required. It stores current as well as historic data which can be used for analysis and decision making.
How Reporting plays big role in travel industry?
1.Eases Decision Making Process : 2.Competitive Advantage : 3. Plan Marketing Strategy: 4.Tour & Customer Transperency: 5. Accounts & Finance Details : 6. Online Analytics : 7. Supplier Advantage : 8.Quick Business Processes: 9.Minimizes Chances of Uncertainty : For travel company to grow and perform well in the niche, accurate report generation and precise analysis is crucial parameter. Valuable data from multiple reports keeps travel owners updated about the health of travel company and also provides insights on the low performing areas of travel company to take quick actions on. The Bottom Line: iTours is the leading tour operator software which satisfies all travel business management related needs. It gives an efficient way to manage travel business with its unique features. If you are interested to know more about iTours then please visit our website: https://www.itouroperatorsoftware.com/
For tour operators to run travel company/business successfully, multiple kinds of reports are needed such as complete tour report, accounts report, business report, market study report etc. With these reports in hand, travel operators can identify weak areas of travel business and can take business decisions and correct actions accordingly on time.
Travel companies, who have implemented business report analysis practise can take competitive advantage of always staying ahead in the game with up to date information over travel companies, that are not using or giving enough importance to report analysis.
With clear insight of customer behaviour report, like kinds of customers booking tickets, their demographics, their interests, season of travelling etc. can help travel companies to understand their customer base thoroughly and plan marketing strategy accordingly with suitable platform for campaign execution, to offer special discounts on on-demand destination or for particular travelling season.
Tour report gives a complete idea of tour tickets, balance payable to and receivable from multiple suppliers, passenger details, repeater tourists, tour cancel and refund details, room allocation details etc. All these details acts as a key source to future actions. With the complete information in hand about rooms available for particular tour, or seats available for bus/train transport from respective suppliers, travel operators will not accept any further bookings and will not cause any inconvenience for clients. Multiple data from various suppliers can be available in single click with the help of travel agency software. With the help of repeated passenger details, tour operators can offer them any loyalty discount which will impact current clients as well.
With accounting and finance reports, travel operators can get details about balance sheet, profit & loss statement, trial balance, sales/purchase register, credit note, debit note, cash book, bank book etc. With the help of these details travel managers can plan new financial strategies like where to invest, how much to invest etc. and this report also helps in taking quicker actions.
Online analytics keeps track of who is visiting or engaging with online platform, at what time they are visiting, for how long and for what purpose they are visiting, what is driving them towards conversion and many more. These analytics again can be useful to plan new business strategies. Travel companies by knowing their demographics and interest can arrange tailored products for right customers at right time.
Tour report, passenger report can act as a drive for multiple suppliers. Travel companies can shake hands with new suppliers by sharing this reports with them which indirectly builds good reputation of travel company and indirectly helps in business growth.
Due to real time information processing and report generation, travel companies can avoid delays in decision making and business operations.
As travel business reports analysis make travel companies ready with up to date information about business statistics such as business revenue, profit, loss, debt, inventories, customer choices, changing trends and patterns of market etc. it minimises the chances of losing business due to any kind of uncertainty. Precise report analysis allows travel owners to understand their weakness and strengths, foresee future business threats, opportunities and plan things accordingly.