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Transaction Tracking and Analytics: Steering Car Rental

The travel and transportation industry has historically been slow to innovate. Many players in the industry, especially car-rental companies, rely customer service and employee loyalty, rather than digital tools, to generate business value.

Technological disruption is shifting the ground beneath their the feet. App-based operators have already put technology at the center of the car-rental industry and increased the competition drastically. Now analytics is in the process of upending the marketplace. Today, data holds the key to higher revenue and less expensive in car accommodations. Moreover, data can mitigate risks and drive customer satisfaction.

Thanks to the boom in the amount of connected vehicles, Internet of Things (IoT), and other digital tools that log transactions, is actually no dearth of information related to your rental car. This means that companies must rely on analytics not just for business growth but for survival.

In this amount of churn, the companies have to simply select the right analytics tool to reduce doubt and forecast the future. Knowing the whereabouts and status of that vehicles is much more enough. Opportunities to make operations efficient, save costs and maximize revenue are a good deal more important for car rentals.

What drives profit

The following factors can affect the bottomline of car-rental companies:

* Economic performance

* Associated with car rental days

* Rental rate

* Level of rental transactions

* Us going for the rental fleet

The measure of rental transactions is relying on corporate and leisure venture. These can be linked on the volume of air move.

Depending with the performance of the economy, these volumes and rates might go up or down, but the competitive pricing pressures remains a permanent feature for the industry.

A slowdown in the economy in your or abroad can alter the revenue flow of a car-rental company. These fluctuations make it imperative businesses to optimize operations and rental rates to along with pressure from competitors.

In an industry with many variables managing inventory, tracking fleet, keeping a tab on customers, and so on optimization of rates and operations depends on optimization expertise. This is the analytics can generate tremendous value.

More along with automotive businesses have started using analytics along with cloud computing to derive a associated with benefits, from making operations more efficient to identifying the right collaborators. Hertz, for example, has automated data gathering and analysis across turmoil to improve customer satisfaction and preservation. Avis uses data to are aware of the customer better and occur with customized strategies.

What can analytics do

The right analytics solution must provide car-rental companies meaningful insights in an easy and intuitive manner guaranteeing that they can boost their pricing and planning effectiveness. The solution should help companies deal with dynamic changes easily. Accurate transaction tracking can help car rentals simplify operations and identify problem areas. The end goal is to improve productivity and customer satisfaction, and maximize revenue.

Our product, CarGain, makes accurate forecasts after analyzing all possible rental transaction data, making use of the power of next-generation technology like machine learning and Artificial Intelligence (AI). It tracks bookings multiple times a day and rises with the reasons behind every spike, and give insights on transactions triggered by events, weather, holidays and airline capacity. The effects are presented through an easy-to-use dashboard that helps car rental managers and revenue analysts track every transaction easily.

We have incorporated customer opinions into CarGain to provide more control to the user, and transparency to set up reports, map locations as well as get yourself a better view of daily statistics.

Conclusion

In market where multiple companies have same set of cars supply on rent, how many, at what price subjects could work as difference between success and failure. Harnessing machine learning and AI, data analytics can provide price intelligence that is simple, efficient and more sleek.

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