Zeevo Group LLC (“Zeevo”), a business, finance and information technology consulting services firm, announced today it has its representatives in Miami for the 38th Annual North America Airfinance Conference, May 15-16, to share the firm’s advanced business intelligence and data analytics solutions with the aviation finance community. The firm is also a proud partner of this year’s conference, which will host speakers from across the aviation industry – from airlines to lessors, financiers to professional service providers.
Zeevo Group Principal Joey Johnsen contends: “It’s about time lessors shunned ubiquitous spreadsheets and embraced advanced business intelligence and analytics tools” that enable rapid decision-making and embolden competitive advantage.
Today aircraft leasing companies are collecting vast volumes of data, yet they fail notoriously to reap the full benefits of their potential value, missing out on the opportunities to maximize revenue, minimize costs, and improve customer understanding and satisfaction.
The culprits at play—manual data analysis, inability to support large volumes of information, overhead to maintain complex formulas, limitations of user skillsets, and challenges monitoring regulatory and audit compliance.
Zeevo Group Principal Karen Curtis explains that “lessors are eager to embrace technology, data governance, and best-practice principles to evolve as data-driven organizations rather than rely on gut instinct and convoluted spreadsheets. However, they oftentimes adopt off-the-shelf solutions that are unfit for their platforms.”
The group recently engaged in a significant business intelligence implementation with a major aircraft lessor. The project focused on conducting a comprehensive data quality and completeness assessment, the remediation of data defects, the establishment of a data governance model, and the refinement of business processes to support data integrity.
The key benefits gained through Zeevo’s deployed solution included: faster and more accurate reporting; predictive capabilities; support for more rapid business decision-making; improved employee and customer satisfaction; the capability to integrate with lessors’ existing systems (including contract asset management and general ledger); advanced visualizations; deep data drill down capabilities; and increased operational efficiency.
“The analysis of historical data and the ability to leverage predictive analytics to make proactive decisions are increasingly indispensable for a variety of activities including measuring corporate performance, improving customer relationships, managing risk, streamlining operations, and driving corporate strategy,” Curtis elaborates.
Zeevo’s expert team worked in-situ with the lessor’s IT, technical, contracts, and leasing teams to develop a prioritized list of features and functions, and to define budget and a quantification of internal resources and skillsets to facilitate the selection of a robust business intelligence platform.
Roles and responsibilities involved IT owning the data access, while ‘the business’ owned the business interpretation of the data—thus reducing the reliance of the business on IT and fostering business innovation and creativity. The solution was deployed over web and mobile, and supported both real-time and offline access to information.
“By centralizing fleet, deal, contract, and receivable information in a data warehouse and business intelligence solution, we were able to present information in a consolidated user-friendly interface,” the lessor notes. “The new data visualizations immediately provided us greater visibility into opportunities to maximize revenue and achieve cost reductions.”
The lessor’s updated internal process also eliminated manual ad hoc reporting, effectively analyzed target versus actual deal pricing, assessed employee workload over several departments, identified anomalies in utilization reporting, as well as equipped the leasing executives with real-time, customer data.
By incentivizing professionals to back up decisions with advanced business intelligence and analytics, lessors are able to shift their focus from manually collecting, consolidating and correcting data to focusing on how data can drive profitability and results.
“It’s about both the organization and the people within it adopting a data-driven philosophy. Business intelligence and analytics are a lessor’s secret weapon that can set it apart from the competition,” Curtis concludes.