Industry Research Insights: How Airline Business Strategies Can Help Healthcare Companies

Industry research services can be beneficial for companies whether in the food, chemical, or any other market. With research reports, you get insights on the best practices that businesses have adopted to navigate out of tough situations and learn strategies that work and that don’t. In this blog, we take the example of the healthcare and airline industry. Although both are two unique industries, they have many similarities. Healthcare companies can gain invaluable lessons from airline business strategies. From the 1960s to the 1990s, the aviation industry was facing the brunt of economic turbulence. The fuel prices were skyrocketing and the customer demand was declining. The industry fundamentally transformed by changing its business model and diversifying with creative investments. The healthcare industry can implement a similar approach, learning from airlines. How? Let’s find out.

Operations Management

Airlines are a low-margin industry. Hence, it continuously focuses on cost optimization by streamlining operations, reducing waste, and maximizing resource allocation based on data-driven approaches. Healthcare companies can follow a similar strategy by leveraging operational excellence methodologies to minimize costs and improve patient care.

Advanced Technology Adoption

Airlines leverage advanced technology including data analytics to predict customer demand, track flight routes, and AI & ML for simulation-based training. Healthcare companies can replicate this approach to embrace advanced technology in their operations. For instance, they can use data analytics to predict future healthcare needs and offer tailored treatment plans. They can also provide simulation-based training to the staff for a higher treatment accuracy. Furthermore, healthcare facilities can invest in telemedicine, AI-driven diagnostic tools, and patient portals to enhance scalability and accessibility, inspired by the Airlines’ digital ticketing and check-in processes.

Personalized Experiences

Airlines have a high emphasis on customer experience and often focus more on profits from premium customers. Loyalty programs have been a massive success for the aviation industry. Healthcare organizations can take a similar approach by adopting a patient-centric mindset. They can focus on providing personalized care experiences that make patients feel valued. Moreover, introducing loyalty programs can be a good idea for retaining chronic care patients. Top industry research services recommend this approach to healthcare facilities as well.

Risk Management Strategies to Establish a Culture of Safety

Both airlines and healthcare have high stakes with people’s lives on the line. Airlines are experts in risk management and invest in research to adopt technology and processes that make them always ready to handle emergencies. Healthcare facilities can borrow the airline industry’s crisis management strategies to implement risk assessment and mitigation practices and predict and counter unforeseen events. Reports from market research services reveal that it establishes a culture of safety among staff and trust among patients.

Final Word

Just like the airline industry has explored different strategies to make the most of headwinds, the healthcare industry can do too. For the latest insights on the industry trends and future predictions on healthcare, food and beverage, retail, or any other industry, businesses should invest in industry research services by leading global market research companies.