Singapore Airlines LTD has announced plans to invest "hundreds of millions" of dollars into its digital transformation as it attempts to stay competitive. Globally, the airline industry has become highly competitive and CEO Goh Choon Phong told the media that Singapore Airlines will turn to digital technologies to differentiate itself. The three year program will include an investment into automated technology to help decrease travel delays and reduce maintenance costs in order to help increase revenue.
The benefits of going digital for Singapore Airlines could be very substantial, with forecasts of boosted earnings being placed around $800 million. The airline has been struggling to compete against local competitors and low cost carriers with reported net profits of $350 million in 2017. Singapore Airlines will also institute other measures to support its transformation plan including consolidating the financial teams of its arm SilkAir with its own airline team, moving some routes to other carriers, and adding more seats to some of its airplanes. An initiative with the National University of Singapore (NUS) will target revenue management and demand patterns as it tackles other challenges currently facing its business.
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