Despite the fact that time is not a material asset, it is easy to measure its financial value with the help of appropriately set categories and criteria for the estimation (Sinha, & Labi, 2011). This question gains special urgency and attention of the transportation companies, whereas the quality of their services directly depends on the time duration and expenses. The problem of the time-travel impacts is important for the comprehension of the target market, clients’ demands and expectations as well as establishment of the corresponding business strategies, mission and objectives (Sinha, & Labi, 2011). Consequently, the analysis of the travel-time impacts is the essential part of the business plan elaborated by the transportation companies, since it directly influences the cooperation with the clients and production costs of the services. The purpose of this paper is to discuss the essence of the travel-time impacts and define their effect on of the transportation companies functioning.
To start with, it is important to categorize the travel-time impacts and characteristics in order to suggest the strategies for their improvement and better collaboration with the clients. Thus, it is possible to divide virtually the travel-time impacts into in-vehicle travel time and out-of-vehicle travel time, according to the classification of trip phases (Sinha, & Labi, 2011). The researches witness the clients demonstrating a higher level of dissatisfaction and complaints related to the out-of-the-vehicle travel time, as compared to the first one. The transportation companies should consider this aspect in order to reduce the time expenditures, connected with the waiting period, passing the border control, making the transport transfers and other road situations. The potential solutions include the assignation of the quick transfers, choice of the of-peak time for travelling, accordance of the travel routes with the road control, elimination of the travel stops and breaks, extra compensation for the clients due to the specific delays or cancellations. Such measures increase the reputation of the transportation companies and establish good relations with the frequent customers.
Second, it is important to consider the time-travel impacts, connected with the time of the day. It is a common knowledge that that some periods of the day are more busy and hectic, in terms of the transportation needs and demands (Sinha, & Labi, 2011). Consequently, the production costs of travelling at the peak time are more expensive, as compared to the off-peak periods. It also means that the organization of such trips requires more efforts, connected with the choice of the appropriate routes and avoidance of the traffic congestions. It may also cause some difficulties with the time scheduling and, correspondingly, lead to the increase of the clients’ undesirability. Therefore, the transportation companies should carefully schedule the trip and choose the appropriate periods of the day to provide minimum time wastes.
Third, the time-travel impacts directly depend on the target audience. The companies estimate that young and retired passengers have a lower value of time, as compared to the people, actively involved in the education or employment (Sinha, & Labi, 2011). Consequently, the latter category of passengers demands highly precise scheduling and minimum of time wastes during the travelling. On the contrary, the cooperation with the other social groups may involve time breaks on the road. Moreover, this issue is important as it highly influences the policies of the transportation companies and indication of the target audience. Depending on the market audience, the policy of the afore-mentioned business entities may vary in time scheduling and organization of the trips.
In addition, the travel-time impacts affect the choice of the transportation speed and consideration of the road peculiarities. For example, the awareness of the travel-time impacts allows transportation companies providing the required measurements of the travel speed and travel demands, using the HCM or COMSIS methods for the analysis and evaluation (Sinha, & Labi, 2011). Furthermore, the achieved data is useful for making the needed correlations and modifications in the time scheduling as well as adjusting the transportation services to the capacities of the roads and demands of the consumers.
In addition, available information about the travel-time provides the possibility to adjust to the unexpected delays and difficulties as well as make the relevant interventions. For example, the company can reduce the time wastes with the help of the intensification of the average travelling speed and decrease of the in-the-vehicle travel time (Sinha, & Labi, 2011). Similarly, the transportation companies can calculate the potential losses, derived from the time wastes and introduce the system for their prevention and avoidance. It is also important to consider the technical capacities of the ways, probability of the road works and speed limitations, risk factors of the vehicle malfunctioning, and suggestions for their improvements.
To conclude, the comprehension of the travel-time impacts and their consideration in the business activities is considered as an asset for the transportation companies. Particularly, this information allows analyzing the market, indicating the target audience and its demands, tracing new tendencies and practices in the transportation, introducing the required modernization and innovations as well as minimizing the time wastes and production cost expenditures. The travel-time impacts provide significant information regarding the specifics of the transportation industry and related market requirements. Consequently, it is essential to take into account the travel-time impacts in order to prevent the service failures and decrease the level of clients’ dissatisfaction. Moreover, the analysis of the travel-time impacts allows making the business predictions and strategies, regarding the improvement of the existed transportation services and clients’ impressions of the travelling.