MySky, the specialist in financial management solutions for business aviation, is landing its predictive costs tool, Quote, in the US this week.
Set to transform the private jet charter industry across the US, Quote uses digital automation and big data to forecast the global cost of a flight with more than 96% accuracy, while simultaneously predicting the profit margin earned by the aircraft owner or operator.
A precise estimate for each leg of the charter mission is generated in under 10 seconds – instead of hours or even days for manual legacy systems – helping MySky customers to determine whether a booking is worthwhile, and to select the most profitable trip configuration.
The launch of Quote comes alongside the continued growth of business aviation charter in North America, where April 2022 activity exceeded 2019 levels by 15%, according to data analysts WingX.
This unprecedented demand for private aviation charter has resulted in many charter operators struggling to handle the high volume of quote requests, with some operators experiencing hundreds of requests in a single day – many more than manual systems can cope with.
Powered with data drawn from millions of transactions around the world, Quote effortlessly predicts all potential operating costs, extras, and margins associated with a given flight, including air traffic control fees, fuel purchases, ground handling, and aircraft parking.
Jean-Sebastien Looz, Head of Americas, MySky, says: “MySky Quote is a gamechanger for the US business charter market.
“Charter operators are often limited by how many requests they can process in a given day, and Quote means they can react and respond faster.
“This frees the charter teams to concentrate on what they do best: negotiation, customer service, and getting more deals over the line.
“To complement this, Quote provides precise, forward-looking P&L capabilities previously unheard of in the air charter industry that allow owners and operators to track their margins in real time, without the inconvenience of waiting for accounting to catch up.
“Quote users in Europe are already benefiting from reduced response times and improved price accuracy, which translates into increased owner satisfaction, repeat business, and a higher return on investment.
“Quote makes it possible to build a quote from the bottom up: starting from the operational costs, adding in margins and extras, to arrive at a final sale price.
“This eliminates surprises in an industry where invoices often come in 3 to 6 months later, and makes it possible for the operator to select the most profitable trip.
“The traditional ‘top down’ quoting process also remains possible, ensuring operators can work to familiar systems, while improving efficiency.”