Spend management platform MySky is launching an advanced and precise budgeting tool to enable private jet owners, brokers, operators and aircraft management companies to see a detailed picture of the total annual running costs of any aircraft type.

Called MySky Budget, the tool produces customised aircraft budgets, which are operationally and regionally sensitive and based on real, accurate data.

MySky co-founder Chris Marich says: “For too long there has been a knowledge gap for private jet owners about the real cost of aircraft ownership that goes beyond asset acquisition. Budget replaces outdated and legacy databases to provide owners with accurate financial insight, as well as allowing them to analyse costs between any aircraft type, whether new or pre-owned. Furthermore, it supports operators and aircraft management companies with reconciling running costs to owners.

“With MySky, ownership becomes more predictable and less opaque, allowing our industry to grow and thereby have a positive impact on operators, OEMs and financial institutions.”

Through AI and modelling of more than 30 million operationally sensitive and financially validated industry data points, Budget provides potential buyers with the capability to make informed decisions on ownership and aircraft use by giving a clear and accurate picture of expected costs as well as potential charter revenue.

MySky CEO and co-founder Kirill Kim concludes: “Budget generates simulated flight activity to predict charter operating costs and potential revenue, based on specific parameters. Overlayed with actual running costs and regional data sourced through our cost database, Budget can give buyers and aircraft brokers a very detailed view of how expected charter margin will support a private jet purchase.”