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Business Air News
The monthly news publication for aviation professionals.

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MySky

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BAN's World Gazetteer

United Arab Emirates
The monthly news publication for aviation professionals.

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MySky talks AI and the potential to increase profitability
MySky, an AI-powered spend management platform, explores how operators can use AI to increase profitability and considers the potential for reshaping the landscape of financial operations for charter companies.

Growth in the charter sector has not been without its share of challenges according to MySky. Time-consuming administration, rising inflation, complex procurement processes, cost management inefficiencies and timely quoting collectively conspire to erode profit margins. Navigating through this requires solutions that go beyond traditional approaches, which is where Artificial Intelligence (AI) can help.

From predictive maintenance to route optimisation, auto-quoting and invoicing, AI's capabilities are evident yet its potential is far from fully realised. As AI algorithms become more sophisticated, MySky suggests four ways in which it can transform business aviation charter operations.

Strategies for operational efficiency - charter companies can streamline processes, adjust workflows, digitise invoicing and drive down costs. Imagine an AI-powered ecosystem that orchestrates each area of operations seamlessly. Alleviating operators from repetitive administrative tasks grants them the gift of time that can be devoted to enhancing client relationships and forming meaningful interactions.

Supporting sustainable operations - by analysing real-time data, AI empowers charter operators with comprehensive insights, enabling them to make informed decisions that not only enhance operational efficiency but promote sustainable practices. It has the capability to do this across a range of areas, such as efficient resource management, predictive maintenance, optimised logistics and emission reduction through enhanced fleet planning.

Procurement optimisation - investing in procurement resources empowers mid-sized operators to compete with larger players in the market. AI's ability to analyse market rates, interpret complex financial processes, eliminate the anticipation of hidden charges and produce faster, more accurate quoting, offers a significant strategic advantage. Much like a search engine, AI empowers charter operators to benchmark costs, mitigate risks and strengthen their bottom line, granting users complete visibility over all contracted and uncontracted suppliers associated with a business aviation flight, including fuel, airport, and handling services.

Decision making and strategic insights - through enhanced strategic planning and resource allocation, AI can be a trusted assistant. Its algorithms analyse variables, crafting data-driven strategies that pave the way for better informed decision-making. Charter operators armed with AI-backed insights can navigate the ever-evolving landscape, ensuring sustained growth and profitability.

Ultimately, as the business aviation charter sector continues to evolve, the role of AI could become pivotal. By addressing financial challenges head-on and leveraging its transformative capabilities, charter operators could more easily achieve sustained profitability and success.

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