Fairfly launches innovative travel management technology
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FairFly has launched its full airfare tracking and rebooking system for enterprises and travel management companies (TMCs).
Airfare is extremely volatile and the price for a single flight changes 90 times on average, fluctuating even up until the moment of departure. In the US, enterprises and TMCs collectively leave up to $19B on the table by forgoing savings opportunities after ticketing.
Though corporate travel and entertainment represents the second largest controllable expense in a typical company, few have the time or capability to track airfare changes around the clock and take the necessary actions to rebook flights once savings opportunities are found after ticketing.
FairFly was designed to solve this problem, by leveraging airfare volatility to capture savings that are normally overlooked. With proprietary algorithms that continuously track airfare after ticketing, identify savings opportunities on identical and similar flight options, and automatically rebook flights, FairFly identifies potential savings, averaging $254 per ticket, on 26% of tickets processed. Better yet, these savings already factor in applicable airline cancellation fees, private fares, and corporate travel policies.
FairFly’s software complements corporate travel management and TMC services to rebook flights as soon as a savings opportunity is identified, even after ticketing. First, FairFly directly integrates with the relevant global distribution system (GDS) to automatically track flights. Once a savings opportunity has been identified, clients are notified through the GDS, or via email or text message. In certain conditions set by the TMC, rebooking can be done completely automatically. TMCs benefit from FairFly’s proprietary automated rebooking solution, saving agents time and effort, while simultaneously saving money for corporate clients.
FairFly is completely customisable to any company’s travel policy and preferences with algorithms that continuously track for identical, similar, or even better flight options. “FairFly’s ability to search for similar flights, with small changes in departure time, airline, cabin class, and duration of flight, maximises the potential for savings opportunities. The technology that supports this type of search is the first of its kind,” explains FairFly co-founder and CEO Aviel SimanTov.
“FairFly’s advanced algorithms are designed to accommodate various layers of travel policies, giving the company full control to customize search preferences according to employee levels and more, all the way down to a single flight or traveler,” said Siman Tov.
Though FairFly charges a tiered minimal monthly service fee, the majority of costs come from a success fee, meaning the customer will pay only when savings are realized. This ensures that FairFly’s service pays for itself and then some through savings generated and time saved.
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