Artificial intelligence (AI) is the Collins ‘Word of the Year’ – which comes as no surprise as the technology increasingly dominates our personal and professional lives. London has even just played host to the first AI Safety Summit, where during a fireside chat between Elon Musk and UK Prime Minister, Rishi Sunak, Musk stated that AI is “the most disruptive force in human history”.
However, AI isn’t a new notion and within aviation, airlines, MROs and other operators have been using the technology for fleet optimization, flight planning and ground operations for several years now. For example, aircraft manufacturers and service technicians use AI software and robots and chatbots to streamline assembly and maintenance, repair, and overhaul (MRO) processes.
As it grows smarter and paves the way for platforms which enhance efficiency and profitability, new opportunities for its application are presenting themselves. Within our team of data scientists, we’re constantly scanning not only our industry but also others to understand the potential and how it can be integrated into the business aviation sector. Here’s what’s caught our attention:
Speeding up processes
For charter operators, chatbots are becoming an initial touchpoint for new business aircraft booking requests, learning the customer’s requirements to provide suitable flight options, streamlining the booking process and making it quicker for inquirers to understand charter costs. AI is also being used to analyze client preferences, past flight data, and real-time information to offer personalized charter recommendations. It can also support aircraft management, optimizing flight scheduling to minimize aircraft downtime.
AI can be pivotal to deal sourcing for aircraft brokers, continually monitoring for available aircraft, off-market aircraft, pricing trends, and market demand. It can share real-time data and insights, helping companies identify deal opportunities quickly. As with the charter industry, we could also begin to see chatbots engaging with prospective customers, sharing aircraft brochures and specifications via social media tools.
Blazing the technology trail
Jetcraft has a long history with data and technology. We first launched our Market Forecast in 2015 as a way to connect the data we had at our fingertips. Then in 2018, we formed a dedicated analytics team and refined our Market Forecast to assess the pre-owned market in ways that others couldn’t and provide us with an unparalleled understanding of the markets we operate in. Since then, we’ve developed Jetrange and the Jetcraft App, giving our clients access to the insights they need to make decisions about their business aviation investments. And in mid-2022, we became the first business aviation specialist to be permanently established in the Metaverse, purchasing real estate in Decentraland.
Most recently in 2023, we launched our internal chatbot, JetGPT, which harnesses generative AI to provide faster and smarter insights for our clients. By hooking into our existing software, JetGPT gives our sales team instant access to microdata on our aircraft inventory, market summaries and emerging market trends. This furthers our ability to find the exact aircraft for our clients’ needs, faster than anyone else in the industry.
Our mission is to constantly adapt to ensure the services our clients need are available to them. Entering the virtual world reflects our awareness of our evolving client base, having seen a 20% increase in our buyers under 45 years old in the last five years, driven by a growing number of younger entrepreneurs from the technology and finance sectors entering business aviation.
The right tools
Technology is developing fast. At Jetcraft, we cut through the weeds of the newest trends to make sure we have the best digital tools available so we can deliver on our mission of transacting at the Speed of Life.
For more information or to speak to your local Jetcraft sales representative.
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