Airfare price tracking is also known as price assurance
, or fare auditing. Corporations use it
to reduce the risk that when their employees travel for business, the fares that they pay aren’t overinflated or cost the company more than they should.
Companies can spend significant amounts of money moving their employees worldwide to engage with clients as consultants, sell and close deals, manage customer relationships and establish an on-site presence. Even during periods of uncertainty, business-critical travel exists: bolstering the need for an effective flight price tracker. Deloitte leads the Business Travel News Top 100
, spending north of $500 million in the US alone on air travel. Airfare price tracking using a flight ticket tracker reduces the risk of paying for flights during a pricing spike and ensures a fair market price is paid instead.
Why is airfare price tracking important?
Airfare tracking is essential for both travel managers and finance teams. It allows them to access complete visibility into any possible price drop (either during the void window or after it). Airfare price assurance providers such as Oversee will catch the fall and work with your TMC to secure those savings.
Before COVID-19, airfares fluctuated around 70 times between publication and departure date. With airline revenue management systems pushed to their limits, this figure can be well over 100. Over the past few months, data from Oversee’s airfare tracking platform has revealed significantly higher price volatility, between 10 and 30 percent compared to expected.
How does airfare price tracking work?
Most airfare flight price trackers will have already developed integrations with the three leading Global Distribution Systems (GDS) and have, upon authorization, access to all PNRs booked by a company’s travelers. Oversee uses its proprietary algorithm to efficiently and continuously scan the GDS for price fluctuations throughout three stages: time of booking, void window, and departure.
Once a ‘net-of-all-TMC-and-airline-fees’ price drop is found, an automated instruction is sent to the TMC’s GDS queue to rebook the fare. If the original PNR is in the void period, the re-shopped food can be made without the typical airline cancellation fees. All this is done behind the scenes to guarantee airfare price assurance while utilizing very few resources from travel managers or their TMCs. In many cases, this process can be automated.
Does airfare price tracking only work on flexible fares?
No. As multiple fare rules govern cancellation costs, there are opportunities for saving even with the most restrictive fare rules. There are also considerable savings to be made by strategically switching travelers from flexible fares to less flexible foods a few days before departure, where the likelihood of travel is much higher.
Does airfare price tracking disrupt the traveler?
In cases where a new PNR is generated for a new ticket, the traveler is alerted to this, and the OBT is updated accordingly. Oversee has never seen this disrupt the millions of PNRs we’ve scanned. Additionally, there are ways to exclude certain groups of travelers, such as VIPs or C-Suite executives, for that added peace of mind. Our policy is ‘Same Flight, Same Cabin, Same Experience’ and, in most cases, the same seat for your travelers.
What is the best airfare price tracker?
The best flight ticket tracker depends on the level of independence you’re looking for and the global reach of your program. To avoid the ‘fox in the hen-house,,’ it’s always best to seek a TMC and GDS agnostic provider so that travel managers are confident that re-shopping success and data insights are independently provided and without bias.
Alternate TMC price assurance solutions
are typically restricted to specific geographical regions or function only within the void window; this can be useful if your organization wants a basic answer but may not maximize airfare price assurance. Be mindful that these solutions do not provide for pan-program insights or multiple TMCs, so you may not be able to roll this out globally.
exist, although they are restricted by definition to the GDS that provides them and, like the TMC solutions, they are very limited in the timing and geography of the price tracking.
Typically Oversee sees an increase of around 70% in savings when using an independent price assurance solution that tracks prices until departure and on a global level.
With Oversee, RELX
found themselves saving 4.6% on annual air spend, which led to enhanced travel analytics with additional layers of reporting to benchmark negotiated fares against publicly available ones. Using Oversee’s real-time data can better prepare travel managers when negotiating airline contracts and even highlight sub-standard agreements easily.