New York, NY – 20th August 2020 – Travel technology and travel spend optimization , today unveiled improved travel data analytics tools, giving travel managers a wide-angle lens and insights into airline pricing activity.
June 2020 saw a staggering uptick in the price volatility by 152%, with the index jumping from 48.7 to 122.6 from July 2024. By comparison, the second-highest month by volatility was back in February recording an index value of 94.8. Typical volatility in 2019 ranged between 60 and 80.
Such a high and rapid rise in July’s airfare price volatility shows a market struggling to come to terms with daily shifts in supply and demand compounded by airlines seeking to mitigate large losses. Without an air price assurance solution implemented as part of a corporate travel management program, there is a much higher risk of overpaying for air travel.
Millions of fares have been analyzed by Oversee’s travel data analytics solution to track variations between fare filing. These data points have been combined and standardized to provide a metric to the corporate travel industry showing how airlines pricing fares fluctuate with supply and demand in the travel industry.
“It’s in our DNA to analyze and understand travel data for our customers so that they can make more informed decisions,” said Aviel Siman-Tov, CEO and Co-Founder at Oversee. “The travel industry is in a state of flux, and travel managers deserve to have as much up-to-date information on potential factors that impact the resumption of their travel programs. We don’t think it’s fair that corporate travel budgets should take the brunt of airline price instability.”
“From a financial perspective, added price instability is the worst-case scenario for a CFO when planning budgets as companies recover and need to get back on the road. Oversee’s FareSaver Air Price Assurance solution has typically yielded industry-leading savings of around 4% but looking forwards we can see that jumping to 6 or maybe 8%.”
Corporates with an airfare price tracking tool will see far more opportunities to reduce unnecessary expenditures as they seek to capitalize on the competitive advantage afforded by face-to-face sales and account management efforts.
