|By Business Wire||
|April 8, 2014 07:01 AM EDT||
Yapta, the developer of FareIQ, the corporate travel industry’s only independent airfare price tracking solution, today published the findings of a benchmark study examining corporate airfare prices tracked by FareIQ across 34 large and mid-size corporations. The findings offer unprecedented insight into corporate airfare pricing – including the types of corporate fares that have the greatest volatility, when corporate fares are most likely to drop in price, and which origin cities and airlines experience the most significant price fluctuations.
“We conducted this study in an effort to provide actionable insights into airline pricing that will help corporate travel managers better manage their T&E budgets, and travel management companies provide enhanced client services,” said James Filsinger, Yapta President & CEO. “The results were quite illuminating, offering a unique view into the lifecycle of various corporate fares – and identifying the windows of time and fare characteristics where prices are most likely to fluctuate.”
The study looked at corporate air travel itineraries from July 2013 to December 2013, revealing pricing volatility around various ticket classes, specific days of the week, airlines, and origin cities. The study also examined price volatility both inside and outside of void windows, and inside and outside of normal business hours. Lastly, the study also compared volatility across penalty versus non-penalty fares, negotiated rates against public fares, and tickets over and under $500.
A number of key findings were revealed by the study:
- Corporate flights originating from San Francisco, New York (JFK) and Denver showed the greatest proportion of price volatility, while flights from New York (LGA), Houston and Minneapolis were least volatile in price.
- Airlines with the greatest proportion of business airfare price volatility included British Airways, Air France, Lufthansa and American Airlines. Alaska Airlines and US Airways indexed the lowest proportion of price volatility.
- The most frequent airfare price drops occurred early in the week, specifically on Tuesdays (21%) and Wednesdays (19%).
- The average net identified savings (defined as savings available less airline change fees and associated travel management company change fees) was $306 per ticket for those over $500. For tickets under $500, the average net identified savings was $58 per ticket.
- 73% of all price changes in the data set were on negotiated fare bookings. The average net identified savings alerts (defined as savings available less airline change fees and associated travel management company change fees) were $204 on negotiated rate fares, and $291 on public rate fares.
- 46% of price drops occur within the business travelers’ standard business hours, while 54% occur outside of business hours.
- 68% of price drop “alerts” (defined as notifications when savings on identical itineraries are significant enough to reticket) issued by FareIQ were for tickets in different classes of service within the originally ticketed cabin, and 32% were for the same class of service in the same cabin.
- 60% of total dollar savings opportunities (as measured in dollars) occurred inside of the void window, during which rebookings could be made without penalties. The remaining 40% were outside the void window.
- 78% of tickets with savings opportunities (measured in number of tickets) were inside of the void window, and 22% were outside of the void window.
- 87% of penalty ticket “alerts” were sent within the void window – while 13% were outside of the void window. Meanwhile, 40% of non-penalty tickets that were eligible for saving were within the void window – while 60% of non-penalty tickets that were eligible for savings were outside of the void window.
How FareIQ Works
FareIQ’s patent-pending Intelligent Price Tracking™ technology provides in-depth, 24x7 analysis and insights into corporate airfares, spotlighting opportunities to re-book tickets at lower prices, saving corporations crucial T&E dollars on a daily basis. The solution integrates seamlessly with agents’ workflows by dynamically monitoring pricing on individual passenger name records (PNRs) that are placed on a queue by the corporation or its travel management company. Upon recognizing a savings opportunity, FareIQ immediately issues a series of messages, including email alerts, a FareIQ web portal notification, and remarks posted directly in the PNR, that enables those savings to be acted upon by an agent or a travel manager.
FareIQ has proven to be very successful at identifying savings opportunities for corporations, including:
- Savings opportunities on 11.2% of all itineraries tracked
- When savings are found, the average savings are $260 per ticket, even after accounting for airline change fees and TMC/agent rebooking fees
- Customers recognize an average savings per ticket of 14.4%
For more detail on the FareIQ benchmark study, please visit: http://bit.ly/1ja4X2q.
Yapta is a pioneer in airfare price assurance services for travelers, and the developer of FareIQ, the corporate travel industry’s only independent airfare price tracking solution. Launched in 2007 as the travel industry’s first airfare price tracking and refund alert service, Yapta quickly gained more than 1 million registered members and delivered more than $450 million in airfare savings alerts to consumers. Today, Yapta’s technology is helping companies with heavy travel volumes reduce their spend and extend their T&E budget by constantly tracking booked airfares and flagging lower rates when they become available. For more information about Yapta, visit www.yapta.com. To learn more about FareIQ, visit fareiq.yapta.com.
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
Dec. 11, 2016 12:00 AM EST Reads: 1,111
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Dec. 11, 2016 12:00 AM EST Reads: 2,393
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and sh...
Dec. 11, 2016 12:00 AM EST Reads: 909
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
Dec. 10, 2016 11:45 PM EST Reads: 1,796
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 10, 2016 11:15 PM EST Reads: 1,219
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
Dec. 10, 2016 10:15 PM EST Reads: 2,073
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 10, 2016 09:15 PM EST Reads: 1,355
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...
Dec. 10, 2016 07:30 PM EST Reads: 1,822
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Dec. 10, 2016 07:00 PM EST Reads: 4,159
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Dec. 10, 2016 06:30 PM EST Reads: 1,973
The Internet of Things (IoT) promises to simplify and streamline our lives by automating routine tasks that distract us from our goals. This promise is based on the ubiquitous deployment of smart, connected devices that link everything from industrial control systems to automobiles to refrigerators. Unfortunately, comparatively few of the devices currently deployed have been developed with an eye toward security, and as the DDoS attacks of late October 2016 have demonstrated, this oversight can ...
Dec. 10, 2016 06:30 PM EST Reads: 1,551
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...
Dec. 10, 2016 06:30 PM EST Reads: 1,036
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
Dec. 10, 2016 06:15 PM EST Reads: 1,099
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 10, 2016 05:30 PM EST Reads: 1,012
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Dec. 10, 2016 05:15 PM EST Reads: 1,428