|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.
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes ab...
Sep. 3, 2015 04:00 AM EDT Reads: 721
Containers are not new, but renewed commitments to performance, flexibility, and agility have propelled them to the top of the agenda today. By working without the need for virtualization and its overhead, containers are seen as the perfect way to deploy apps and services across multiple clouds. Containers can handle anything from file types to operating systems and services, including microservices. What are microservices? Unlike what the name implies, microservices are not necessarily small,...
Sep. 3, 2015 03:15 AM EDT
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
Sep. 3, 2015 02:30 AM EDT Reads: 1,676
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the ...
Sep. 3, 2015 01:00 AM EDT Reads: 1,640
SYS-CON Events announced today that the "Second Containers & Microservices Expo" will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
Sep. 2, 2015 11:45 PM EDT Reads: 641
Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is designed for their business. In 2015, organizations such as United Airlines, Sony...
Sep. 2, 2015 11:15 PM EDT Reads: 518
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so the...
Sep. 2, 2015 11:15 PM EDT Reads: 232
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development...
Sep. 2, 2015 10:45 PM EDT Reads: 1,615
Akana has announced the availability of the new Akana Healthcare Solution. The API-driven solution helps healthcare organizations accelerate their transition to being secure, digitally interoperable businesses. It leverages the Health Level Seven International Fast Healthcare Interoperability Resources (HL7 FHIR) standard to enable broader business use of medical data. Akana developed the Healthcare Solution in response to healthcare businesses that want to increase electronic, multi-device acce...
Sep. 2, 2015 10:00 PM EDT Reads: 311
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
Sep. 2, 2015 08:00 PM EDT Reads: 839
In 2014, the market witnessed a massive migration to the cloud as enterprises finally overcame their fears of the cloud’s viability, security, etc. Over the past 18 months, AWS, Google and Microsoft have waged an ongoing battle through a wave of price cuts and new features. For IT executives, sorting through all the noise to make the best cloud investment decisions has become daunting. Enterprises can and are moving away from a "one size fits all" cloud approach. The new competitive field has ...
Sep. 2, 2015 07:45 PM EDT Reads: 154
Advances in technology and ubiquitous connectivity have made the utilization of a dispersed workforce more common. Whether that remote team is located across the street or country, management styles/ approaches will have to be adjusted to accommodate this new dynamic. In his session at 17th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., will focus on the challenges of managing remote teams, providing real-world examples that demonstrate what works and what...
Sep. 2, 2015 07:15 PM EDT
eCube Systems has released NXTmonitor, a full featured application orchestration solution. NXTmonitor, which inherited the code base of NXTminder, has been extended to support multi-discipline processes and will act as a DevOps utility in a heterogeneous enterprise environment. Previously, NXTminder was packaged with NXTera middleware to configure and manage Entera and NXTera RPC servers. “Since we are widening the focus of this solution to DevOps, we felt the need to change the name to NXTmon...
Sep. 2, 2015 07:00 PM EDT Reads: 123
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
Sep. 2, 2015 06:00 PM EDT Reads: 466
The web app is agile. The REST API is agile. The testing and planning are agile. But alas, data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes that force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software organ...
Sep. 2, 2015 05:45 PM EDT Reads: 123