New technology allows rapid and timely changes to airfare pricingFinnair has chosen SITA’s fares analysis technology to manage the setting of fares in both its national and international markets. SITA’s Airfare Insight, part of the Horizon® portfolio, allows the airline to make rapid adjustments to fares in response to market conditions, in order to stay ahead of the competition.
Finnair will use Airfare Insight to support its commercial pricing and distribution strategy. This innovative fares management solution provides competitive market intelligence and uses sophisticated algorithms to help Finnair analyze fares and make recommendations, improving accuracy. This means the right fares are distributed at the right time, to the right customer.
Tomi Hänninen, Vice President Revenue Management & Pricing at Finnair said: “Today the market for airfares is extremely competitive and can change rapidly. SITA’s Airfare Insight gives us an immediate and clear view of what is happening in the market, allowing us to make informed and timely changes to our pricing, providing our passengers with the most competitive airfares available.”
Dave Bakker, SITA President, Europe, said: “Setting the right fares is essential for the success of any airline. Even a relatively minor price difference can result in a major loss of market share. Airfare Insight provides airlines with the business intelligence to maintain their competitive edge and make sure every airfare is correctly priced and accurately reflects the changes in market conditions.”
Up until now airlines typically compared fares with competing carriers using base or “filed” fares that ends up bearing little resemblance to the price paid by customers. Now, SITA Airfare Insight has a new “All in Fare” option that also processes all taxes, fees and charges automatically. This enables an airline to see and compare the actual selling price that the customer pays, inclusive of taxes, fees and charges. This unique “All in Fare” analysis provides Finnair with a true view of the market from the customer perspective.
In addition, SITA’s technology allows Finnair to analyze many more options simultaneously, which allows the airline to refine and improve the pricing delivery process.
SITA Airfare Insight has been developed in partnership with world-leading airlines to provide best-in-class functionality. It is used by more than 20 airlines across the globe to manage their fares including British Airways, Cathay Pacific, Emirates, Qantas, Jet Airways, Singapore Airlines and Virgin Atlantic Airways.