In 2024, SkySelect's Procurement AI entered the early majority adoption phase, marking a pivotal transformation in the aircraft materials procurement landscape. Numerous customers have embraced this innovative technology, signalling a shift in how transactions for aircraft parts are conducted.
The company has surpassed a significant milestone, having processed US$5 billion worth of aircraft parts transactions since its launch. This achievement caps an impressive 12 months, during which SkySelect facilitated US$1.5 billion in transactions. The surge was driven by the onboarding of a number of customers, including major names like JetBlue, Avianca, Airborne Maintenance & Engineering Services, MTU Maintenance and other prominent international airlines, maintaining discretion about their partnerships.
SkySelect has tripled the number of airlines and MRO providers on its platform in 2024. Recognising the importance of a balanced ecosystem, SkySelect has collaborated with over 3,000 suppliers, offering support for routine, urgent and Aircraft on Ground (AOG) part needs. These partnerships span a wide range of part categories, covering every aspect of the aviation supply chain. To ensure seamless integration for its users, SkySelect has also expanded its roster of partners, including AvSight, Ambry Hill, Rotabull, Quantum and Corridor.
The aviation industry is increasingly embracing artificial intelligence (AI), with its role rapidly evolving from novelty to necessity. The global AI market in aviation is anticipated to grow at a compound annual growth rate (CAGR) of 35.38% between 2022 and 2030. Economic pressures have been a significant catalyst for this surge in technological adoption, as airlines strive to streamline operations and optimise supply chains amidst persistent economic and logistical challenges.
“It's clear that airlines and MROs must revise their operational methods. Technologies such as Procurement AI have shifted from optional conveniences to essential tools for thriving in today's environment,” said Erkki Brakmann, CEO at SkySelect.
“Our customers have shared remarkable results, including 20% savings, 20% on-time delivery (OTD) improvement and efficiency gains of up to five-times. It's no wonder we are witnessing a growing number of organizations seeking digital initiatives to enhance performance,” added Brakmann.
