Topline revenue growth for 4 years straight
Flight hours per month per plane
2nd in aircraft utilization in North America
JetSuite, a California-based private jet company, had set out to provide the freedom of private air travel to a wider audience. But as the small on-demand business grew, it encountered its own set of challenges with logistics and inventory, such as last-minute customer requests and a limited number of planes. Commercial airlines have the stability of somewhat fixed schedules, but for a private, on-demand charter service like JetSuite, schedules are unpredictable. The importance of every dollar, plane, staff member and customer is magnified.
In addition to fluctuating customer demand, the complex air travel environment requires JetSuite to navigate environments such as regulatory and operational constraints, aircraft maintenance, staffing schedules, and of course, changing weather. When a customer calls to make a reservation, JetSuite needs to know instantly if they can accept the flight request or not, taking all factors into consideration, and moreover, will the flight add profitability to the operation. When JetSuite began, the team managed its fleet of planes with a whiteboard and basic scheduling technology, and response times were lengthy. In an on-demand customer-driven business model, JetSuite’s revenue and success as a company depends on the ability to maximize its resources and make these decisions at a moment’s notice.
In 2011, the company had approximately 35 staff members and five planes servicing California, Nevada, Arizona, New Mexico and Oregon. According to CEO Alex Wilcox, five planes is the maximum number a single human can hold in his or her head with regard to logistics, and JetSuite needed more. Wilcox quickly realized that in order to grow the company, he needed a scalable solution and an optimization engine.
JetSuite was looking for a partner that could support their need for optimized operations planning and management that would complement their efficient aircraft.
JetSuite selected BoldIQ and implemented its technology, enabling it to plan the use of its aircraft and pilots in the most efficient manner, taking all operational, financial, regulatory, and environmental aspects into account.
BoldIQ’s unique operations-focused optimization software was able to answer the range of requirements that JetSuite had.
BoldIQ’s software allows JetSuite to plan, implement, and manage its day-to-day operations, including both long-term planning and day-of-operations, real-time quoting for its customers, disruption management and more. JetSuite is able to plan the utilization of its resources more efficiently, and manage and recover from disruptions more quickly and efficiently, enabling the company to focus its resources on its most valuable assets – the customers.
Not only did BoldIQ help JetSuite master its scheduling, but also to manage real-time changes. Due to BoldIQ’s dynamic real-time capabilities, JetSuite has the ability to quickly determine if it can accept a new flight request, as well as re-optimize its resources due to unexpected aircraft maintenance or when a pilot calls in sick. This allows Wilcox’s team to be proactive in how it handles these situations and use alternative resources if needed.
BoldIQ’s technology allowed JetSuite to optimize its schedule and resources in a way that no other platform could, said Alex Wilcox, CEO of JetSuite.
Since implementing BoldIQ’s technology, JetSuite has grown dramatically from a $7 million company to more than $50 million in gross sales in only three and a half years, doubling its topline revenue for four years straight. The company went from 35 staff members and five planes to over 200 staff members and 20 airplanes today. JetSuite now services about 3,000 cities in the US, Mexico, Canada and the Caribbean.
With BoldIQ, JetSuite has expanded its operations and offers its customers more flight choices, more flexibility and, ultimately, more value. JetSuite is able to do this knowing that BoldIQ is growing with them. Wilcox’s team operates at a higher utilization rate than its competitors and can fly each one of its airplanes more than 100 hours per month. Recently, JetSuite was ranked fourth in total hours flown and second in aircraft utilization in a report by aviation research group ARGUS International. JetSuite is the youngest charter operator of all companies listed.
BoldIQ is part of JetSuite’s secret sauce to our growing success. Our rapid and scalable growth wouldn’t be possible without BoldIQ’s innovative technology, said Wilcox.