Will a Digital Marketplace Modernise the Aerospace Industry?
An average aircraft contains approximately 3 million different parts, which are in turn produced by thousands of different manufacturers across the globe. As a result, the procurement of spare parts exists as an extremely complex daily process.
This complexity gave rise to a question: is there a way to simplify the process and increase its efficiency? The answer is yes. In the past, when internet was not widely accessible, the search process could take weeks, or even months. Today, that process has been greatly simplified, meaning that the search for any parts can be successfully completed in less than 24 hours. In line with other industries worldwide, as the aviation industry took the necessary strides forward to modernise itself, the digital aircraft parts marketplace was born.
Locatory.com, a start-up that came to life in 2010, has become one of the leading premium aircraft parts marketplaces in the world. By continuing its focus on innovation and efficiency, the company has successfully introduced a range of new features to its marketplace; one of them, the A.I.-based assistant Amber. As a future without machine learning and artificial intelligence seems highly unlikely, Locatory.com is both aware, and focused on the digitalisation of the industry as a whole.
As already outlined, it has become increasingly evident that aircraft marketplaces have witnessed a dramatic decrease in the complexity of the spare parts procurement process. This gives rise to another question: what could be the next steps for aviation? The answer; building a platform focused on more than just spare parts – the creation of a platform that exists and acts as an entire digital ‘ecosystem’ for all customers, services, and the products required for the successful completion of any maintenance projects.
Locatory.com already offers solutions for supply chain management via, a networking platform and the faster delivery of essential parts and supplies in day-to-day operations. By employing advanced e-commerce and data processing solutions, delivery times were reduced considerably. Additionally, the optimisation of the network allowed the marketplace to speed up the listing and procurement of spare parts. Furthermore, by opening itself to emerging markets, and offering competitively priced plans, the platform opens a world of opportunities for both small and large industry players.
As the digitisation of the aviation industry will increase dramatically in the coming years, even small changes can make a significant impact. Back in the 1960s, the idea of creating a quick and easy procurement process existed merely as a dream. That dream has become a reality, and has changed the industry forever.