Irish aviation-leasing services company Acumen Aviation has seen business grow tenfold since it moved its business from India to Dublin in 2013.
The company is predicting even faster growth in the years to come as it builds on its evolving fleet-management business with the launch of a €1m programme to develop specialised machine-learning and artificial-intelligence-based tools to apply to the aviation market.
"Things that used to take us three days now take us half-a-day," said chief executive Alok Anand, who started the original business in Bangalore, India, before moving its headquarters to Ireland.
"This year, we are focusing on what we believe is our moonshot programme to automate the whole asset-management side of the business, using the latest technologies. Our customers love it, they get real efficiencies and real value out of it."
Those customers are some of the biggest aviation-leasing giants in the world, many of them based in Ireland, who own an increasing proportion of the planes used by airlines around the world.
"The overall growth in the market is obviously part of the story, but from our point of view, it is not just that," said Anand. "We have global reach and our bandwidth of capabilities is wide. We cover the whole spectrum in terms of the services we provide to the aircraft-leasing companies.
"One thing that is surprising about the leasing industry is that although it is at the leading edge of aviation technology, the industry in other ways is not there yet. For example, spreadsheets are still the norm in valuations, something that would not be the case in other industries.
"The technique of valuation must be much more specific. It is a little bit like a black art. We want to take away that unpredictability and make it more reliable. It should not be a gut feeling, it should be justified by data."
Acumen provides basic services, such as aircraft inspections for asset-management purposes, so that investors can make an assessment of a plane's value, as well as more advanced analytical services, such as cashflow monitoring.
"An aircraft has a life cycle," said Acumen's chief commercial officer, Eamonn Cronin. "On day one, it is bought but first needs to be valued to see if the price stacks up. On day two, it is put out on lease with an airline. That lease needs to be managed - everything from collecting the rent to inspecting the aircraft, reviewing its records and condition.
30/01/18 Independent/Business Irish
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The company is predicting even faster growth in the years to come as it builds on its evolving fleet-management business with the launch of a €1m programme to develop specialised machine-learning and artificial-intelligence-based tools to apply to the aviation market.
"Things that used to take us three days now take us half-a-day," said chief executive Alok Anand, who started the original business in Bangalore, India, before moving its headquarters to Ireland.
"This year, we are focusing on what we believe is our moonshot programme to automate the whole asset-management side of the business, using the latest technologies. Our customers love it, they get real efficiencies and real value out of it."
Those customers are some of the biggest aviation-leasing giants in the world, many of them based in Ireland, who own an increasing proportion of the planes used by airlines around the world.
"The overall growth in the market is obviously part of the story, but from our point of view, it is not just that," said Anand. "We have global reach and our bandwidth of capabilities is wide. We cover the whole spectrum in terms of the services we provide to the aircraft-leasing companies.
"One thing that is surprising about the leasing industry is that although it is at the leading edge of aviation technology, the industry in other ways is not there yet. For example, spreadsheets are still the norm in valuations, something that would not be the case in other industries.
"The technique of valuation must be much more specific. It is a little bit like a black art. We want to take away that unpredictability and make it more reliable. It should not be a gut feeling, it should be justified by data."
Acumen provides basic services, such as aircraft inspections for asset-management purposes, so that investors can make an assessment of a plane's value, as well as more advanced analytical services, such as cashflow monitoring.
"An aircraft has a life cycle," said Acumen's chief commercial officer, Eamonn Cronin. "On day one, it is bought but first needs to be valued to see if the price stacks up. On day two, it is put out on lease with an airline. That lease needs to be managed - everything from collecting the rent to inspecting the aircraft, reviewing its records and condition.
30/01/18 Independent/Business Irish
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