The tool enables subscribing airlines and maintenance, repair and overhaul (MRO) providers to list items and to buy or sell on the new platform, and will reduce over-payments by making the assessment of fair market value (FMV) more accurate.
The total MRO market is estimated to be USD 81.9 billion annually, a high portion of which is attributed to material costs. IATA MRO SmartHub is expected to shave 10-15% of these material costs through efficiency gains in the supply chain and more accurate assessments of FMV.
Additionally, the IATA MRO SmartHub is aimed to enable the accurate valuation of parts inventories at any point in time and to help in planning, procuring or selling aircraft components and parts.
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