LONDON (Dow Jones)--Two years ahead of the 787 Dreamliner entering service, Boeing's taking a novel approach to customer aircraft care.

GoldCare is a new Boeing business model designed to simplify 787 aircraft ownership. Primarily aimed at reducing airline risk and cost of operation by providing a lifetime maintenance and spares operation, this could turn out to be integrated material and maintenance management at its best.

And if successful it should eventually provide much additional incremental revenue - and profit - for Boeing.

With GoldCare, 787 customers buy a multiyear, dollar-per-flight-hour program. Engines aside, Boeing will take full responsibility for all 787 customer maintenance and spares, wherever the aircraft might be across the world.

The service relies on new enabling technologies that turn airplane operating data into actionable information.

Two service levels are available: GoldCare Integrated Materials Management includes comprehensive logistical and supply chain integration of spare parts, including component repair and overhaul and guaranteed service levels, while GoldCare Maintenance Services guarantees airplane availability through fleet maintenance management.

Boeing has been planning GoldCare for two and a half years. It started out as an idea based on looking at new service trends that would allow customers to focus on flying the planes and looking after customers, rather than get bogged down in the technical details of maintenance.

None of the 787's twenty-five individual airline customers have signed up for GoldCare yet, but it may not be very long before they do. Indeed, the upcoming Farnborough Air Show in mid-July could well be the place for the first to be announced.

Right now Boeing has 360 firm orders for the 787. In addition it has 40 commitments, plus options for another 224 with the first flight scheduled for 3Q 2007.

Slated to enter revenue-earning service in mid-2008, the 787's customers need guaranteed availability and predictable operating costs. Since 2001, fundamental changes have been driving through a new set of business models for the commercial aviation industry.

Airframe manufacturers, supply chains and airlines alike have all been focusing on costs and restructuring, and they've been outsourcing more and more.

The global Maintenance, Repair and Operation market for commercial aircraft is estimated to be worth close to $60 billion. Boeing has a mere 5% share of the MRO market, but if GoldCare turns out to be a hit it could see that share rise.

Eighteen months prior to the first aircraft delivery is considered about the time airlines are most likely to decide how best to handle maintenance and spares management, so next year will be key to determining GoldCare's reception.

GoldCare looks an attractive proposition for both Boeing and its customers. Airlines that chose the 787 did so not so much on the basis of original cost but primarily for the efficiency and cost of operation. Standardization plays a big part in the decision too, making the 787 a good plane to debut GoldCare.

And if the 787 GoldCare signals look good, expect Boeing to extend the service to other aircraft in its fleet, such as the world's best-selling 737 and the 777.