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With the average company investment into digital transformation increasing 148% in 2020 your competitors are racing to disrupt your business. Can you afford to be left behind?
Businesses operating in this industry might be trained in military precision, but keeping up with the competition requires a technological strategy as dynamic as the industry itself.
Whilst the aerospace and defence industry has always relied on up-to-date digitalisation and technology, failure to keep up with it threatens the survival of your business.
And with the uncontrollable growth in demand comes the new competitors disrupting the industry, confirming that there is a need for technology to take over the value chain. Your business needs a level of innovation not anticipated by the enemy, and your business needs it now.
Turbulence might lie up ahead, but we can steady the ship.
Whilst digitalisation has always maintained a strong grasp on the aerospace industry, the need to maintain a consistent and constant level of innovation should not go amiss. In fact, as tech forms the basis for the sector, aligning with the changes in trends and technology is fundamental.
The process of R&D notoriously takes many years to complete, but armed with digital technologies that can provide data-driven insights into your business, and reduced the time taken to design and develop products, you can beat the clock via supply chain management.
And by streamlining each side of product innovation and commercialisation, improved efficiency can also be met.
A complete overhaul might seem unnecessary for such a quick-paced industry, but military precision starts with innovation, and that starts with you.
The defence industry might not seem as customer centric as the retail industry per say, but as with all technological overhauls, the customer focus fails to fall short.
Unlocking new customer insights driven by the data only digitally-aligned business models can harness can guarantee greater revenue through creating products relevant to the future user.
You need to curate customer satisfaction and move with the tide of demand to maintain business stability, all the while upholding the standards required of such complex products and enforcing due diligence. Balancing the ever-changing technological trends for your operations and for the customer are feats not to be taken lightly.
Making a choice costs.
Tap into the potential for product experimentation and engagement, and tap into it with our consulting services.
Director of Technology, Simply Brands
For those with an ear to the ground, our services carry out a Digital Transformation. A Digital Transformation rethinks how you manage your employees', your clients' and business’ data, and how you carry out your business operations. Or, in simple terms, a DT is the technological revamps your business needs to stay competitive.
The aerospace and defence industry stands firmly as a unique industry, conquering individual challenges and considering sector-specific issues. Thus, it would appear as if it would stand apart from the typical aims of a digital transformation, namely customer engagement and efficiency. This is not true.
Central to the future of the industry is innovation: keeping up with the quick-paced changes set to disrupt the industry from other contenders is all in a day's work for businesses looking to make their name in the sector. From producing goods and services to serve tomorrow’s customers - whilst also supporting those of today - to discovering ways to hack their efficiency, technology is set to go further in this forward-thinking industry.
Only recently has analytics, automation, the cloud, and the Internet of Things been integrated into the industry’s technological stance. And only recently have your competitors realised the importance of staying one step ahead. You need to keep up.
By harnessing third-party services and algorithms in particular, cutting out development time and reaping the rewards of digital innovation are much easier to grasp.
SOURCE DATA-DRIVEN INSIGHTS
No customer can be reduced to a statistic, nor should they ever be - but using data to tap into their desires is far more effective than assigning them a number.
TEST PRODUCTS AND RECEPTION AT PACE
It’s fair to say that the aerospace and defense industry has earnt the label ‘niche’, but by ensuring your products will satisfy your customers, you can be sure to score sales thanks to high speed insights from data.
Speaking of niche: detect the exact products and services your clientele expects, and fine-tune your business’s innovation with military precision thanks to data-driven insights.
VIA BUSINESS MODELS
Fundamental to this industry’s digital transformation is adapting to the disruption courtesy of new competitors. By harnessing new business models, the technological innovation can align with the business.
Innovation might be the buzzword of the industry, but putting it into practice is no understatement. Align your whole business digitally, and rethink production, supply, and marketing.
VIA YOUR BUSINESS’ GROWTH
Central to the industry’s future is that of driving growth to cope with the onset of thriving demand. And growing a business can start with something as simple as planting technology in all departments.
PREPARE FOR EVOLUTION
The current disruption evolving the industry is not a wave that will crest and crash onto the shore; it is simply part of the tide to come. From the senior managing director to the interns, it's time to rethink technology, and never stop rethinking it.
DIGITALISE YOUR MILITARY PRECISION
Problems cannot be predicted, thus, by rooting technology is all facets of a business, issues can be identified, analysed and solved at speed. That’s what you call military precision.
STAY CLOSE TO YOUR SUPPLY CHAIN
Collaboration is a core principle of the industry, but outside of the military perspective often taken, this should stretch into all areas of the business. And the supply chain must be a part of this.
+ What is the aerospace and defence industry?
The aerospace and defence sector clearly serves two distinct but overlapping industries: the production and sale of commercial aircrafts, and the production and sale of products required for the armed forces. Companies that make up this sector include Boeing, Lockheed Martin, Honeywell, and Textron.
+ What is the future of the aerospace and defence industry?
Despite the wide array of digital technologies and their accompanying trends, the most popular trend that is already beginning to take hold is that of the autonomous drone. Just like the automotive industry, autonomous flight is fundamental not just to space travel, but travel on this planet.
+ How big is the aerospace and defence industry?
The aerospace and defence sector is one of the largest industries on the planet, particularly in countries with more developed militaries, such as the US. The US aerospace sector is the largest in the world, and is the epicentre of military and civil aerospace supplies. As a result of the Covid-19 pandemic the industry's production has suffered and growth has slowed.
+ What areas of the aerospace and defence sector are set to shrink?
Pre-Covid-19, at the fore of the aerospace and defence industry’s future was the need to optimise. Thanks to connected factories, production can be lowered as it is streamlined. However, the pandemic has impacted the sector with grow being shunted and production being cut until demand beyond regional airline needs resurfaces.
+ What are the trends for the aerospace and defence industry?
Specifically, there is a growing focus on low-risk innovation with trusted partners driven by technologies such as robotics and autonomous systems, artificial intelligence, and sensor technologies. By focusing on low-risk digitalisation, costs can be cut and capabilities extended. Other key trends to follow include connected factories within manufacturing and the modernisation of legacy systems alongside a focus on fuel-efficient technology and supply chain optimisation.
+ Is the aerospace and defence sector cyclical?
As a result of airlines’ leverage, this sector has historically been cyclical with sharp rises in demand and even sheerer falls periodically. The defence side of the sector mirrors this, with threats to national security dictating when demand lifts and declines. However, according to some economists, the sector is counter cyclical.
Taking things technological might seem a challenging feat set to put your troops through their paces, but with Lolly Co at every step of the way, navigating the new territory need not be difficult. In fact, with our tech-team assessing your business’ exact needs and walking you through each step, you don’t need a map, either! But, if you do fancy finding your way around tomorrow’s business technology, you can start here.
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