The aerospace industry is one of the fastest growing industries in terms of volume, but at the same time there are various challenges that stifle consistent growth in this segment. Rising maintenance costs, constant investment in aerospace engineering and aviation, rise of new service-oriented processes to enhance customer satisfaction, and aerospace maintenance are just a few of the challenges you may face as a part of this industry. Along with this, aerospace technologies keep upgrading and innovating bringing in separate challenges of implementing the same in this sector.
In an industry that is innovative by design and volatile by nature, enterprises are faced with a two-pronged mission 'soar higher while getting leaner' – grow their businesses and reduce operational costs.
On one hand, enterprises must bring to value decades of investment in new product launches, surge ahead with global development and delve deeper into alternative fuels research. The on-ground reality – combating rising fuel prices, complying with regulations and expediting fleet optimization. To build for tomorrow, original equipment manufacturers (OEMs), suppliers and partners need to realize business value from every technological opportunity on their radar.
A ‘low-cost, low-fare’ market calls for a ‘high-customization’ brand experience. Frequent flyer programs are not enough. Keeping the check-in line busy will require airlines to add their ‘special sauce’ to each service and product. It’s time to get personal.
Ancillary revenue and its importance need no introduction. Enterprises need to become more nimble and introduce new product offerings not just rapidly, but also in ways that they stand out in terms of unique service and right price.
With the combined effect of intense competition driving down fares, and fuel prices on the rise, smart cost management is more than a need. It's a bottom-line imperative.
Disruption is in the air. With rapidly evolving traveller-friendly technologies and service models, enterprises must embrace digital platforms and be all-pervasive – reaching out across channels to interact, inform, and engage.