91% have high hopes that they will see significant changes in the efficiency of the aircraft.
Aerospace executives cite their greatest challenges being competition from similar types of airlines (48%), fuel price volatility (44%) and increased competition from different types of airlines (42%).
These and many other insights are from the 2015 Aerospace Outlook published today by CIT Group, produced in conjunction with Harris Poll. The results are downloadable here (free, PDF, no opt-in). CIT and Harris Poll have also created an infographic that is downloadable here, also free and in PDF form (no opt-in). The study’s extensive methodology is shown on page 9 of the study.
Key take-aways from the study include the following:
- 73% of aerospace executives anticipate technology innovations will have a positive effect on their companies in the next five years. Aerospace executive respondents also see social media (57%), air safety (55%), the economy (46%), airport capacity (45%) and consolidation (45%) having a positive effect on the industry. To fully capitalize on these opportunities and perform at the speed customers expect, many of these aerospace manufacturers need to move forward with the current generation of MES applications and tools.
- Aerospace executives cite their greatest challenges being competition from similar types of airlines (48%), fuel price volatility (44%) and increased competition from different types of airlines (42%). Balancing and optimizing production, maintenance, repair and overhaul (MRO) and minimizing operation costs are forcing aerospace companies to create a more unified, enterprise-wide strategy to managing manufacturing. Becoming more competitive starts with an MES strategy that scales across the entire enterprise.
- Aerospace executives have a strong sense of urgency for redefining their business models today. Looking to incrementally add new revenues to their business models, 60% of aerospace executives are planning to add in-flight sales, 58% are increasing the number of routes, and 55% are increasing the number of flights. Entire supply chains need to be become more agile and responsive to these requirements if aerospace executives are going to attain their goals. More effective supplier quality assurance (SQA), supplier auditing and compliance will also be needed for these goals to be achieved.
Bottom line: Aerospace executives are redesigning their business models to be more customer-centric than ever before, making MES, Maintenance, Repair and Overhaul (MRO), Supplier Quality Assurance (SQA), and enterprise quality management and compliance (ECQM) essential to attaining their revenue growth goals.