How can you use innovation management to drive aerospace industry innovation?

1 Understand the drivers and barriers

The first step in innovation management is to understand the internal and external factors that influence innovation in the aerospace industry. Some of the drivers are customer demand, technological advancement, market opportunities, and strategic vision. Some of the barriers are high costs, long development cycles, safety and security risks, and regulatory compliance. By identifying the drivers and barriers, you can align your innovation goals with the needs and expectations of your stakeholders, and overcome or mitigate the challenges that hinder innovation.

3 Leverage digital technologies and platforms

The third step in innovation management is to leverage digital technologies and platforms that enable and enhance innovation in the aerospace industry. Some of the technologies are artificial intelligence, big data, cloud computing, and blockchain. Some of the platforms are open innovation, crowdsourcing, and co-creation. These technologies and platforms can help you access and analyze more data and information, improve your decision making and problem solving, and engage and empower your employees, customers, and partners. By leveraging digital technologies and platforms, you can improve your efficiency and effectiveness, and create more value and impact.

4 Manage the risks and uncertainties

The fourth step in innovation management is to manage the risks and uncertainties that come with innovation in the aerospace industry. Some of the risks are technical, operational, financial, and reputational. Some of the uncertainties are market, customer, and competitor behavior. To manage these risks and uncertainties, you need to adopt a proactive and systematic approach, such as risk identification, assessment, mitigation, and monitoring. You also need to build resilience and adaptability, by anticipating and responding to changes, and learning from failures. By managing the risks and uncertainties, you can reduce your losses and increase your opportunities.

5 Measure and communicate your outcomes

The fifth step in innovation management is to measure and communicate your outcomes and achievements in the aerospace industry. Some of the outcomes are new products, services, processes, or business models. Some of the achievements are customer satisfaction, market share, revenue growth, or social impact. To measure and communicate these outcomes and achievements, you need to define and track relevant indicators and metrics, such as return on investment, customer feedback, or environmental performance. You also need to share and celebrate your successes and lessons learned, with your team, organization, and stakeholders. By measuring and communicating your outcomes and achievements, you can demonstrate your value and credibility, and inspire more innovation.