Innovation in Aerospace & Defense
The aerospace and defense industry has long been a source of great innovation. And while aerospace and defense manufacturers continue to produce cutting edge technologies that push the envelope of human achievement, an aging workforce, decreased government spending, increased regulation and cost-cutting measures underscore that the rules of the innovation game in aerospace and defense are changing.
For starters, according to a 2010 study by Aviation Week, 19% of all A&D employees are currently at the age of retirement. This number is predicted to jump to over 30% by 2012 and nearly 40% by 2014. This presents a significant challenge to the industry’s organizations as their most experienced and technical experts are getting ready to walk out of their doors forever, taking with them decades of tribal knowledge. In order to maintain their competitive advantages, it will become increasingly essential for leading aerospace & defense companies to ensure the next generation of innovators can come up to speed quickly on the measures created and understood by these exiting seasoned professionals.
Additionally, the US’s ‘extreme fiscal distress’ led to an announcement by the Pentagon at the beginning of the year to do away with all spending growth over the next five years, amounting to cuts of $78 billion, thus leading to lost revenue for aerospace & defense manufacturers. On top of the reduced spending, manufacturers are also faced with more government regulations than ever before, translating to an increased need for innovation to breakthrough these constantly changing, new, and challenging requirements, while operating on a smaller, tighter budget.
To help maintain their long-term competitive advantages, reuse proven technologies and lessons learned to avoid recreating the wheel, and reduce operating costs associated with research and development, leading innovators in the aerospace & defense industry are turning to Invention Machine Goldfire. This unique innovation software empowers engineers and scientists to conceive and validate the right ideas the first time, so they can quickly and easily deliver market leading products.
To learn more about how the top A&D manufacturers and suppliers, including Boeing, Goodrich, Honeywell, Northrop Grumman and Pratt & Whitney Rocketdyne, are using Goldfire to better compete in the innovation game, download this 2-page Aerospace & Defense Innovation data sheet or take a tour of Goldfire.