Industry
Manufacturing
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Highlights
- Space technology is a complex domain, and firms need to align their business models to industry adopted standards and processes to stay relevant.
- Organizations need to get their house in order by following the STAR framework which focuses on strategic alliance and technological resilience.
- The ORBIT framework is about demonstrating in-house technology capabilities to cater to the customers.
Preparing for the future
The space technology industry is a highly specialized field that demands industry players to have a large risk appetite and make significant capital investments.
Firms thus need to align and transform their business operations effectively. To support this, organizations can adopt a two-pronged approach. The first – STAR – helps companies to plan and assess their in-house capabilities and resources, while the second – ORBIT – focuses on implementing their in-house strategies and technologies.
Figure 1: A framework to enter and operate in the space tech industry
Getting the house ready with STAR
For a start, space technology companies need strategic alignments, technological resilience, alliances, and regulatory compliance.
Strategic alignment
As part of strategic alignment, firms should ensure that the goals and business objectives are in line with the evolving landscape of the space industry. It should also consider how the company’s current products and services can meet the present and future needs of the space Industry. For example, firms involved in battery management systems mostly working for automotive industry, need to understand that the same system can be implemented in satellites. But they need to be aligned and educate themselves for space standards, knowing the minimum and maximum temperature in space, level of confidence required in the system, and average and pick load for typical satellites.
Technological resilience
It is important to build a repertoire of technologies with a sharp focus on resilience, which can be readily scaled up with minimal expenditure. For example, aircraft makers possess the expertise and technology to create flying machines. However, to break into spacecraft manufacturing, they need to be proficient in space systems engineering, including rocket nozzle design and propulsion with various fuels.
Alliance and partnership
This will involve close collaboration of the space technology company with research institutes, startups, and even competitors, instead of competing against each other. For example, if a space tech organization needs remote sensing images, it should partner with a satellite service provider and a company that can process satellite data to provide meaningful outputs for the business.
Regulatory compliance and responsibility
The space sector is subject to strict international regulations and companies in this sector need to establish a framework that adheres to cross-border regulations, while considering environmental impact, sustainability, and international cooperation. For example, India set up its own regulatory agency, Indian National Space Promotion and Authorization Centre (IN-SPACe), an autonomous single window nodal agency within the government’s department of space (DoS). If the organization is not involved in space activities but wishes to utilize data extracted from space, they must adhere to specific industry and geographic regulations.
Figure 2: Testing the readiness level of firms entering the space domain
After achieving a satisfactory level of readiness in the STAR framework, which is indicated by the scores ranging from low (6-9), satisfactory (10-14), and excellent (>=15), organizations should move forward with the ORBIT part. This phase emphasizes the implementation of in-house strategies and technologies with different customers while continuously innovating based on feedback.
Pushing the pedal with ORBIT
This framework is a set of best practices that companies can adopt to deploy in-house technologies and capabilities.
ORBIT stands for opportunity scanning, research and development, building collaborative ecosystems, implementation, and tracking performance.
Opportunity scanning
Companies should scan the ecosystem and look out for emerging opportunities in the space sector that match their technical or service expertise. This involves arriving at a use case that might involve collecting data, carrying out market research, and identifying the pain points which can be addressed. Once the opportunity is identified, it is essential to adapt the product or service strategy to meet the customer requirements. For example, digital farming using satellite images is currently experiencing a boom. A business in the corporate sector might come up with a unique software or hardware solution for a specific use case in space operations. Whereas satellite data processing companies might find use cases with agriculture or coal mining firms by helping them track plant infections or quantify pollution levels.
Research and development
Firms need to accelerate R&D by investing in new solutions and creating proofs of concept (PoCs). They should evaluate the advantages and disadvantages of various strategies to maximize profits while ensuring uninterrupted customer service. For example, an automotive company wants to leverage satellite connectivity for its IoT features. It will thus need to invest in creating a secure network and not rely too much on third parties, as this could lead to glitches or dependencies in future.
Building collaborative ecosystem
Companies should develop partnerships and engage in knowledge-sharing initiatives within and outside the organization to improve workforce intelligence and remain connected and adaptive. For instance, airline companies, while having solutions in the avionics domain, must maintain collaborative relationships with companies working in other domains such as software services providers, petroleum departments, and meteorological departments to ensure smooth and effective business operations. It is also necessary to have collaborative relations with both the satellite image providers (such as ISRO and NASA) and industry customers paying for processing these images to generate meaningful results.
Implementation and iteration
The implementation phase is a crucial step to take technology and solutions to the market. That involves launching products or services, engaging with customers, refining the offerings based on customer feedback.
Tracking performance and adapting
The last phase closes the feedback loop by gathering information from customers and the market to help improve the organization. Space technology companies need to be flexible to adapt to new strategies and monitor their performance constantly in relation to the market needs.
Eye on the future
Satellite technology has emerged as a critical tool for many industries, transforming and propelling innovation.
It has become an indispensable tool for many industries, thus driving innovation.
The integration of satellite data with artificial intelligence (AI) and machine learning (ML) algorithms holds immense potential for advanced analytics and predictive maintenance as more sectors use satellite data. For example, autonomous vehicles’ real time IoT tracking with satellite communications is redefining the automotive industry. By leveraging satellite communications, farmers can make informed decisions, optimize resource allocation, and improve productivity, while minimizing environmental impact.
The possibilities are thus endless. By harnessing satellite technology with generative AI (GenAI), industries can unlock new opportunities, improve efficiency, and stay ahead in an ever-evolving global market.
