Risk Management in Aerospace Supply Chains: A Data-Driven Approach

This paper addresses the fundamental role of risk data in transforming risk management in the aerospace supply chain through the integration of block chain, Internet of Things, and predictive analytics. Using a mixed-methods approach consisting of surveys, systematic literature review, statistical modeling, and case study research, the impact of these technologies on improved supply chain resilience, transparency, and operational efficiency was examined. The results show that block chain technology can significantly improve their traceability and compliance, IoT-based monitoring can greatly optimize their real-time operational performance, and predictive analytics can provide effective risk mitigation strategies, especially when facing supplier disruption and geopolitical risks. The System of Systems (SoS) perspective was adopted to highlight the need for an integrated risk management approach, in light of the interconnections inherent in complex supply chains. Real-life application and usefulness of these technologies can be visualized in a few case studies on aerospace industry giants Boeing, Airbus, Rolls-Royce and GE Aviation. The research also highlights the importance of vigilance and adaptability in addressing the ever- changing landscape of supply chain vulnerabilities. Last but not least, it emphasizes the necessity for aerospace companies to embrace these innovations to safeguard the continued operation and resilience of their supply chains and the adaptation of their competitive scene to a more fluid and risk-alert environment in the forthcoming.