Digital Transformation is much more than any technology innovation. The role that it plays in various industries is equally important. The industrial machinery & component industry is finding it challenging to keep up customer demands that are evolving at a speed never seen before. Companies that are serious about scaling up and transforming their business need to implement important changes to become market leaders. This would require innovative thinking, disruptive technology and near flawless execution. As the technology and customer demands are evolving at a lightning pace, the speed limit for innovation will only accelerate.
What are the Challenges of Innovation?As technology trends mature, data creation takes places at exponential rates. Hence, companies must learn to evolve beyond systems of record and leverage the skills sets of their employees. The innovation challenges exist because digital transformation cannot be accomplished with technology alone. But innovation isn’t the only challenge. The real task lies in being able to innovate at scale across an entire organization. This includes creating a mechanism for those innovations to be shared with its employees and customers and to drive value back into the core of the business. In order to overcome this challenge, the perfect blend of art and science is required.
Current State of Industrial Machinery & Component IndustryThe industrial machinery & component industry provides the equipment to enable businesses to operate industrial devices globally. It has been one of the oldest supporters of growth of the Internet of Things (IoT). With manufacturing machinery becoming increasingly smarter, the opportunity to use analytics to maximize up time has led to a technological revolution. This industry is entirely B2B-centric. Thus, many players in this market are trying to keep up with the fast paced innovations of the industry as well as their competitors. This will help them match the level of complexities and also cooperate with future partners or customers.
How to Enable Digital InnovationThe innovations used may be unique to individual businesses, but the basic building blocks that lead to innovation are consistent and can be replicated for various industries. These innovations ultimately help to manage technology, business processes and other elements of an organization. The industrial machinery & component industry can use cloud solutions to respond to the needs of their users, customers, and suppliers, much faster than before. This will enable them to have more flexibility and adapt to different needs by adding more applications to the cloud platform. The cloud platform will allow them to provide better customer service and keep up with their competitors.
Key Takeaways from ‘Accelerating Digital Transformation for Industrial Machinery & Components Manufacturers’
- Break down information silos and improve efficiency. This involves better communication among employees to adapt to new innovations. This in-turn enables faster adaptation and greater results.
- Proactively recommend aftermarket services. This would require the willingness to embrace the value of data that drives specific business decisions and uncovers insights that lead to better, more scalable innovations.
- Deliver equipment as a service. By doing so, this whole process becomes more feasible and affordable, making rapid inroads into complex building systems as well as manufacturing environments.
- Gain deeper visibility into supply chain analytics. The application of digital technology and innovative processes will help tackle unforeseen supply, demand or manufacturing issues.