How Most Companies are Getting it Wrong with Digital Transformation
Most global manufacturers are investing in digital transformation but have yet to see the promised results. This is because they have not yet adopted a modern, platform-based approach to build the Digital Thread.
July 9, 2019
Is your global manufacturing company poised for accelerated growth in today’s market? Is the digital transformation within your company starting to bring quantifiable return? The reality is most companies will answer no and no.
A recent Deloitte Global Survey, “The Fourth Industrial Revolution is Here! Are You Ready?”, indicates that executives are ill prepared for big market moving strategies that can disrupt or transform their businesses. Only 20% are working on new business models and, worse, only 15% are prepared for Smart and Autonomous technologies.
No matter which industry you are in—auto, aerospace and defense, industrial, high tech electronics or medical devices, Global Manufacturers need to move quickly to decide whether they are on the right path to avoid disruption from existing and new competition. Many of these competitors are ready to jump in and take even greater market share thanks to their new business models, enabled by technology enhanced products and the software to support them in the field.
Manufacturers, like you, recognize that your business begins and ends with meeting—and anticipating—a customer's changing requirements. With this in mind, the path becomes clear—you must innovate and manage the technology that customers are looking for in next generation products, while implementing a Digital Thread to address your legacy business processes and outdated engineering and manufacturing systems.
What most companies don’t know is that full product lifecycle traceability requires a Digital Thread. The Digital Thread links critical information allowing you to track a product and its digital assets from concept, through design, manufacturing, quality, and field maintenance. Implementing a Digital Thread will result in productivity gains, improved response to customer needs, market expansion opportunity, and sustainable feedback loops for innovation including Digital Twin applications.
The purpose of this eBook is to help you understand how the Digital Thread is fundamental to a successful digital transformation. It provides actionable ideas for CIOs and other IT executives to begin to make incremental changes that make big impacts and positions you to stay ahead of the competition in the digital era.