It’s critical to conduct the same type of rigorous due diligence that you would for an M&A transaction. In other words, don’t let a shiny new tech toy blind you into making a bad decision.
An accepted wisdom in business is that being first-to-market with a product, service or a new wrinkle on an old idea is the optimal strategy. Intuitively, this makes sense—a new market is there for the taking. The early mover can capitalize on its inventiveness, win brand loyalty and fend off the copycats that follow. Now comes a series of provocative books declaring that being an early mover is fraught with danger, that the risk of failure for a first-to-market company is much higher than for the pack in pursuit.
Smart manufacturing can heal the pain points bruising many midsize manufacturing plants. “The trick is to start small by evaluating your current plant to determine where there are problems meeting performance objectives,” explains Don Busiek, general manager of manufacturing software at GE Intelligent Platforms.
Given the feverish pace of global business, the time to gauge a company’s performance and act upon this information has compressed.