For CEOs trying to get their heads around digitization, it may be tempting to obsess over their understanding of the latest software program or communications gadget. But leaders who place too much emphasis on technology when mapping out a digital business transformation strategy could be falling into a trap.
While manufacturers' strategies largely concentrate on things like R&D, automation, and production efficiencies, it is becoming increasingly important to engage customers with robust digital experiences.
As competition heats up in the mid-market, companies in all sectors are looking toward digital strategies as a means to drive growth.
Much is said about the promise technology such as robotics and data analytics can bring to companies across various sectors. But very little is ever said about the cost of this new equipment—and it happens to be very expensive.
If you’re like most B2B companies, you’re trying to play catchup in the digital channel.
As companies in every sector strive to digitize their operations, manufacturers have the most to gain. Yet while manufacturing lends itself to digitization through automation, sensors and data, the industry as a whole has been slow to move into the digital world.
It's easy to see we're in the age of business disruption. Companies like Facebook, Netflix, Uber and AirBnb are turning inside out every industry from entertainment to transportation. Manufacturing is being disrupted by 3D printing and Amazon has shaken retail by its core. It seems as if virtually every business is being touched in some fashion by innovative companies that are using technology to create new business models.
A recent study by MIT's Center for Digital Business found that to fully digitally transform a business, two key factors must work together to drive the process: an investment in technology and an investment in leadership. According to the study, companies that make the investment in both leadership and technology are 26% more profitable than their industry peers.
CEOs at the 2015 CEO2CEO Digital Transformation Summit share experiences and insights on leading in the digital age.
How will digitization redefine manufacturing to create the fourth major revolution, following the lean revolution of the 1970s, the outsourcing phenomenon of the 1990s and the automation that took off in the 2000s? Where there are pockets of excellence, the U.S. is behind in key areas. Dr. Dean L. Bartles, chief manufacturing officer at UI LABS in Chicago, and executive director of the Digital Manufacturing and Design Innovation Institute talks about how companies can better compete in this new era.