Industry 4.0 and Digital Transformation has literally disrupted traditional industrial processes as we know it. Asset-intensive industries such as Manufacturing, Oil and Gas, Chemical, Automobile, etc. have started adopting digital transformation technology to stay ahead of the curve and get a competitive advantage.
Technologies like AR, Remote asset monitoring, Connected Assets, Industrial IoT have been introduced and integrated with beacons and sensors to automate processes, gather data, and analyze them. This has empowered organizations to make decisions based on intelligent insights.
However, not all digital transformation strategies that were adopted by enterprises have been successful. While the success that digital transformation solutions can bring to business processes or factory processes is astounding, it can only be achieved if the execution has been well planned by key stakeholders.
The vision of Industry 4.0 may be the need of the hour but the questions that businesses most importantly need to ask themselves are, Are we Ready? Do we have the time and space to accept these changes? What is the financial impact that it will have and how soon will we see returns?
Here are 5 critical factors that we suggest organizations should keep in mind while driving a digital transformation strategy across the organization.
1. Aligning Business Goals With Digital Transformation
The very first step that any enterprise should do, is to understand what the current business goals are. What objective are they trying to achieve by bringing about a digital transformation? Key leaders must understand if bringing about change adds value to the current business processes. They also need to analyze the scale of change. If the current business processes are outdated and do not keep up with industry standards, then they might need to go through a big change.
However, if they are trying to reduce operational costs for current processes and assets probably a remote asset monitoring system or a remote assistance system should suffice. In this case, Bringing about a change to all the processes may be time-consuming, expensive, and may do a lot more damage than good.
Many business owners stop at the cost-benefit analysis of bringing about digital transformation. They don’t move beyond the point feeling that the payback period is too long. However, expert digital transformation partners usually advise creating a roadmap and marking each milestone with the outcomes that are expected. In doing so, the payback period seems very short. Industry leaders who have successfully implemented industry 4.0 solutions have reported a payback period as low as 4 weeks.
Original Source: 4 Things to Keep in Mind while Driving Digital Transformation in An Enterprise
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