When it comes to Digital Transformation, investment is in full throttle mode. According to analyst firm, Market and Markets, investment is projected to grow to over $493B by 2022, at a compound annual growth rate (CAGR) of 19.1%! However, a gap exists between investment and understanding. What projects are required for a true digital transformation?
Industrial Manufacturers are certainly not immune to misaligned investments for Digital Transformation. According to the Deliotte Global Survey: The fourth industrial revolution is here! Are you ready?, there is a lack of understanding of the real changers. According to executives surveyed, only 20% are working on new business models, and worse, only 15% are prepared for Smart and Autonomous technologies.
Fear not, there is one Digital Transformation project that you can undertake that will have a significant impact on your pursuit of new business models and smart, autonomous technologies. It is the Digital Thread.
The Blueprint for the Digital Thread
The Digital Thread allows anyone across the product lifecycle to trace the connections between products and their digital assets, from initial planning and analysis, through design, manufacturing, testing, and on to final sustainment and disposal phases. This allows companies to connect product information and empower teams to work concurrently on the latest product information.
To pursue such a project is a daunting task for industrial organizations that tend to be risk averse, and slow to change. Aras customers are actively pursuing the Digital Thread and we have compiled their best practices in an eBook that provides a blueprint for other organizations to begin their own journey.
Following this blueprint allows organizations to link silos of information, add capabilities on top of legacy software investments, or rip and replace them entirely. Those that follow this approach will be able to scale the development and manufacturing of next generation smart, connected equipment, allowing them to move from a cost to a service culture.
The Blueprint in Use
Projects with the Digital Thread come in many shapes and sizes and accomplish a variety of goals. They can be as big as connecting hundreds of different legacy IT systems or can focus on one specific process pain, like moving an Engineering Bill of Materials to a Manufacturing Bill of Materials in complete synchronicity.
Our customers who are actively pursuing the Digital Thread are creating positive outcomes for their organizations with tangible business results such as productivity gains, improved customer responsiveness, market expansion opportunities, and sustainable closed feedback loops.
Understanding how your peers are pursuing the Digital Thread in real-world scenarios will be a launching pad to foster discussions and brainstorm ideas for your own proof of concepts.
Get Back on Track…
It is never too late to change course and evaluate investments in legacy technology that you may feel committed to. Learn how to be agile, accelerate knowledge from your mistakes, and being able to change course as your business evolves, are some of topics covered in our latest eBook in the Digital Thread journey, “A Blueprint for Digital Transformation: The Digital Thread for Industrial Manufacturing.”
Industrial Manufacturers must rethink their business processes and connect siloed systems with the Digital Thread. The result will be sustainable connections of critical data that will enable new business models and handle increasing product complexity including the latest smart and autonomous technologies. The time is now!