Executives within industrial manufacturing are well past the phase of simply wondering if there is something they should be doing about Digital Transformation. They have espoused the perceived benefits of changing technologies and business processes to the market, created a sense of urgency with their lieutenants, and allocated budgets towards projects in order to transform and compete for their future.
To do this, they have “invested” in projects called Internet of Things, Industry 4.0, Autonomous, and so on, yet they are still searching for tangible, game changing competitive differentiation with their peers. Worse, the worry persists that someone you have not heard about, coming out of nowhere, will figure it out before you.
Why? You have missed the mark on your targeted projects, throwing technology at a problem without understanding what fundamental elements are required to transform in the first place.
Pursing the shiny stuff without connecting to the fundamentals (alt: critical information):
Research, from a Deliotte Global Survey, “The fourth industrial revolution is here! Are you ready?” suggests there is a lack of understanding of big game changers. According to executives surveyed, only 20% are working on new business models, and worse, only 15% are prepared for Smart and Autonomous technologies. Understanding and ultimately being successful in these areas will be critical to an Industrial Manufacturer’s survival.
There’s no lack of trying to figure it out. Projects focused on Internet of Things for example, attempt to harness data, with analytics, show some dazzling views, but have limited results. How can this be? More than likely you have not explored the fundamental issue, figuring out the context of what you are analyzing. Achieving context requires the Digital Thread.
The Digital Thread makes connections to critical information allowing you to track a product and its digital assets, from concept, through design, manufacturing, quality, and field maintenance.
New Business Models to handle the Digital Thread
The Digital Thread opens a world of opportunities for improved customer retention as well as simplified engagement with customers and prospects. In fact, according to the report, “Perspectives on Manufacturing Industries, volume 12,” by research firm Oliver Wyman, 25-40% of all costs in engineered products add no value to the product or customer! It is time to shift focus and thinking from “what you sell” to “why the customer buys.”
As such, the Digital Thread becomes not just a way to position your company to manage digital information for the design, development, manufacture, and servicing of complex industrial products. It becomes the key enabler to determining what types of new products and services to provide in a rapidly changing market landscape.
An open invitation to learn the fundamentals:
Projects involving new ways of thinking or breaking the chain of how things are done - because, “you know, they have always been done that way” - are difficult. One of the ways to move ahead and create business value is by exploring the opportunity to pursue the Digital Thread to connect disparate critical information to share across the product lifecycle. It is an ideal vehicle for modernizing any industrial manufacturing organization.
To compete in fast-changing markets, the Digital Thread helps embed manufacturers on site of the customers for whom they serve by providing operational information about products that previously were difficult to access. In doing so, manufacturers are able to use this “interconnectedness” to close the quality loop, gain real-time insights into products in the field, and lay the groundwork for more innovation, the Digital Twin.
So get started, read our eBook to address the fundamental collaboration and innovation roadblocks holding you back from successful digital transformation. In the eBook you will learn how the Digital Thread can:
- Connect product information across a multitude of product functions
- Tear down the wall between Engineering and Manufacturing
- Evolve product processes in line with changing business needs
- Trace products across the complete lifecycle to improve traceability