Connected Manufacturing - Digitally Transform or Be Left Behind
Connected Manufacturing for Automotive and Industrial Equipment Manufacturers – Digitally Transform or Be Left Behind.
Many manufacturing companies are at risk to become laggards on their path to digital transformation because they either lack the vision to know where they are headed, don’t know where to start, or for whatever reason – they decided to postpone the move.
Current Digital Transformation Trends
- 59% of companies say they are worried they may be too late with their digital transformation efforts and will fall behind their competitors.1
- 88% of companies believe that they do not have the right technology in place to currently execute a digital strategy.2
- 33% of companies are developing their plans for digital transformation, but won’t execute in the next twelve months.1
- CEOs expect that 41% of enterprise revenue will come from digital business by 2020, almost double what it was in 2015.3
For automotive and industrial equipment manufacturing companies looking to stay ahead of their competition, a great place to gain quick traction on a digital transformation journey is found with connected manufacturing – connecting machines and equipment with the Internet of Things (IoT).
What Connected Manufacturing Brings
Connected manufacturing enables automotive and industrial equipment manufacturers to gather information across their entire supply chain to feed into an analytics process to gain unprecedented business insights. These insights help fuel the ultimate digital transformation of processes, products, customer interactions, and business models.
For automotive and industrial equipment manufacturers that recognize the pivotal role that connected manufacturing plays in digital transformation, the future is bright. Analysts say the Internet of Things (IoT) will result in 34 billion connected devices by 2020, which is up from the estimated 10 billion today. That level of connectivity promises to transform business processes and models for all industries including automotive and industrial equipment manufacturers. If automotive and industrial equipment companies want to remain relevant they need connected manufacturing to harness their assets and Internet of Things (IoT) to drive real-time insight and new business models for their company.
Get Started With Connected Manufacturing
Automotive and industrial equipment manufacturers who need a reboot of their digital transformation, or are just starting, need to look at ways to maximize the impact of an IoT deployment. Start by exploring the benefits of connected manufacturing and then plan your approach.
Sources:
1 – Are Businesses Really Digitally Transforming or Living in Digital Denial, Progress, 2016
2 – Digital Evolution, Accenture/Pega, 2016
3 – Create an Industry Vision for Digital Business, Gartner, 2016