The future of digital transformation is happening now, and it is driving the future of all industries. This article highlights just about everything you need to know about the impacts and trends involving digital transformation.
No matter where your company resides on its digital journey – or even if you have yet to start with digital transformation, this article is just for you.
What is Digital Transformation?
Digital solutions not only enable organizations to achieve new levels of efficiency through automation, but they also open doors for creativity and innovation (rather than simply enhancing and supporting traditional methods).
Although applying the use of digital technology to solve traditional problems can offer numerous business advantages, many organizations have yet to begin the journey with digital transformation.
Digital Innovation: Where to Start?
If this is the case with your organization, – don’t worry, you’re not alone.
According to a research study performed by Accenture and the World Economic Forum, 80% of executives stated they were completely convinced ‘digital’ advancements would fundamentally change and transform their industry within the next 5 years!
That’s right. Eighty percent! … And they’re not wrong at all!
In fact, digital technology has not only already begun to transform industries, but it has also started to transform the way the world experiences products. Despite the ability to recognize the effects that digital processes will bring, only 17% of the studied executives stated they had a strategy in place to address the challenge of digital transformation.
This left a shocking 87% to admit they had no current digital strategy in place whatsoever! This is exactly why, if you have not yet started your digital transformation journey, it’s important to realize A) It’s not too late and B) You are not alone. There is no better time to start than now!
Organizations are realizing the significant impacts that the digital transformation era brings and how it’s going to drastically change just about everything when it comes to the way we do business.
The Impact of Digital Transformation
The process of digital transformation is creating entirely new ways of doing business. It has begun to create new experiences for customers while adding entirely redefined value propositions for mature product segments.
This era of digital transformation has started to impact and define what products are and what they mean to businesses and consumers.
Product perceptions are changing
This means the rise of digital transformation has driven consumers to be sold by the outcome of the product – the recurring value. Manufacturers can address this shift in the market demand archetype by embracing three technology categories – Internet of Things (IoT), analytics, and mobile.
The future and advancement of technology is happening now
Established power plays and industry lines are beginning to blur. You cannot wait until some time in the near future to start your digital journey.
If your organization is going to succeed going forward, you won’t want to be left behind in this new industrial revolution, or you will fail.
Whether or not you’ve noticed if your industry has been affected yet, the key message is the effect of these disruptive technologies doesn’t discriminate one sector or industry. Every industry will see a major impact due to these digital technology advancements… And it is happening right now.
‘Business as usual’ is no longer an option. Organizations must adapt in order to survive.
The future of Digital Transformation: Smart, Connected Products
Digital transformation is reinventing products. Products from cars, to jet engines, to pumps, to heavy equipment, to medication, and more!
Machines, assets, and devices are starting to communicate, learn, and react to newly accessible context as they exchange and leverage data from sensors.
We are talking about the area of ‘living products’ – meaning transformative products that are responsive, collaborative, reactive, and responsible. Whether products are B2B or B2C, there will be a totally different process in the way we think about how our customers are using our products in the near future.
The future is now. Don’t let the opportunity slip away.
The first step in your digital transformation journey should be a strategic one. Understand where you are, where you want to be according to your current framework or understanding, and where you’d like to be as you embrace future technology and evolve with changing markets and new opportunities.
EAC Product Development Solutions would like to help you begin your transformation. We provide the people, technology, and services to make any transformation successful. The first step should be a Product Development System Assessment (PDSA). This will help you understand the opportunity that lies in front of you. Request more information on the PDSA today and start taking your digital transformation seriously.
Our Product Development System Assessment will help you start your digital transformation journey
It’s no wonder people like you are researching ways to reduce downtime. A 2016 ITIC survey found 98% of organizations said a single hour of downtime cost over $100,000. 81% of respondents said an hour of downtime cost their organization over $300,000!
Remote monitoring, remote diagnostics, and predictive analytics are helping organizations reduce downtime. They’re transforming the way companies manage and service their manufacturing operations. As Gary Wollenhaupt calls out in his article about how IoT Slashes Downtime with Predictive Maintenance; manufacturing machinery and other assets can now be connected to the industrial internet of things. Predictive maintenance will begin to replace scheduled maintenance based on mileage, time, usage, or other predictive measures.
We now have the ability to digitally peer into the inner workings of an asset to understand performance, tolerance, temperature, or any number of other factors that can be measured using sensors and device networks. When harnessed, this data is the is the answer to the question being asked by many organizations – “How do I reduce downtime and increase productivity?”
There are many tools on the market to collect the data streaming from sensors and turn it into useful information. We recommend PTC’s suite of industrial connectivity / Industrie 4.0 solutions. We’re not alone. Forrester Researched named PTC and IoT Software Platform Leader and PTC’s ThingWorx was named a leader in “IDC MarketScape: Worldwide IoT Platforms (Software Vendors) 2017 Vendor Assessment.” PTC’s integrated solution suite includes ThingWorx, Vuforia, Kepware, and others.
Our team of solution architects and technical experts can help define and implement the solution(s) you need. We want to help you begin remotely monitoring your assets, whether manufacturing or remotely deployed (products), and leverage predictive analytics to reduce downtime and save money. It may involve a custom solution set, or it could simply be PTC’s eacy-to-deply Manufacturing Apps.
EAC is here to take on as much or as little of your project as necessary. We can simply provide the software for your own team to implement. Or we can manage the entire process from installation, to implementation, to integration and front-end development.
Please contact us. We want to help you leverage technology to reduce downtime and improve your bottom line.
Here is a better description of the solutions mentioned above:
The ThingWorx platform includes compatible modules that deliver the functionality, flexibility, and agility enterprises need to implement industrial IoT apps and AR Experiences. This includes industrial connectivity, analytics, and application enablement. ThingWorx is unrivaled in its ability to help companies quickly connect data streams and publish dashboards or mashups.
Kepware is a single solution for collecting, aggregating, and providing secure access to industrial operations data. The ThingWorx Native Interface integrates the Kepware KEPServerEX with ThingWorx easily and securely. This integration lets organizations take data streams from almost any manufacturing asset and present it in a useable format. The Kepware family also offers a predictive analytics engine in addition to other Machine-to-Machine (M2M) and Data Tunneling solutions.
Vuforia is PTC’s solution for creating rich augmented reality experiences for applications such as work instructions, user training / manuals, asset monitoring, and service instructions. It lets users leverage the richness of 3D and insights from IoT to deliver compelling augmented reality experiences the help improve efficiencies, build better products and enable safer, more productive workers.