I don’t want to receive regular emails about your products and services
Big Tech: Part 3 - Achieve your full business potential with Industry 4.0
28 July 2020
By Oliver Wight Partner, Mike Snape
In Part 2 of our Big Tech blog series I examined how large organisations can address underlying issues in customer experience using data to facilitate the adoption of invaluable solutions. In this final part I will discuss key points to consider before implementing Industry 4.0, to ensure your business achieves its full potential.
The automation of processes and data exchange within enterprise may be appealing to numerous organisations, but it is vital to ensure that your company has mastered the basics before enhancing strategic goals through the implementation of Industry 4.0. Organisations must determine the aspects of their business that they want to enhance – be that customer experience, improved efficiency, innovative new product development, or competitive pricing.
To gain value from the shift to a data-driven model, which incorporates AI, IoT, and Big Data, business operations need to be aligned. By determining an organisation’s level of maturity through a detailed assessment of underpinning factors, adverse effects of hasty implementation of Industry 4.0 can be avoided.
Through Integrated Business Planning (IBP) companies can reap the benefits of new technological developments and ensure the succinct delivery of a new, beneficial strategy. Working together with senior management, Oliver Wight consultants develop an approach for constructive change through appropriate tool integration. A thorough assessment of strategy deployment, company architecture, business integration and the potential for smart solutions provides organisations with the information they need to guarantee that the required infrastructure and resources are in place to meet customer demand.
It’s important for organisations to gain an understanding of the cost of potential changes to processes and how much time will be required to complete each stage the business transition. If clear goals have not been set, the collection of inadequate data can place a business in a detrimental position amongst competitors. Are all departments prepared to manage a forthcoming increase in production output? Is your workforce prepared for the new technology which will be onboarded?
Senior management should assess the skills of their workforce and, to avoid stalling the success of their organisation, they must express a willingness to invest in the talent and training required for technological innovation. Not enough individuals are equipped with the essential skills required to operate in an increasingly digital world. Yet, the demand for data analysis continues to increase and data scientists and analysts are highly sought-after.
As consumers are often catalysts for digital transformations within large organisations, it is important to ensure your business stays ahead of growing demand to avoid dire consequences due to a failure to innovate. Companies need to evolve in order to maintain and grow their market share and the implementation of Industry 4.0 can help organisations to achieve their full potential in the long-term. However, IBP is the key to retaining an advantage over competitors with a clear-cut strategy.
If you’d like to learn how your organisation can benefit from IBP and the implementation of Industry 4.0, contact our team here. Or connect with us on LinkedIn or Twitter to start the conversation.