In a world that’s increasingly digitalized, companies are also expected to make the shift to digitalization. During the previous decade, digital transformation could be presented as market-leadership or a future-facing strategy; in 2020, digitalization goes without saying and companies must undergo digital transformation just to avoid being left behind.
However, a 2019 Everest Group study points to a staggering 73% rate of companies’ failure to gain value from their digital initiatives. This is a steep fail rate for a process that holds within it great potential for value. Big data, AI and IoT, enabled by digital transformation, can provide companies with considerable competitive advantages, yet are evidently not utilized correctly by all of those that attempt such transformation.
For electronics manufacturers, digital transformation is often not a choice but an obligation. Electronics are increasingly dominant in products, and control more sensitive aspects and functions. For example, Statistica estimates that by 2030, 50% of automotive costs will be electronics based. To accommodate for these advances, OEMs require high standards of compliance and traceability, possible only with a digitalized factory.
Considering the high failure rate of digital transformation, how can electronics manufacturers ensure success?
Watch our on-demand Industry 4.0 and Electronics Manufacturing Trends webinar to learn from our experts how to successfully implement Industry 4.0 concepts and digital transformation in your factories.