Welcome to 2023. Imagine what your manufacturing business looks like today. Have you gone through a digital transformation?
According to a recent survey conducted by Lifecycle Insights, 57 percent of those surveyed planned on digital transformation for their business while 16 percent have completed adoption. Are you one of them?
What does it mean to go through a digital transformation? It’s embracing advanced technology that benefits your business. It’s seeing a long-term view of the disruptive changes and implementing the solutions before it overwhelms the company. Just 30 years ago, websites, email and cell phones were rare, but now your organization can be found on the Internet, you email instead of fax or dial, and being reachable at almost any moment is the norm.
These technological transformations didn’t happen overnight, and neither does a company’s digital transformation. It’s imperative to initiate a digital mindset today to best meet the challenges of tomorrow.
Imagine the company that adopts several digital transformation initiatives and you’re likely to find a series of advanced technology and processes that eliminates silos and fosters innovation across the entire ecosystem via connection to the cloud —a secure connection that meets or exceeds requirements for military and government. This company is fully utilizing digitalization to embrace complexity and use it to their competitive advantage.
Watch this video to learn more about how companies today are finding value by adopting digital transformation initiatives:
The same survey created by Lifecyle Insights, which included over 400 participants, indicated that the most progressive companies are finding overwhelming benefits the more they embrace the digital future. For those investing in digital transformation, the most progressive companies show a 10 percent increase in projects that meet or exceed revenue targets and realize a 9 percent increase in projects that meet or exceed margin targets.
While there are financial benefits, digital transformation is about progress, long-term viability and meeting the needs of the end-user and collaboration within the ecosystem — vendors, suppliers, customers, internal departments and engineering domains.
It’s not as important where you start your digital transformation as much as that you get started, that you have a tight scope around what you’re targeting, gain success there and then expand over timeChad Jackson – Chief Analyst and CEO of Lifecycle Insights
Watch Chief Analyst and CEO of Lifecycle Insights’ Chad Jackson discuss where to start with your digital transformation initiative.
Read the final blog in our series and learn more about the benefits of Xcelerator Cloud.