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Global Industry 4.0 Survey: Blueprint for Digital Success

Jun 24, 2020 | Business Intelligence, Digitalization Trends, Industry 4.0 / IoT / IIoT, Organization Effectiveness, Smart Manufacturing

To move forward with Industry  4.0, digital capabilities are all- important. These take time and concentration; a step-by-step approach is important. But move with deliberate speed, so that you don’t lose the first-mover advantage to competitors. 

1. Map out your Industry 4.0 Strategy

Evaluate your own digital maturity now  and set clear targets for the next five  years. Prioritize the measures that will  bring the most value to your business  and make sure these are aligned  with your overall strategy. Make sure  company leadership is ready and willing  to champion your approach.

 

2. Create initial pilot projects

  Use them to establish proof of concept and demonstrate business value. Target a confined scope, but highlight the end-to-end concept of Industry 4.0. Not every project will succeed, but they will all help you to work in a cross- functional and agile approach with customers and technology partner – the new norm of the future. With evidence from early successes, you can also gain buy-in from the organization, and secure funding for a larger rollout.  Design pragmatically to compensate for standards or infrastructure that don’t yet exist. Collaborate with digital leaders outside your organization, by working with start-ups, universities,  or industry organizations to accelerate your digital innovation

 

3.Define the capabilities you need

Building on the lessons learned in your pilots, map out in detail what capabilities you need to achieve your vision. Include how enablers for Industry 4.0, like an agile IT infrastructure, can fundamentally improve all of your business processes. 

Remember to develop strategies for attracting people and improving processes as well as for implementing new technologies. Your success with Industry 4.0 will depend on skills and knowledge. Your biggest constraints may well be your ability to recruit the people needed to put digitization into place. 

4.Become a virtuoso in data analytics

Consider how you can best organize data analytics; cross-functional expert teams are a good first step. Later these capabilities can be fully embedded in your functional organization. 

Learn to get value out of data by building direct links to decision-making and to intelligent systems design. Use the data to improve products and their use in the field to offer and build new service offerings. Think big, but start small, with ‘proof of concept’ projects.

5.Transform into a digital enterprise

Capturing the full potential of Industry  4.0 often requires company-wide transformation. Look to set “tone from the top”, with clear leadership, commitment and vision from the C-suite and financial stakeholders. Foster a digital culture: all your employees will need to think and act like digital natives, willing to experiment with new technologies and learn new ways of operating. 

Remember that change doesn’t stop once you’ve implemented Industry 4.0. Your company will need to re-invent its capabilities at faster rates than in the past to stay ahead of the game.

 

6.Actively plan an ecosystem approach

Develop complete product and services solutions for your customers. Use  partnerships or align with platforms if you cannot develop a complete offering internally. You may find it difficult to share knowledge with other companies, and you may prefer acquisition. But look for ways to bridge this gap – perhaps with technical standards – so that you can profit from being part of platforms that you don’t fully control. 

Real breakthroughs in performance happen when you actively understand consumer behavior and can orchestrate your company’s role within the future ecosystem of partners, suppliers and customers. 

Don’t buy the hype. Buy the reality. Industry 4.0 will be a huge boon to companies that fully understand what it means for how they do business. Change of this nature will transcend your company’s boundaries – and probably the national boundaries of the countries where you do business. 

 

 

 

Originally published by PwC’s 2016 Global Industry 4.0 Survey

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