Digital Excellence: The Power of Preparation in the Industry 4.0
June 16, 2019 Anja Hoffmann
Part 2 of 3 in the series “Crack the Digital Business Code to Thrive in the Industry 4.0”.
How can you succeed with your technology investments where others fail?
Today’s fast-paced business landscape requires technology investments to improve productivity and processes. In the industry 4.0, business development also has to include the concept of digital improvement; to transform businesses.
Capturing value from technology investments
Capturing value from technology investments begins with excellence in identifying the key capabilities necessary to implement successful digital projects. Key to a more successful process is a smarter preparation and start, plus the ability to take action on insights. A strong investment plan involves developing new solutions or streamlining work processes to automate or remove steps, increase productivity, create better customer experiences, and improve profitability.
Ask yourself: What are the digital building blocks your business needs to enable smarter capabilities and processes? Which processes could be automated? What is your new business case driven by digital development? Which new initiative will be noticeable on your bottom line within the next two years?
Preparation - The missing link in the connected economy
Business executives talk a lot about the need for speed and agility within digital initiatives, much less about the need for preparation that will probably save the business for costly mistakes. Companies should explore key areas of knowledge related to digital economies and how technologies can create and capture value for their business. It will provide business executives with a basic understanding of the industry 4.0. It’s a matter of practical know-how, judgment, foresight and luck.
The challenge in digital business development is no longer finding data – but making data actionable. This requires companies knowing what data they have and what to do with the data.
One big challenge is that companies need a better action plan to get up to speed on digitalization. The connected economy is changing how we design businesses. Global trends and technologies upend the fundamentals of business, but preparation is still essential for achieving success. The winning companies benefit from data usage. The challenge in digital business development is no longer finding data – but making data actionable. This requires companies knowing what data they have and what to do with the data. Often, we find that companies turn to technologies to redesign their business models or supply chains or other benefits. Companies tend to struggle with technological understanding, which causes serious mistakes and barriers to transformation. Good preparation is also about a deep understanding of tomorrow’s business, expectations and new processes, and mapping those to enable companies to make better decisions. The role of design tools and techniques in smarter decision making is a hot topic. So how do you gain new technological insights and empower your organization to thrive in the industry 4.0? How do you leverage data as a business strategic asset? And how do you integrate design tools in your decision processes?
Understand technological decision outcomes and barriers
– and overcome them!
Digital success is less about technology, more about growth mindset
Understand technological decision outcomes and barriers – and overcome them. But more companies also need to understand that some of the challenges they are facing are less about technology, and more about mindset. There are so many initiatives business executives need to connect in new ways across new technologies, trends and a change in mindset. More leaders need to establish a growth mindset culture to achieve a greater level of innovation and openness to (digital) transformation.