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Digitalization has already reached almost every aspect of today’s life and will no doubt embed itself further into our personal and business lives. For the industrial machinery and components (IM&C) industry, new and exciting opportunities are provided by advances in hyper-connectivity, automation, cloud computing, big data and analytics, computing on the edge, machine learning, augmented reality, artificial intelligence, the Internet of Things (IoT) and cybersecurity.
These advances open the playing field for companies that are not traditional manufacturers, but come with expertise in these technologies from other industries.
In this situation, where the opportunity is huge but new market entrants are threatening, it is essential to focus on the right strategic priorities to drive digitalization across the business. In working with leading companies across the globe, we see the key to success as investing in five strategic priorities:
- Customer centricity — Put the end-customers’ point of view at the center of every decision, not just in the sales department but also across the entire organization.
- Serving the “segment of one” — Extend mass customization in traditional engineer-to-order environments to all manufacturing areas.
- Delivering smart products — Use digital capabilities like self-awareness of technical health and operational status or business system connectivity to differentiate offerings.
- Creating smart supply chains and factories — Connect production and logistics intelligently with the rest of the business to respond rapidly to short-term demand.
- Adapting new service business models — Move from selling physical products to providing complete solutions that generate higher profit margins and greater customer loyalty.
The combination of IBM artificial intelligence powered by Watson™ and SAP technology provides IM&C companies a huge opportunity to reimagine how their business operates and to develop an agile organization and IT environment that can adapt to changing business priorities.
IBM and SAP can help reinvent your business into a true digital solution enterprise by delivering the business and IT transformation your company needs in 2017 and beyond. Ready to start? Talk to an Expert.
To learn more about these trends and a joint solution, read this IM&C ebook
from IBM and SAP.