28 Mar 6 Reasons Why You Need To Start Your Digital Transformation Now
What is Industry 4.0?
Industry 4.0 is the fourth revolution in the manufacturing industry. It represents the emphasis on digitization across operations, technology, and machines. Ultimately, changing the way your business grows and operates through a connected ecosystem and allowing for better collaboration across departments, processes, products, and people. Industry 4.0 not only impacts manufacturing, it impacts every industry and every company needs to be ready to embrace it.
Why Does it Matter to You?
Because companies need to be innovative, flexible and adaptable to an era of connected and customer-centric ecosystems in order to remain competitive in their industries. Additionally, by embracing industry 4.0 companies can deliver a better customer experience, drive efficiency, reduce costs & cycle times and increase revenue.
How to Get Started
While digitization across the enterprise is no small task there are 3 ways to begin building a sustainable business case to tackle the journey of Industry 4.0:
- Identify what manual processes exist in your organization.
- From a data perspective, understand what the gaps are in your organization such as cycle times, how long processes take, loss of revenue or waste due to specific processes, etc.
- Prove the value of automation by turning those negative data points into a positive by calculating the efficiency, productivity, and revenue gained from automating a manual process.
These 3 steps are the foundation to transform your business into a digitally connected ecosystem.
In the 2018 Global Digital IQ Survey conducted by PwC, it stated: “Digital transformation is combining strategy & operations with technology innovation, analytics, and design to rapidly increase productivity and growth across the full value chain: business models, products, customer experiences, and operations.”
The Power of Now
Below are the 6 reasons why you need to start your digital transformation now:
- Makes your current workforce more productive
- Removes bottlenecks and reduces operational costs
- Creates one single source of truth into a digital system with the tribal knowledge of your soon to retire from the workforce
- Makes your company more attractive for the up and coming digital natives that will take your company into the future
- Provides customers with a seamless and easy process to engage with your company via the channel of their choice
- Eliminates manual interactions and duplicate data entry
The reality is buyer needs are changing and in parallel manufacturers need to adapt to those needs by removing old antiquated systems and processes that are used to conduct business and by implementing automated technology and connected processes that deliver a better customer experience. Digitizing systems will create efficiencies and streamline day-to-day operations. For example, if you have a sales team that thrives on interacting with customers, digitizing the interaction is even more of a priority. An automated process from quote all the way to fulfillment will eliminate any data capture errors, automatically collect and store paperwork and cut days out of the cycle time.
Another reality is that leadership teams in manufacturing are aware that the Baby Boomers are retiring. A study by Deloitte and the Manufacturing Institute reported that over the next decade 2M of the 3.5M manufacturing jobs likely needed will go unfilled because of the skills gap. Manufacturers can’t wait to replace the workforce a few years from now or even next year, need to be actively looking for new talent now. The other barrier is that the millennial workforce demands more from their employers than any prior generation. They are digitally native with smartphones, tablets and the latest technology to get everything done at their fingertips. Unfortunately, they expect the same in the workplace to continue to grow in their careers and switching to “old technology” is not an option.
In conclusion, in order to stay competitive in the manufacturing space, it is imperative to begin your digital transformation journey to enable your business to adapt to the changing marketplace and customer demands.
RhinoDox is a cloud-based, Intelligent Content Management platform for Manufacturing companies. Streamlining communication and visibility by connecting people, content and business processes to deliver the power of lean manufacturing. We help get more done in less time.
About the author
Julia Huang is the Director of Customer Success at RhinoDox. Prior to RhinoDox, she worked in the digital marketplace, delivering Customer Success at Vibes, Responsys|Oracle, and Walgreens. When Julia’s not a busy Rhino, she enjoys breaking a sweat doing her favorite things such as crossfit, rock climbing & spinning.