DIGITAL TRANSFORMATION BENEFITS
Digital transformation, often called DT, is happening in some way or another in almost every company nowadays. Companies in the industrial sector are putting at least 5% of their yearly budget into DT projects – and that number is only going up. As technology keeps advancing, the ways that digital transformation can help businesses are growing too. But what’s the real deal with this “magic” of digital transformation? Basically, it’s about how things change when digital technology meets the real world. It’s where the exciting things happen. And the real deal of DT comes with many benefits that we’ll talk about. Remember, the strategies that work best for your company need to match up with what your company wants to achieve financially and operationally. Every organization is different, with its own goals and values, so how DT manifests itself will vary from one to another.
SAVE MONEY
Kicking off digital transformation, cost reduction takes the lead as the favoured entry point. Gartner reports that around two-thirds of digital transformation projects commence with objectives tied to cost savings. In the context of cost, organizations are harnessing digital tools to enhance the effectiveness of their assets, bolster the productivity of their workforce, curtail overhead and production expenses, and streamline post-sales services. The positive takeaway is that when businesses embark from this starting point, they often reel in additional tangible advantages. For instance, by optimizing operations on the factory floor, the ripple effect can avert expenses stemming from inefficient energy consumption and prolonged periods of inactivity. Similarly, addressing customer service concerns can lead to enhanced customer satisfaction, which in turn contributes to loyalty and increased revenue.
IMPROVE QUALITY
In any market, no matter the industry, the quality of products and services stands out as a distinct factor. Digital transformation plays a vital role in enabling businesses to achieve a comprehensive quality loop. This involves implementing strategies and technologies that cut down on rework and wastage, enhance the ability to track and maintain consistent data across the entire value chain, and elevate the success rate of getting things right the first time. Through the utilization of tools like product lifecycle management (PLM), businesses can actively enhance quality by streamlining the product development journey. Additionally, this approach facilitates seamless access to the most precise and pertinent data for stakeholders across the entire business spectrum or product lifecycle.
BUSINESS GROWTH
Tied closely to sparking growth and innovation, initiatives with the goal of expanding a business hold incredible potential. Digital transformation isn’t all about tweaking existing things bit by bit; it’s more about discovering fresh paths to drive profit within the company. This could come in the shape of novel products, innovative business models, additional revenue streams, or even an uptick in overall productivity and output.
HAPPY CUSTOMERS, HAPPY LIFE
Often, we hear digital transformation stories talking about how DT helps a company internally. But at the end of the day, businesses should also think about how all these changes will actually make the customer experience better. What’s the impact of all these changes on customers? Will they get better service? Will products be better? Will there be cooler features? Will things get delivered faster? There’s a whole bunch of possibilities. One smart way to start with digital transformation is to look at what customers complain about or what they suggest. That gives a good hint of where to begin. Another idea is to use digital transformation to make a feedback loop. So, real-time info about how well a product is doing or how customers are using it can go straight back to the people making the product. This helps them improve things faster and in ways that match what customers want.
HAPPY TEAM, HAPPY LIFE
A recent survey by PTC showed that 90% of both executives and regular employees would prefer to work for a company that’s all in on digital transformation. This says a lot about how digital changes can really shape the way employees feel about their jobs and how it can help keep good people and attract new ones. Being part of a company that’s not stuck in its ways but always looking for better solutions is pretty exciting. In many of these digital transformation projects, the tasks employees do every day get easier, smoother, or cooler. It can also make work more flexible, like letting people work from home when they need to.
DIGITAL TRANSFORMATION BENEFITS – REDUCE YOUR CARBON FOOTPRINT
Digital tools are now being tapped into to drive a more sustainable future, beginning right from the product design and engineering phase. Two primary realms stand out where digital transformation is creating a significant impact. First off, decisions made during the engineering phase have a cascading effect on the carbon footprint in subsequent stages like manufacturing, usage, service, and disposal. Incorporating sustainability into the design means engineers are more thoughtfully considering factors such as materials, processes, and logistics – and they’re achieving this using digital technologies like CAD, simulation, PLM, IoT, and more. This proactive approach leads to outcomes like reduced material and energy consumption, decreased emissions, and minimized waste throughout the entire product lifecycle – from the manufacturing process through service and until the end of its usable life. The second focal point involves a growing emphasis on sustainable manufacturing and service – the question being, how can companies slash emissions across their operational spectrum? Thanks to technology like IoT and digital performance management, businesses are gaining deeper insights into inefficiencies, and using data-driven decisions to optimize their operations and enhance resource utilization.
DIGITAL TRANSFORMATION BENEFITS – ACHIEVE REGULATORY COMPLIANCE
Manufacturers in various industries are dealing with more and more regulations these days. These rules could be about things like emissions, safety, quality, how products are distributed, or other specific industry rules. Because of this, companies need better ways to keep track of info about their products, how they’re made, and how well they’re doing. There are two main technologies that help with this: PLM for things in the physical world and Application Lifecycle Management (ALM) for software. These technologies are like the backbone of strategies to create products that meet all these regulations and achieve regulatory compliance.
LET YOUR DATA DECIDE
Having better data – data that’s complete, accurate, and makes sense – can really help every part of a business and lead to smarter decisions. In digital transformation, companies often want to not only learn more from their data but also keep a loop going where they learn from how their products do in the real world. Cool technologies like IoT give real-time info on how things are going in factories and how customers are using products. With this info, businesses can make smart choices to fix problems and understand how customers use stuff, so they can make things even better next time.
PROCESS IT BETTER
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