MANAGING in the

NEW WORLD

Manufacturing concerns are on the cusp of a golden opportunity to reap the outsized benefits of digitization’s early promise. This has been made possible due to the widespread use of artificial intelligence, robotics, cloud computing, smart sensors and the pools of big data. An impact of this digitization is that outsourcing to low-wage countries in Asia, Latin America and Eastern Europe maybe on the wane. One of the features of the ongoing Industry 4.0 is thecustomization that can be effected for segments of customers. For this, the technology spine needs to be modernized. Drones are an example of how quickly business processes can be executed. Before moving forward, one has to understand the difficulties that will arise on the way. A six-step plan has been devised to take this ahead. There must for a start be a digital factory strategy fully mapped out. This needs to be followed by pilot projects being executed. The capabilities needed have to be clearly spelt out. Lone needs to make full use of business analytics to mark the transition. Instead of physical factories, there must be a move towards digital ones. These digital factories eventually need to get aligned with the overall digital ecosystem.

Source:https://www.strategy-business.com/special/Inside-the-Digital-Factory?gko=b4d31

Uploaded Date:14 November 2018

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