Digital Strategy in Manufactuirng & Engineering services industries
Digital technology is changing the landscape of manufacturing and engineering services industries.To get the optimum Return on Investment on digital transformation, the industry should have clear digital strategy plan in place. Digital strategy is to make an action plan to seamlessly interconnect all the resource like people, machinery, supply chain etc in an automated business environment. To formulate digital strategy, one requires clear understanding of both the business process and digital technology options.
Business benefits of digital initiatives to an organization largely depends upon the clarity of realizing the process of converting the vision and mission of the organization into realizable activities. There has to be a method to measure the tangible benefits of digital transformation. One such method is to use the balanced score card wherein we can study the effect digital conversion on business efficiency in the perspectives of customers, business process and learning and growth and finance.. The digital strategy can not be effective if built independently. Digital transformation has to be a process road map for implementing as management tool rather than a discrete technology solution.
The only way manufacturers can stand above the rest and win market share in today’s quickly changing environment is to embrace changes and adapt appropriate technologies. However the business units should think of it as a journey and not as big decision to set and meet a deadline.
Some areas, digital transformation can broaden the opportunities are :
- Marketing and sales
- Customer support optimization,
- New product / market exploration,
- Enterprise technology architectures and process.
- Effective interconnection of 5M’s of Production efficiency : Manpower, Materials, Machines,, Methods, and Money
- Governance and Innovation
Digital tools available are
web sites, IoT, Industry 4.0. search engine optimization, mobile apps, eCommerce platforms , social media engagement, podcasts, you tubes, etc.
To summarize, the digital strategy has to be integrated with the implementation of business plan and growth strategy to realize the Vision, Mission of the organization.
