Are you taking steps to grow your manufacturing business by embracing digital transformation?
Digital transformation is sweeping through the manufacturing sector as businesses move to capitalize on the Internet of Things (IoT), advanced analytics, cloud technologies, artificial intelligence (AI), and more. Leading manufacturers see these new technologies as game-changers—enabling them to redefine business models, revolutionize internal operations, and improve customer experience.
For decades, manufacturers have opted to cut costs in order to achieve growth, but today’s leaders realize that digital technologies can play a vital role in their success. When effectively integrated throughout every part of a business’ operations, digital transformation positions companies for sustained growth by connecting their extended ecosystem of partners, suppliers, and customers. In other words, technology helps your business get set for growth.
The velocity and scale of technological change can feel as overwhelming and risky as leaping onto a high-speed train. Leaders may wonder how it’s even possible to harness the power of digital
transformation when technology seems to become obsolete almost as soon as it arrives. Instead of focusing on all the risks, possibilities, and benefits of new technologies all at once, first define your overall business goals.
What do you hope to achieve in the next five years? What factors will you use to measure business success and growth? Once your business goals are defined, the digital tools that offer the greatest opportunity to achieve them will emerge. Those technologies can then become part of your growth strategy—steps you’ll take on your journey. Successful digital transformation doesn’t happen overnight, and it looks different for each company. Deploying new technology for technology’s sake will short-circuit your digital aspirations. Instead, your company’s overall growth strategy must guide and lead your digital transformation.
Make no mistakes, your digital transformation strategy gets you set for growth.
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Getting Started? Ask yourself a few basic questions.
- Do you understand what growth looks like for your business?
- Have you assessed the capabilities needed to support your digital transformation journey?
- Have you highlighted some best practices to implement your digital transformation strategy?
- Are you capitalizing on growth opportunities with speed and conviction as you formulate and implement your digital transformation plan?
As the world around us becomes increasingly digital, it is imperative that manufacturers follow suit. Digital transformation presents significant opportunities to achieve growth by addressing key operational issues and aligning products and services to the demands of today’s market. For some manufacturers, digital transformation will come as a response to increased pressure from customers to produce shorter, customized runs on products, and a more personalized experience—at the same cost. Manufacturers must track and understand customer data and invest in systems that give them the insight they need to provide the tailored, transparent, and positive experience that buyers now demand.
The key to successful digital transformation is having the visibility and insight to understand where technology can add the most value for your business.To effectively use this data, companies must invest in technologies that add value by providing business-critical insights. Manufacturers need an industry-specific enterprise resource planning (ERP) system that delivers real-time, in-depth data to transform their operations and enable them to seize growth opportunities. Better visibility into all areas of your business enables smarter and faster decisions, brings new operational efficiencies, and enhances the customer experience.
Whatever digital transformation looks like for your business, applying the right tools can mean the difference between merely competing and thriving. CompuData can help your manufacturing business harness Epicor ERP. Find out more, contact us.