The Digital Transformational Journey for the Manufacturing Industry
Manufacturing Industry had to go through a lot of challenges to cater the digital disruption is addition to the tradition challenges listed below.
· Reaching out to the new market segments
· Reducing the Operational cost and increasing efficiency
· Reducing the Time to Market
· Ensuring that the logistical operations run smoothly
But with the advent of Digital revolution, Social Media has started to play an important role about how customers perceive the brand. Also more sophisticated tools and means are being used to make the purchase of products. Thus in order to thrive in the ever complex, challenging environment and to cater to the market demands; it has become critical that the companies adopt tools and technologies that allow them to attain the following.
· Enable better communication between Partners, Employees, and Customers etc.
· Infuse more transparency into the Business processes
· Increase the productivity
· Reduce production as well as operational costs
Manufacturing Domain has been slower in Digital route.
Other domains such as Financial and Service and Telecom has been relatively quicker in realizing the potential of digitization, but the manufacturing segment which has some rigid manufacturing methods and few traditional operating processes has been slower in the digital route.
Significance of Digital innovation in Manufacturing Domain.
· The Simulated Software and Prototyping help to refine the product design and features so that defect in the product if any can be detected and removed before the product reaches the market.
· The Collaborative Channels helps to integrate customer feedback into manufacturing value chain so that the Customers' expectations are closely met
· It provides agile supply chain management by automating processes and reducing the downtime of machine through predictive maintenance,
· Provides Business operational transparency and traces quality of product in real time
Impact of Digital Revolution at different stages of the manufacturing value Chain
· Digital Revolution transforms the entire Manufacturing value chain and makes it more responsive, agile, and productive.
· Research and Development - The Collaborative platform helps the experts to interact and come up with innovative product designs in shorter time.
· Manufacturing - Digital shops replacing the Brick & Motors helps business to respond faster to changing business requirements and hence make them more agile.
· Supply Chain Management (SCM) - Digitization will help to track the product quality issues in real time so that the defective products does not reach the market.
· Digital Campaigns for Marketing - Helps the organization to prepare digital advertisement banners which can be reused across various channels.
Suggestions for Manufacturing Industry to take the Digital route.
· Envision the Digital Future for the company
· Identify the current and significant digital innovations in the industry
· Prioritize these innovations according to easiness and quicker implementation
· Create a roadmap that lists down the details of every phase of the Digital Transformational journey