Behind the scenes of the world’s leading industrial and manufacturing companies, a profound digital transformation is now underway.
Industrial leaders are digitizing essential functions within their internal vertical operations processes, as well as with their horizontal partners along the value chain. In addition, they are enhancing their product portfolio with digital functionalities and introducing innovative, data-based services.
The 2,000+ companies that PWC surveyed are expecting to dramatically increase their overall level of digitization. While just 33% rate their company as advanced today, that number jumps to over 70% looking ahead to 2020. The biggest challenge of industrial leaders isn’t technology - it is the people. While digital technologies are rapidly becoming a commodity, success largely depends on an organization’s Digital IQ, especially how well its digital leaders like the CEO, CTO, or CIO define, lead, and communicate the transformation.
It’s also dependent upon the digital qualifications of the employees who need to roll out digital processes and services. Radical disruption isn’t always comfortable for the people who make it happen, so change management will also be critical. And with data analytics becoming a core capability for every industrial company, enhancing skills and organizational structures will be critical.
Digital IQ emphasizes that while investing in the right technologies is important, ultimately success or failure will depend not on specific sensors, algorithms or analytics programs, but on a broader range of peoplefocused factors. Industrial companies need to develop a robust digital culture and to make sure change is driven by clear leadership from the C-suite. They’ll also need to attract, retain, and train digital natives and other employees who are comfortable working in a dynamic ecosystem environment.
The PWC survey gives you a deep global insight of the key elements of Industry 4.0 and the process of transition.
You might also be interested in:
Early 2020, pre-COVID-19 pandemic, reports summarizing the recent decade showed rapid progression of the life science industry. As our population continues to age, the demand for health care will increase rapidly. According to the Central Bureau of Statistics of Israel, the population aged 65 and over will increase from 978,000 in 2017 to 1.6 million in 2035, representing change form 11% to 15% of the total population.
We are at the precipice of a new decade of change for women. As 2020 creates new promises across different socio-economic fronts, this decade will embrace and welcome women’s role in government, politics, business and corporate leadership in a way that normalises their presence and influence in otherwise homogeneous male environments.