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Swim, not just float
Driving innovation and new business models through Industry 4.0
Disruptive change need not come at the expense of existing business models. With Industry 4.0 technologies, organizations can optimize current processes as well as develop new strategies with a focus on innovation.
According to a recent Deloitte study, when done right, digital transformation has the potential to increase an organization’s revenue by up to 22 percent and EBIT by up to 19 percent. Leaders have a real opportunity to create a holistic, transformational approach to leveraging Industry 4.0 capabilities to drive a smarter, more flexible organization.
Despite the opportunities and benefits from Industry 4.0 technologies, leaders continue to use these technologies to protect themselves from being disrupted by others, rather than to find new opportunities to disrupt their markets. What’s holding them back? As companies evaluate the transition from protective strategies toward transformational innovation, they are likely to encounter an array of multidimensional challenges associated with a lack of vision and a strategic plan, the right talent and skills and diverse stakeholder perspectives.
The article "Swim, not just float" can help leaders think about investments that could drive short-term ROI through operational activities and could also drive long-term transformational growth.