Driving innovation and new business models through Industry 4.0 has been saved
Driving innovation and new business models through Industry 4.0
Swim, not just float
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?
According to a recent Deloitte study, digital transformation, when done right, 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.
As companies evaluate the transition from protective strategies toward transformational innovation, they are likely to encounter an array of multidimensional challenges, such as:
- Choice overload
- Lack of vision and short-term thinking
- Lack of a strategic plan
- Lack of the right talent and skills
- Lack of diverse perspectives
This report sets a vision for leaders to think about investments that will have a short-term ROI impact and operational activities, but that will also enable organizations to build towards their long-term transformational vision.