Test Title Corporate Blog

Written By: Colin McMahon
  • 3/31/2020
  • Read Time : 2 minutes
Augmented reality experience for industrial product

At the heart of every industrial company lies its physical products. The ability to innovate in engineering, to manufacture efficiently, and to deliver top-notch customer service can spell the difference between success and failure for these companies. The adoption of digital technologies across the physical product lifecycle is a strategy being used by forward-thinking companies to create competitive advantage – and is a real threat to those who are laggards.

A recent PTC survey reveals that most companies have invested at least 5% of their annual revenue on Digital Transformation (DX) projects in 2021. Each of the 500 companies surveyed also reported increased DX spend over the past three years. With the tremendous amount of money being invested, the DX strategies that companies are developing today will impact their ability to compete over the next decade.

But success is far from guaranteed. Of the 1,500 DX projects represented in this study nearly half have failed to show positive ROI. However, that is an improvement over a few years ago, a 2018 McKinsey study suggested less than 30% of digital transformation projects ultimately succeed.

Much has been learned in the years since that study and our research pinpoints some of the broader best practices that help to ensure a successful DX program. Our data represents a myriad of DX pursuits across manufacturing, engineering, and service functions. Despite the differences in goals and challenges across these initiatives, analysis points to three key pillars that are fundamental to success. The pillars are:

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LiveWorx 2020 Recap-900-450

  • CAD
  • Retail and Consumer Products
  • Connected Devices

About the Author

Colin McMahon

Colin McMahon is a senior market research analyst working with PTC’s Corporate Marketing team, helping to provide actionable insights, challenging perspectives, and thought leadership on trends, technologies, and markets. Colin has been working professionally as a research analyst for many years, and he enjoys examining and evaluating just how large the overall impact of digital transformation technologies will be. He has a passion for augmented reality and virtual reality initiatives and believes that understanding the connected ecosystem of people and technology is key to a company fully realizing its potential in the 21st century.