How to Create a Business Digital Strategy in Today's Industrial Landscape

  • 7/13/2020
  • Read Time : 2 min
business digital strategy

Digital transformation is taking place everywhere. Businesses across a wide range of industries are taking advantage of the benefits of digital transformation. However, undergoing digital transformation without an adequate business digital strategy can be expensive and comes with potential risks. A well-executed business digital strategy can make you aware of the possible risks, justify the cost of the transformation, and ensure the strategy is successful. Here’s how to implement a successful business digital strategy.

Determine your business goals

A desire to undergo a digital transformation must come from clearly-defined business goals. It must not come about as a result of a simple desire to adopt the latest technology. At this step, you must identify which part of your business you wish to transform. Your initial business goals must incorporate modern digital KPI’s. You may wish to reduce machine outage, in which case predictive maintenance would be your first priority. Or if you wanted to reduce staff training time, you may wish to implement an augmented reality training program. A solid set of business goals allows you to benchmark your progress and identify success.

Analyze your competition

With innovation expanding at an exponential rate, businesses in all sectors risk being disrupted by new companies. That means that a solid analysis of your competition must be conducted. This doesn’t necessarily need to be industry-specific. An understanding of the overarching trends can help identify where you may be lagging behind the competition. Similarly, a thorough competition overview will help to note areas of growth or transformation that others might have missed.

Understand your current digital capacity

In order to create your business digital strategy, you must understand your organization’s current digital standing and assess your digital tools and check them against current trends and innovations. You must also look at the current data you have on your plant and assess what data would be helpful to have to inform your business decisions. Once you understand where your organization stands in relation to industry leaders, you can determine the best place to start your digital transformation.

Do your customer research

A key reason for undergoing a digital transformation is to increase the amount of value you’re offering your customers. Accordingly, you may choose to shift your business to keep up with current customer trends and demands. Customers today demand faster turnaround times; it would make sense then that a good metric to focus on decreasing would be total production time starting from when the order is placed. It is also important at this point to ensure you collect data from a varied and broad enough range of customers to gain market insights. This requires using up-to-date digital survey tools and harnessing the power of social media.

Prepare your implementation and talent strategy

Implementing new software, ways of working, and technologies can be met with resistance in the workplace. You must first educate your organization on the importance of digital transformation and how it will improve their day-to-day work. This will also include making sure you have the necessary educational tools to adequately prepare your workforce for your upcoming digital transformation. You will also need to consider hiring talent that can help your organization implement and embrace the transformation journey; a Chief Digital Officer (CDO), for example, is a key addition for this initiative. The CDO is in charge of implementing the necessary changes and ensuring that your company has an adequate digital culture to embrace the transformation.

 

A robust business digital strategy is key to compete in today's industrial landscape. Learn more about the latest digital manufacturing solutions that can help you take your manufacturing business to the next level. 

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Tags:
  • ThingWorx
  • Aerospace and Defense
  • Automotive
  • Electronics and High-Tech
  • Industrial Equipment
  • Life Sciences
  • Oil and Gas
  • Retail and Consumer Products
  • Digital Transformation

About the Author

Prema Srinivasan, Digital Content Marketing Manager

As a Digital Content Marketing Manager, I bring the latest technology stories to the forefront. I'm passionate about engaging readers and empowering decision makers with relevant, up-to-date content.