“Let industry leaders with deep pockets spend the capital and trail blaze the solutions. Track their efforts and learn from their mistakes.”
“The point was that mid-market manufacturers can let someone else do the sprinting, but they must follow close behind,” Cahill said. “Let industry leaders with deep pockets spend the capital and trail blaze the solutions. Track their efforts and learn from their mistakes.” That way, your company is ready with the technology and knowledge it needs to make the right move when an opportunity comes along.
To make sure you are ready, you need a solid leadership plan that sets the right pace and prepares your people, process, capital and technology to be a competitive edge.
Six themes for your plan
To compete in the race to Industry 4.0, form a solid leadership plan that’s based on these six themes:
- Embolden your leadership to make people the core of your transformation.
- Develop goals, measurable objectives and a plan to formalize your Industry 4.0 aspirations.
- Know your competition and pinpoint your technology competitiveness.
- Know your capabilities, strengths, weaknesses and opportunities to improve.
- Determine the flow of your business operation. Make sure your employees are engaged in managing flow to ensure that current processes, tools, systems and data are ready for the race.
- Educate the team on technologies that support your transformation plan. Understand how technology can differentiate or disrupt the industry.
- Activate a five-year financial plan that includes CAPEX projections, and alternative “what if” acquisition models of target technologies.
- Seek out “best fit” processes and technologies for moving mid-market manufacturers forward in Industry 4.0.
Today, investments in new technologies are investments in your company’s future. That’s why it’s so important to make the right investments.
The decisions can be challenging. You must answer tough questions that define your competitive position, set goals and determine which technologies belong in your business. To find the right answers, you need to analyze your current production environment, supply chain, customers, competitors and more, while also watching the best practices and lessons learned for transforming business processes and technology.
If you can answer these questions, form your plan, and set the right pace for digital transformation, then you can be ready for the right opportunity — the opportunity to be a transformation catalyst in Industry 4.0.