Reduce Risk, Increase Revenue, And Decrease Costs By Making Better Use Of Your Data
In a marketplace undergoing prolonged workforce challenges, sourcing bottlenecks, cyberattack concerns and inflationary pressures, industrial manufacturers know that a strong digital transformation strategy can help overcome these issues. But how can manufacturers get started on the difficult, ongoing process of making better use of their data as part of their digital transformation, and why is it so important to do so?
In a recent FAQ published by Smart Industry, expert technology advisors with Net at Work outlined five important insights to help manufacturers leverage data to reduce risk, increase revenue, and decrease costs.
Start with an introspective process
This foundational step will help an organization—and its leadership—become aware of what processes are or are not working, as well as what data you will need going forward. The deeper you can go upfront, the more thoroughly and securely your digital transformation will be rooted. And with a foundation in place, your resulting digital transformation can address both short- and long-term issues.
“The deeper you can go upfront, the more thoroughly and securely your digital transformation will be rooted.”
Invest in a digital strategy that supports improved utilization of data
It’s not only cost-effective, but practical to prioritize your organization’s digital strategy creation. This helps you not only take advantage of next-generation technologies such as machine integration, but also allows you to avoid the risks and unnecessary expense of using legacy applications that often reach end-of-life with little notice and cause their users to scramble to implement new solutions without having time to thoroughly explore and vet unfamiliar systems.
Learn about Digital Operations Platforms (DOPs) and why they’re important
Simply put, DOPs are the next generation of traditional ERP systems. They are adaptive to fast-changing business needs, use artificial intelligence to help with innovation and efficiency, and they offer multiple ways to interact with systems far beyond the browser or app. A more digitally-adept system can help manufacturers become more cost-efficient and practical, in part by connecting previously disparate data across your organization.
Explore how better access to data can improve your organization’s decision-making
What if your organization had better forecasting, or you could connect transactions from various departments more easily to get a fuller picture of a project or product? Exploring the capabilities of today’s DOPs can be one of the first steps toward seeing your customers, suppliers, vendors, employees, and other stakeholders in a whole new light and with improved insights.
Plan and get help for smooth implementations
If your organization has a chief information officer—or engages a fractional CIO with extensive experience in manufacturing—then they can not only help you navigate the development of a DOP more effectively, but also can help you with the transition process itself, including defining the data you need to support the business outcomes that are most important to your organization.