Digital transformation is everywhere. You can see it emerging in marketing, sales, HR, supply chain and finance – but also in domains such as plant operations and maintenance. Digital transformation is opening up new opportunities, challenging the traditional methods and changing the way we think and act.
In essence, it is a massive disruption, and for companies that want to become the new leaders it offers a remarkable opportunity. Digital maturity equals 26% more profitability, 9% more growth and 9% higher market valuations according to Accenture and MIT. These are promising numbers, but according to a recent article in Forbes, 84% of companies currently fail to achieve digital transformation.
Transformation is a journey
At TrendMiner, we assist many global process manufacturing companies in their journey to transformation. Our software helps to deliver the operational intelligence that is needed to inform continuous improvement, but we know that software alone is not enough. That’s why we also actively support our customers in achieving next generation productivity and creating a digital enabled workforce.
Due to this core focus, we spend a lot of time talking to potential customers in order to understand their needs with relation to transformation and digitization. Those discussions frequently spark new ideas to further extend the capabilities of our software. They also reveal some recurring trends and challenges that our customers are facing.
The best way to overcome barriers to successful transformation is by using proven best practices. In this series of blog posts, I’m going to dive deeper into some of the most important and interesting concepts that are crucial to achieving a successful digital transformation.
5 Keys to transformation
1. Executive support is critical, but not enough
2. Start small, celebrate quickly and scale fast
3. Embrace the concept of failing forward
4. Early adopters always win
5. Management of change is critical for success
Some of these may seem like counterintuitive or irrelevant considerations, but in practice they are not. By understanding how these concepts affect your transformation initiatives, you can increase your chance of success more easily than you may imagine.
Are you ready?
Let’s start at the beginning: Part 2 – How to succeed from the start
CEO Bert Baeck cuts through the hype around Industry 4.0 to show the practical considerations of using big data for industrial analytics. Discover the opportunities that disruptive technology offers the process industry, and how to get started. Learn how a self-service approach makes this change easy and achievable.