Industry 4.0 will create digital networks and ecosystems that in many cases will span the globe, but still retain distinct regional footprints. Both developed and developing markets stand to gain dramatically.
Data fuels Industry 4.0 and successful data analytics is the prerequisite for successful implementation of digital enterprise applications. It’s time to move from a phase of discovery and understanding what data is available and what it is worth to one of insights and action. ‘First movers’ are already making the shift and using data analytics to help drive decision-making.
To move forward with Industry 4.0, digital capabilities are all important. These take time and concentration; a step-by-step approach is important. But move with deliberate speed, so that you don’t lose the first-mover advantage to competitors.
Evaluate your own digital maturity now and set clear targets for the next five years. Prioritise the measures that will bring the most value to your business and make sure these are aligned with your overall strategy.
Make sure company leadership is ready and willing to champion your approach.