The role of the 4th industry and digital transformation in the success of economic projects

Are you ready to succeed in the fourth industrial revolution? By consumer adoption of new technology and technological advances - in broadband networking, cloud-based computing and storage, and sensor technology.

It is now driving fundamental market shifts and a new wave of digitally driven disruption. The value is the migration away from old products that are increasingly being commoditized into the data these products generate and the data-driven insights. In parallel, productivity has been volatile in industrial production, to improve To produce effectively and leaders must look to leverage technology in new ways.

Fourth industry and technology development:

With internet technology ubiquitous, legacy companies must rethink their products and services to thrive in the fourth industry environment or risk being left by smarter digital competitors, this turning point represents a real opportunity, many leaders recognize the need to adapt to the new industry paradigm. Fourth, but not sure how to achieve this quickly, in a recent survey of 2,000 global leaders, the first three challenges to changing strategy to meet the requirements of the fourth industry were a lack of vision, many technological options, and regulatory or geographic silos.

Fourth Industry and Industrial Internet:

First, let's talk about the fourth industry specifically, to prepare the economic community for the digital industrial transformation. As some global publications have made clear, the fourth industry is working to transform how organizations work by bringing smart data and information in real time to operations.

 This transformation is transferring value from physical to software and from process or function to data, for example, a smart thermostat costs significantly more than a conventional thermostat - and requires much more setup - but it offers real data-derived benefits to consumers, including reduced Energy consumption, comfort improvement and learning To anticipate the preferences of owners, consumers are proving willing to pay for data-driven insights, and increasingly so are companies.

The transformation in the fourth industry has led to the emergence of many IoT-based applications in the industrial space and from inventory planning to predictive maintenance, digital transformation can significantly enhance operational and capital efficiencies across entire ecosystems.

What is digital industrial transformation?

To benefit from this transformation to the fourth industry and to create and invest in IoT investment solutions effectively, organizations must embed new digital technologies and capabilities in their legacy assets.

As with most fundamental transformations, this change is easier to implement in theory than in practice. Standing in a digital industrial process involves fundamental shifts across all aspects of business specifically, to create value throughout the customer lifecycle, the organization must reorient its business model from linear to permanent.

For example, in traditional business models, customer service begins as soon as a customer arrives at a problem to solve. In digital industrial models, service teams can track usage and performance remotely, predict when a problem will occur and proactively communicate with the customer to solve it, which reduces downtime. the work

This requires a major shift in mindset and processes, and the challenge becomes more complex as companies try to balance their old businesses with emerging offerings and new business models.

This realization may be the reason why 94% of CEOs in industrial companies see digital transformation as a strategic priority but only 14% are fully confident that their organizations are ready to fully harness IoT-related changes in the fourth industry.

Digital industrial transformation

Several high-tech and industrial firms have teamed up to help advance their digital industrial transformation agendas. Most of them focused on retooling their own operations, introducing advanced product analytics, for example, a railway freight operator implemented ICT solutions to develop an in-car monitoring system, spanning more than 1,500 vehicles spread across 30 locations from the analysis of the data collected Through the monitoring system, the company was able to achieve a reduction of more than 10 percent in fleet costs through fuel economy, reduced idling, and improved buying habits. Moreover, safety accidents and breaches were reduced by more than 90 percent.

However, some industrial manufacturing leaders see greater market opportunities and have taken more ambitious perspectives, and are looking to develop their business model to help others adapt to the fourth industry and expand their own product portfolio to offer smart solutions. For example, some companies have embarked on a multi-year transformation from Hardware-to-business-as-a-service businesses, enabling companies to embed digital transformation in their existing operations.

Whether retooling internal processes or transforming your business to play in the Internet and digital transformation market, effective transformations must be anchored in digital industrial business models.

With digital transformation, the manufacturing industry faces new technological opportunities and business models with great challenges, after the digital industry has opened new ways to organize production, logistics and delivery, and provides better means of serving and satisfying consumers. Mass production is characterized by increased flexibility, individualized and resource-friendly to be able to serve customers.

It also allows for real-time production monitoring and control to reflect dynamically changing customer requirements, at the other end of the chain, consumer trends are collected in real time.