Digital transformation in industrial companies
A Siemens-sponsored thought leadership white paper by Harvard Business Review Analytic Services.
Industrial companies around the world are accelerating their digital transformation. They are working on solutions to improve operational efficiency and increase revenue growth while delivering on their ESG targets to fulfil stringent regulatory and investors’ requirements. Businesses attempt to leverage the value of digital transformation by improving their operational performance, developing new business models and speeding up their time to market to differentiate and stay competitive.
In their most recent white paper, “Digital transformation in Industrial Companies”, Harvard Business Review Analytic Services, in association with Siemens and several subject matter experts, unveils the individual challenges of companies of different sizes and sectors, identifies commonalities, and formulates concrete recommendations for action. Read a short executive summary here or download the full white paper.
No one size fits all
As different as the motives for digital transformation may be from company to company, there is no such thing as a one-size-fits-all approach. Every company requires an individualized solution, and as such there are certain principles that can be applied to customize that solution. Most importantly, it’s critical to keep individual strengths in mind and focus on customer benefits before translating these aspects into clear and measurable goals for the customer’s unique digital-transformation journey.
Today, companies find themselves going through a continuous transformation loop that they must never cease to nurture or respond to. And they can respond to it successfully by embracing the transformation culturally, communicate it clearly throughout all levels of the organization and choose a digital partner that can help the effort succeed.
Undergoing digital transformation entails adopting new technologies. We know this can be challenging for a business and its people alike. It’s therefore of the utmost importance to have a trusted partner in place to guide the business along the way and help determine which technologies will provide the greatest value.Peter Koerte, Chief Technology Officer & Chief Strategy Officer
Partnership as the key to a successful digital transformation
Digital transformation in business is a complex endeavor that despite its initial appeal can seem intimidating. From the very start it takes place where the right strategy, change management and technology meet. In times of constant cost pressure, ever shorter development and release cycles as well as demanding regulatory requirements for products and sustainability standards, no single company can do it alone. Technologies such as digital twins, artificial intelligence or data analytics require an expert at one’s side to provide guidance, domain know-how and support with implementation.
In fact, experience shows that companies are more likely to fail if they attempt to undertake the journey on their own. On the other hand, companies that work with complementary firms in partnerships, ecosystems or any form of network, can benefit from shared expertise and insights and reach their goals faster and more efficiently.