Digital transformation is no longer an option: it’s an imperative. Finance from Siemens enables manufacturers to drive digitalization.Jonathan Andrew, CEO Commercial Finance, Siemens Financial Services
Video interview: Jonathan Andrew shares his thoughts about digital transformation
Challenge #1: Digital skills
The highest-ranking issue was digital skills. Three key areas of digital skills were specifically identified where there is already a shortage:
- digital production expertise
- digital maintenance
- operating and strategic analytics
Challenge #2: Access to finance for the scale of investment
The second-greatest challenge to Industry 4.0 adoption was identified as the need for access to finance for the scale of investment over time in digital and automated technology platforms.
Consider financing options and strategy development simultaneously as the first step
As a strategic first move, manufacturing organizations should seek to understand the potential access points to financing for digital transformation.
Establish concrete measurements for every phase of the plan
Measuring the return on investment from each stage of an Industry 4.0 plan is important. Without this rigorous approach, there is no opportunity to clearly evaluate success or failure from each phase.
Develop ‘digitally fluent’ leadership
A digitally fluent workforce has extends to members of the senior management who have to understand the digitalized environment in order to successfully lead an Industry 4.0 enterprise.