The industrial equipment industry is rife with digital disruption, giving way to new business models and fiercer competition. The New digital era is also enabling new opportunities for business growth. Industry players that operate on convention rather than pivot to the New will be left in the digital dark.
Digital technologies are advancing at warp speed, enabling the evolution of smart products and services. Smart products are making vast amounts of data available which can be used for offering new value-added services to customers while providing additional revenue streams. Industrial equipment organizations need to expand their current service offerings to smart services to differentiate and provide extended customer value.
Rethink supply chain models
Industrial equipment organizations must also harness the power of digital to streamline supply chain operations and enable smart processes. The ever-changing landscape of complex customer demands, environmental regulations and new market entrants is driving the need to completely rethink supply chain models.
More than an enabler, the supply chain must be a key element of the overall business strategy and a competitive differentiator. By evolving your industrial equipment business with an intelligent supply chain, you can turn today’s business challenges into opportunities.
Gain a holistic, real-time view
Through digitalization, it is now possible to gain full visibility across the supply chain—from planning, forecasting and inventory management through transportation and logistics. Many of the digital technologies available today are already being used in industrial equipment supply chains. But typically, they are being used as an enabler of efficiency across functions, limiting their value realization potential.
Reinvent your supply chain with digital technologies
To gain more insight into digital technology investments being made across industrial equipment supply chain functions, Accenture conducted a survey among industry supply chain executives of global organizations in 2018.
While the Accenture research shows that industrial equipment organizations are making progress in digitalizing their supply chains, it also reveals missed opportunities. Read more here.
The research also reveals that a wide range of digital technologies have been deployed across different supply chain functions in industrial equipment. Most notably, they are seeing strategic gains in robotics, autonomous vehicles, Internet of Things (IoT) and connected devices, and Industrial IoT platforms.
But what are the barriers? According to our research, the biggest obstacles industrial equipment organizations face in driving increased: value across their supply chains with digital technologies are:
Start smart—within your own four walls
The low hanging fruit and near-term opportunity for impact and return on investment for industrial equipment organizations resides right within the four walls of your enterprise. You can have visibility of where products, assets, people and processes are progressing at any given stage in your distribution center, warehouse, store and stock.
Beyond your four walls, you don’t have control over the infrastructure and various suppliers involved as there is typically a lack of standardization, operating on different platforms. Achieving transparency across the ecosystem with suppliers will take more time and effort. Focusing within your four walls first offers a pragmatic approach.
Become more agile in the new
With an end-to-end, intelligent supply chain, industrial equipment organizations can successfully compete in the New digital world with increased agility for:
- Growing revenue faster
- Driving greater efficiency
- Hyper-personalizing the customer experience
Imagine the possibilities for an intelligent supply chain as a competitive differentiator to help drive efficient, profitable growth for your industrial equipment business.