The cloud imperative for industrial companies
October 23, 2020
RESEARCH REPORT
In brief
In brief
- The industrial value chain is undergoing a fundamental transformation, where everything is changing from customer behavior to routes to market.
- Cloud will open the way to an industrial future, whose success depends on accelerated growth, connected products and services, and cost efficiency.
- Industrial companies should accelerate cloud adoption now: cloud costs have decreased, security has increased, and services are more sophisticated.
Thriving industrial companies will access innovation with cloud
Scaling up the adoption or use of cloud will be instrumental in any kind of post-pandemic recovery, enabling companies to optimize their IT costs, increase their speed to market, and support growth through new kinds of digital engagement with B2B customers and novel product-as-a-service models.
Cloud will enable financial re-engineering and the modernization of applications and data. Yet, most importantly— it will provide a platform for rapid experimentation, innovation and accelerated growth.
To retain and attract customers in the future, industrial companies must urgently accelerate the move to service-driven revenues and resilient service operations.
What are industrial companies focusing their attention on?
In the current economic situation, the industrial C-suite has turned its attention towards interventions that can provide tangible business value for their companies. Across the value chain, cloud supports three such key levers:
1. Growth now and next
Industrial companies will have to shift focus to B2B2C and adopt digital go-to-market models.
2. Smart connected products & services
The value chain for industrial companies needs to become smart and connected at every level, from engineering to supply chain and manufacturing.
3. Fit for purpose
Cost efficiency will depend on actively using data, analytics, cloud and digital technologies at scale.
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Adopting cloud will allow industrial companies to hold a competitive position in the future. When industrial companies integrate cloud across the enterprise in a cohesive manner, they acquire the next-in-class platform to launch new digital products and services, reach new markets, and transform overall customer experience while driving new levels of efficiency.
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