4 challenges manufacturers face with digital transformation
Digital transformation is impacting all companies, however the manufacturing industry may be taking the biggest disruption of all. The development of industrial products faces unprecedented challenges, including reconciling hardware and software’s very different development methods, handling a dramatic acceleration in product lifecycle under increasingly strained resources, or empowering every stakeholder to work digitally through company-wide, inclusive digitalization strategy. In this context, R&D managers must rethink their practices and processes to face major challenges :
1. Rise of Internet of Things (IoT)
With the emergence of the Internet of Things, software is now at the heart of the industrial product. Software and hardware have their own development process with their own methodology. Reconciling them is a real challenge for manufacturers.
2. Bringing more innovation and variety
For fear of technological obsolescence, consumers always want more innovation ever faster. In a hyper competitive global market, bringing innovation products to market is a challenge for manufacturers.
3. Longer product development lifecycles
Innovation means complex projects with short time constraints and strict resource management. The challenge is in optimizing efficiency, productivity and minimizing losses.
Strategy alignment with business goals
Executives should be empowered to make decisions faster while ensuring flawless portfolio consistency and strategy alignment. New product launches need strategic oversight.