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With the average company investment into digital transformation increasing 148% in 2020 your competitors are racing to disrupt your business. Can you afford to be left behind?
The industrial equipment industry might pride itself on behind streaks ahead of other sectors digitally-speaking, but this isn't to say it should be slacking on innovation in what is already a disrupted field. In fact, the entire operation is in need of a constant overhaul. Disruption isn't just taking hold of the head office.
This industry is due a technological-overturning similar to sectors less rooted in digitalisation, with operations, business models, production and their products taking the fore. Refining the operating model with customer satisfaction and support in mind is at the core of this, as is automation alongside other new technologies.
And we can help you with each component.
The industrial equipment industry has made its name in innovative practices as a result of its technologically-driven processes.
But if anything, it is more in need of a digital transformation than alternative sectors as it still requires an overhaul to stay competitive against ambitious industrial equipment companies. And this starts with the industrial equipment production process.
At the fore of this technological transformation is the re-orientation of fundamental operations and the reassurance that the following digitalisation is evenly dispersed across the entire supply chain.
Data-driven decision-making is key to this, and allows your entire company to strategise your following innovative steps with a new level of accuracy. Plus, with robotics, AI, machine learning and wearables on offer, operational costs are set to be slashed whilst product quality peaks. This tailored experience is especially important to scale to business types, such as limited partnerships.
Reimagine operations in every avenue of your business. Your head office has just a great a responsibility as the employees working in the manufacturing plants to digitally renew their processes and technology. This is especially true given head office's role in securing customer satisfaction via marketing and sales.
How you handle your customers is no longer the duty of the customer service representative. It's a business-wide effort. This required supply chain management.
And this actually starts with the fundamental operating methods that revolve around streamlining the entire enterprise. Lowered costs are set to be the main ambition to maintain a competitive edge against the disruptive forces pushing you out of the market.
Paralleling this is the need to revamp the customer experience via renewed engagement. Make sure that marketing and sales align with this principle on top of the manufacturing technology, and the competitive advantage can be secured.
Director of Technology, Simply Brands
For those with an ear to the ground, this process is also known as a Digital Transformation. A Digital Transformation rethinks how you manage your employees, your clients’ and business’ data, and how you carry out your business operations. Or, in simple terms, a DT is the technological revamp your business needs to stay competitive.
The industrial equipment industry has a simple ambition: it creates industrial-grade technology that is designed, built, and maintained in order to satisfy customers with industrial manufacturing needs. As a result of this, to an extent is has already met the central aims and actions of a digital transformation - but its future is by no means clear of turbulence.
Your failure to regularly meet the standards set by your industry competitors and then go beyond their innovations will end in slashed revenue, weakened sales, and the impending demise of the company.
If you want to guarantee that your business will avoid such circumstances and succeed beyond breaking even, your digital transformation needs to encompass AI, IoT sensors, blockchain, analytics, and cloud computing.
These technologies are equally anticipated by transformations experienced by other sectors, but for this industry there is a need to uphold an adaptable set of innovative ideas that focus on personalised experiences with an autonomous, intelligent feel.
CONSIDER YOUR CUSTOMERS’ PERSPECTIVE
You need to know what your customers what they want, when they want it. Data-driven insights via software can help with this task.
MONITOR AND PICK UP PROBLEMS
Customise your products and specific solutions to your customers' exact needs for the complete experience that puts customer satisfaction first.
MOVE TO A NEW OPERATING MODEL
Rephrase your operational models and prioritise your sales and marketing departments to ensure innovative production methods translate to innovative products.
REVAMP PRODUCTION VIA TECH
Harness the power of automation, advanced control, and computer-aided design to allow your team to draft new methods of production.
DRAW IN CUSTOMERS WITH DATA
Utilise technology to seek and explore specific insights into the specific demands of your customers, guaranteeing engagement and enhanced innovation.
GET A 4D VIEW OF YOUR CUSTOMERS’ EXPECTATIONS
Discover customer insight via a technological overhaul that frames the complete picture of what you should be doing next.
ENJOY AN INCREASINGLY CONNECTED WORKFORCE
Digitalise the entire company by rooting digital solutions across the entire supply chain to encourage collaboration and innovation.
HARNESS THE HUGE DATA AVAILABLE
The industrial equipment industry is based around big products, bigger factories, and bigger numbers. Don't measure or analyse by hand - the numbers will be irrelevant by the time the process is complete.
REDESIGN THE DIGITAL OPERATING MODEL
The digital operating model has stationed itself at the centre of this sector. Rethink the model, and don't stop refining ways to improve and alter it via data-driven insights.
+ What is the industrial equipment sector?
This sector is comprised of companies that are engaged in the manufacturing of industrial components and tools, such as power and hand tools, hardware, and small-scale machinery components.
+ Is the industrial equipment sector growing?
The industrial equipment sector was starting to grow when the Covid-19 pandemic began to surge. With limited job growth and peaking levels of uncertainty, the sector could be facing a downturn.
+ What is the future of the industrial equipment industry?
This sector, despite facing a potential downturn as a result of Covid-19, is forecasted to face a shift that is technologically-driven. This includes the must-have adoption of Internet of Things technology, cloud solutions, and blockchain.
+ What are the trends for the industrial equipment sector?
The future trends forecasted for the industrial equipment industry include simulation in manufacturing in order to manage changing market pressures, predictive maintenance solutions via sensors and measurement devices, robotics, and motion control products.
+ How is technology changing the industrial equipment sector?
So far digital solutions have streamlining employee responsibilities via robotics and have allowed wearable technologies to implement subtle changes in monitoring and measurement. Drones - as with many other sectors involving field work - have also assisted with the process of monitoring operations.
Taking things technological might seem a challenging feat set to rock your industrial equipment company to its foundations, but with Lolly Co at every step of the way, fitting the new cogs in this machine need not be difficult. In fact, with our tech-team assessing your business’ exact needs and walking you through each step, you don’t need an instruction manual, either! But, if you do fancy finding your way around the future of your business, you can start here.
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