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Why Manufacturers Need a Phased Approach to Digital Transformation

MIT Sloan management review, 2024-04, Vol.65 (3), p.1-7 [Peer Reviewed Journal]

Copyright Massachusetts Institute of Technology, Cambridge, MA Spring 2024 ;Copyright Massachusetts Institute of Technology, Cambridge, MA Jan 2024 ;ISSN: 1532-9194 ;EISSN: 1532-8937

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  • Title:
    Why Manufacturers Need a Phased Approach to Digital Transformation
  • Author: Joglekar, Nitin ; Parker, Geoffrey ; Srai, Jagjit Singh
  • Subjects: Automation ; Cost control ; Cost reduction ; Digital technology ; Efficiency ; Factories ; Innovations ; Machine learning ; Manufacturers ; Manufacturing ; Pandemics ; Payback periods ; Productivity ; Return on investment ; Software ; Success ; Technological change
  • Is Part Of: MIT Sloan management review, 2024-04, Vol.65 (3), p.1-7
  • Description: Manufacturers need to approach digital transformation in a phased manner, with each stage having its own set of metrics. Many manufacturers view digital transformation as a single process with a single metric of return on investment, but this simplistic view overlooks the complexities involved. Digital transformation in manufacturing requires integrating physical assets with digital technologies and involves investing in new operational technologies, reskilling workers, and enabling digital ecosystems. To achieve successful digital transformation, manufacturers should identify which stage they are in and apply the appropriate metrics. Stage 1 focuses on point solutions to cut costs and boost productivity, with metrics such as ROI and productivity gains. Stage 2 involves building digital capabilities and infrastructure, with metrics including the time needed to create new capabilities and stakeholder engagement. Stage 3 focuses on growth through digital innovation, with metrics such as the number of ecosystem partners and new customers attracted. By aligning metrics with the appropriate stage, manufacturers can achieve the desired innovation and transformation.
  • Publisher: Cambridge: Massachusetts Institute of Technology, Cambridge, MA
  • Language: English
  • Identifier: ISSN: 1532-9194
    EISSN: 1532-8937
  • Source: AUTh Library subscriptions: ProQuest Central
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