A recent McKinsey & Company article succinctly phrased our shared challenge as: “a win for companies that had already scaled digital technologies, a reality check for those that were still scaling, and a wake-up call for those that hadn’t started on their Industry 4.0 journeys.”
One year in and we are wondering: where did your business land?
Did the pandemic reveal how data-informed decisions have helped your business? Or are you struggling with industrial digitization? McKinsey found that companies that have already embraced some of the opportunities present in Industry 4.0 technology have been better equipped to handle a crisis like COVID-19 pandemic.
Leading the Pack with Industry 4.0 Technology
If this pandemic and the resulting changes to your business were an affirmation of the power of industrial digitization, then congratulations! Perhaps you, like some of our customers, used software like our TrakMaster™ and saw your entire process simulated before beginning production of a new product.
You examined where you were and saw the possibilities of where you could go before production even began. You found efficiencies like eliminating overly complex tooling that a more traditional approach would have missed. Or perhaps you have been collecting historical performance data for a while and could predict faults and recover quicker.
By embracing digital technologies earlier than your competitors you are in a stronger position to thrive in the future.
If this pandemic was a reality check for you and your business, you’re not alone. You may have been in the process of piloting automation technology or considering adopting new software when the pandemic hit. It’s likely that you have faced some struggles with elements like programming and integration of a new system into your current process. You’re likely feeling frustrated and may be struggling with how to move forward.
You don’t have to figure out the right process on your own. Get in touch with us and let’s work through your challenge together. Contact Us.
If you and your business experienced a wakeup call then you are likely in a very difficult position right now. Your competition has got the drop on you and you have ground to make up. If you are part of the 40% who responded that implementation of Industry 4.0 technology has been put on hold because of travel restrictions, now may be the time to reconsider your approach. With the rollout of many COVID-19 vaccines throughout North America and Europe, those restrictions will soon be lifted.
Sure, the initial cost of updating to Industry 4.0 technology may seem expensive right now but can you really afford to delay any longer?
It’s not too late for you! Our General Manager, Simon Drexler, recently hosted a webinar on what’s gating your growth for people experiencing similar challenges.
If you are struggling with growth, this is a great resource for you: