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Industry 4.0 offers the ability to digitally link people, machinery and systems. But what are the challenges to digitalization, and how do manufacturers overcome them?
New research from Siemens identifies six key challenges for manufacturers to a successful transition to Industry 4.0 and how to build a practical plan to access the benefits that come from being a digtalized, automated organization.
Digital transformation is no longer an option: it’s an imperative. Finance from Siemens enables manufacturers to drive digitalization.
The top two major obstacles to a successful transition to Industry 4.0 are digital skills and access to finance for the scale of investment.
Building a sustainable plan for Industry 4.0 cannot be reduced to a single, simplistic formula, however the research identified process, key questions to develop a plan and further insights such as:
Consider financing options and strategy development simultaneously as the first step
As a strategic first move, manufacturing organizations should seek to understand the potential access points to financing for digital transformation.
Establish concrete measurements for every phase of the plan
Measuring the return on investment from each stage of an Industry 4.0 plan is important. Without this rigorous approach, there is no opportunity to clearly evaluate success or failure from each phase.
Develop ‘digitally fluent’ leadership
A digitally fluent workforce has extends to members of the senior management who have to understand the digitalized environment in order to successfully lead an Industry 4.0 enterprise.