Mobile technology is enabling a broad transformation for companies in every industry. Organizations need to build foundational mobile capabilities in order to meet the changing demands of employees and their customers.
This blog gives everything an SMB needs to develop a digital vision and build new business models based on digital opportunities. We provide examples of organizations that have disrupted their industries by rethinking their approach to doing business, and we end with a recommended approach to jumpstarting your organization’s digital journey.
A new digital industrial ecosystem known as Industry 4.0 is the interconnected factory where all equipment, people, and processes are online. The digital framework will make it possible to gather and analyze data across machines, enabling faster, more flexible, and more efficient processes to produce higher-quality products at lower costs.
Especially for small and medium scale manufacturing industries, a digital transformation will increase productivity, foster growth and ultimately change the competitiveness of a business.
- 41% of businesses have witnessed an increase in market share
- 37% increase in employee morale
- 55% of companies without an existing digital transformation will adopt one in a year or less
- 10-minute reduction in process time
- 2.5% productivity gain by eliminating manual data entry
- Product design – Low
- Engineering – Low
- Manufacturing – Medium
- SCM – Medium
- Sales – High
- Installation – High
- Service – High
- Finance – Medium
- HR – High
Digitization of the Manufacturing industry
Apart from product design, engineering, enterprise resources planning (ERP) and customer relationship management (CRM), digital tools can address many pain-points of the services sector.
The most common challenges fall into the following four categories of digital applications.
- Invoice processing
- Paper-based workflows
- Complying with Industry Standards and Regulations
- Warranty management
- Vetting local partners
- Inventory control
- Internet of Things
- Complaint management
- Environmental concerns and considerations
- Partner conflict management
- Intellectual asset management
- Delivery management – Time and Expense, Materials, Approvals
- Improving customer relations
- Branded mobile app
- Customer grievance redressal system
- ADA Compliance
- Online commerce
- Employee safety
- Self-service Intranet
- Self-service HR portal
- Sales Support
- Approval workflows
- Automatic Invoice processing
- Project accounting
- Financial visibility
- Inventory visibility
- Proactive cash flow management
- Opportunity sizing
- Project status visibility
- KPI metrics
- Customer demand insights
What will be your return on investment?
The IBM Institute For Business Value found that 62% of IT leaders with a well-defined mobile strategy achieve ROI in 12 months or less, while VMWare’s State of Business Mobility Report already have an average of 150% reported ROI on business mobility investments.
In fact, organizations that have achieved their business mobility goals were able to bring new revenue streams online 35% faster than companies that only focused on individual productivity needs
Beckman Coulter, Inc., a US-based medical devices manufacturing company that is dedicated to advancing and optimizing the laboratory. For more than 80 years, they have been a trusted partner for laboratory professionals, helping to advance scientific research and patient care. They are leaders in delivering better patient care, and a provider of trusted scientific solutions.
Their instruments are used in hospitals and other critical care settings around the world. Their instruments are used by physicians to diagnose disease, make treatment decisions and monitor patients.
Beckman’s solutions are used in thousands of universities, government, biotechnology and pharmaceutical companies, hospitals, and commercial laboratories. Therefore, they have a robust support team to handle the servicing of instruments that need maintenance.
Beckman decided to invest in a mobile application that offers self-service support to their customers. The maintenance request, once filed by the customers, is then transferred to Beckman’s TEC personal/service engineer who can view and act on the complaints that have been registered.
Previously done only through telephone and email, the mobile app offers a significant advantage in the quality and effectiveness of their support team. Their digital transformation now enables them to provide faster customer care.
Almost every element of our life now contains a digital component. A digital transformation is, therefore, an indispensable condition for the future survival of a company.
Non-digital companies will start to find things difficult within a matter of years. From the way employees work and collaborate, the way business processes are automated, or in the way the company understands and services customers, technology provides a wealth of opportunity to those willing to change their businesses to take advantage of it.