As digitization continues to impact the way manufacturing companies operate, becoming a digital factory by implementing digital solutions based on key technologies is imperative for Canadian industrial organizations.
Data is the pulse of the digital factory. It’s the infrastructure that allows the factory to run, that gives the digital factory its legitimacy. A heightened ability to get more data from your daily operating activities—and to link, analyze, store and make sense of the patterns revealed by it—will enhance your ability to tailor products to customers, manage operations more tightly and increase revenue.
By using the right techniques to gather and manage data throughout the value chain, organizations will be able to identify opportunities to enhance customer retention, lead to more lucrative relationships and ultimately, succeed in the Industry 4.0 world.
One of the key goals of making the digital transformation is to realize a strong return on investment. Successful implementation of IoT will help organizations achieve revenue goals while implementing new, more effective go-to-market strategies.
To get a better picture of how—and why—manufacturers are pursuing IoT initiatives to spur new sources of revenue or lead to customer retention efforts, PwC US and the Manufacturers Alliance for Productivity and Innovation (MAPI) surveyed US-based manufacturers. Their Monetizing the industrial Internet of Things survey found that 42% of companies in the United States believe between 10% to 20% of their total revenue to be driven by IoT products and services. And from aerospace to logistics, companies expect to increase efficienciesand achieve significant cost reductions through investments in digital transformation.
Organizations that make the necessary moves to address IoT today will position themselves as leaders in their markets.
At PwC, we recognize the inherent diversity in the industrial manufacturing industry, so we don’t offer cookie cutter solutions for addressing issues or seizing opportunities. Instead, our team provides tailored assistance in helping all players in this sector create value for their businesses and achieve success.
We offer Canada’s industrial manufacturing sector a full suite of tax, audit, consulting and deal services, supported by our vast global network of IoT experienced professionals. Contact us today to see how we can help you deliver the full value of your investments and turn your industrial transformation vision into a reality.