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The Fourth Industrial Revolution – or 4IR – is not an uncommon term anymore within the manufacturing industry. In fact, many organizations have implemented somewhat of a 4IR strategy – including technologies such as analytics, IoT sensors, drones, AI, and others which enable applications such as digital twinning and predictive maintenance and track and trace and others – into their holistic business plan and are reaping the benefits of their digital transformation.
However, a majority of companies have yet to embrace the Fourth Industrial Revolution, and they’re having a difficult time launching because the 4IR phenomenon is happening so quickly, making it harder for these organizations to react to it.
Adopting widespread digital transformation within an organization is a daunting task. Not only does it require upfront capital investment, but it also requires thorough and well-considered analysis of every process within the organization before proceeding with the implementation. And even when an organization thinks they’ve checked the box on all necessary processes, it’s possible that the technology has moved past them already.
Business leaders shouldn’t try to implement all these technologies into your organization at once. The first step is to have a change in mindset and accept that 4IR needs to be part of an organization’s DNA.
Our report, “Defining the new DNA of industrial digital organisations: The CEO’s agenda,” serves as a useful roadmap for industrial and manufacturing CEOs who are contemplating embarking on the 4IR journey. We have identified four initiatives that should be implemented in tandem to prepare an organization for the new digital age: