Nowadays, digital transformation has become anessential strategic part for many businesses all across the globe. You should have in mind that it is evident that most companies that operate in global industrial markets will need a transformation to reduce the hassle.
For these organizations, the transformation is not only about technology; it is about evolving and changing business practices that were efficient in the previous century, by creating advantage and innovation so that you can survive in the economy that functions through digital data.
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The main idea of your business is to increase profitability, customer satisfaction, security, environmental stewardship,and operational efficiency so that you can digitally transform your business much faster than your competitors can.
You can easily use it to create new business models so that you can achieve margin-boosting optimization, mainly if your company is focusing on and counting on data. Therefore, the most important advantages that you will get with this digital transformation are
- You will increase the profitabilityof new market segments and opportunities by using direct channels, which is a much more convenient solution than before.
- You will be able to optimize your assets through highly automatedmanagement of resources, infrastructure,and
- You will increase the satisfaction as well as retention by engaging customers with services and products so that you can find them when they need them. If you want to learn more about digital transformation, you should click here.
- You will have operational responsiveness and flexibility that will improve the speed, agility,and accuracy of your decision-making.
- You can protect your physical equipment sales by adding aftermarket values to your existing customers and clients.
Data Is the Key,but It Is Everywhere
When it comes to digital transformation, you can rest assured because there is no way to achieve a lack of data. Since large industrial companies have a long history of collecting data both manually and through different systems, due to emerging of the latest technology, you do not have to keep them in basements or silos.
You will be able to digitalize your data so that you can access it anywhere and anytime without any additional hassle. It does not matter if you use interconnected devices, equipment,and systems, because this particular software will generate all data and collect it in real-time.
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Even though this is a common thing, many industrial companies are struggling to implement digital transformation due to the complexity, volume,and speed of the data. Since the overwhelming ideas, the value will be limited, delayed and some companies will not realize it at all.
In some areas, pilot projects that feature data will resemble traditional application upgrades, while it will take years to digitalize everything per your convenience and preferences.
These struggles are common due to a combination of data and the company’s assumptions that feature analytics engines, algorithms,and data lakes. However, this is the rare case, and you will be able to enjoy because by digitalizing your data, you will reduce storage space, and you will be able to access it wherever you are with a few clicks.
Knowledge Is Important For Data
The most vital competency is human expertise, but in most cases, people neglect it during the digital transformation. Have in mind that human knowledge will increase the value of your data and at the same time, it will ensure that everything goes smoothly, promptly and continually.
It will do it by determining what each data means by answering on simple questions such as: how, when, where and why. In overall, human expertise will optimize the value of transformation, which will ultimately ensure the speed and accuracy of the execution.
By creating an essential context, you will be able to enable companies so that you can increase the insight to achieve process efficiency, performance, profitability,and safety. However, this particular factor is in most cases hidden and locked up since the knowledge is stranded, so you will be able to use it again with digital transformation.
Tribal Knowledge Will Confound
When we analyze thing that happened decades ago,andif youapply that knowledge in this particular moment, most industries would profit from it. New training, technologies,andeducational methods, as well as work tools and system, have been used with the idea to capture and transfer best practices and tribal knowledge from individuals to organizations.
Since the numerous internal initiatives have died on the vine after being funded, which means that most industries are trying to find the idea of tribal knowledge so that they can improve? However, when you catch yourself between the principle of the perceived prospect of compromising job security and organizational expertise, you will struggle to progress.
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Today, we have numerous experienced individuals that will provide you wide array of subject matter expertise in large organizations, and they are reaching old and retirement age. That is the main reason why industry and businesses are losing the collective knowledge and experience, which reduces their ability to compete in these markets.
This Knowledge Exists In Digital Transformation
Apart from dealing with tribal knowledge and its challenges that will stand the test of time, most companies nowadays have a history of leaving actionable information in their sources and data. This trend will continue even though we have unlimited access to the data.
If you want to learn how knowledge goes hand-in-hand with data transformation, you should check this link: https://www.researchgate.net/figure/The-proposed-knowledge-transformation-model_fig2_256483443.
Since knowledge remains trapped in these sources, it will continue down there and rarely used, which means that it represents a passive knowledge base when compared with other types of knowledge in digital transformation.
Most companies will mix these data in unstructured and structured formats that include audio, photographs, paper-based work orders, spreadsheets, reports, emails, streaming videos, maintenance logs, industry-specific standards, confidence rating and many more.
At the very end, it is important to notice that data is everywhere, but the knowledge is hidden, and if you cannot access, identify, share or contextualize this expertise, which is their intellectual property, they will have limited digital transformation.