Industry 4.0 could truly transform the way companies operate and enable them to tap into new sources of value. To achieve this transformation, companies must follow a set of imperatives:
- Gain an in-depth understanding of how Industry 4.0 can create value in the specific context of your operations. Identify ways to reach the next frontier of value creation instead of pursuing incremental improvements.
- Articulate a bold vision for how you will apply digital technologies, and establish ambitious, step-change objectives across the organization. Independent initiatives scattered throughout the company, without clear vision and coordination from the top, will not produce significant, long-lasting benefits.
- Immediately start retraining the workforce and hiring new workers to fill talent gaps. Companies that have yet to focus on capability building will need to play catch-up to remain competitive.
- Capture value through rapid sprints, but manage the effort holistically with a long-term perspective.
By addressing these imperatives through a well-designed and rigorous transformation program, companies can achieve rapid improvements that create value and motivate the entire organization to realize the vision of Industry 4.0.