Successful manufacturers have always embraced technology in order to grow their business and improve operations. In the current era of Industry 4.0, we see an ever increasing adoption of digital technologies to drive major improvements across the business. Digital transformation has gained tremendous traction with manufacturing executive as they realize the impact advanced technologies such as Cloud Computing, Industrial Internet of Things (IIoT) and Artificial Intelligence (AI) can have on their business.
This led Oracle to team up with IndustryWeek to dig a little deeper into what manufacturing companies are doing around digital transformation – to understand how manufacturers are leveraging transformative technologies to drive efficiencies, solve problems, and improve business innovation.
Oracle sponsored an IndustryWeek survey of manufacturers to get a better understanding of where companies are when it comes to the digital transformation of their business. We heard back from over 250 individuals from a wide range manufacturers around the globe, including over half from discrete manufacturing industries such as machinery, fabricated metal, automotive, electrical equipment, and medical device companies.
Our survey probed not only their adoption of a digital transformation strategy, but where they saw themselves compared to their competitors and where digital transformation is having the biggest impact across their business. We then asked them what technologies are being adopted the quickest and the specific benefits they are seeing from each of the key technologies they are deploying. Finally, we inquired about the challenges they faced with adopting digital technologies in their business.
The results were enlightening. I think it's good practice for companies to regularly benchmark themselves against the competition and stay abreast of where others in their industry are succeeding or struggling. In this way, you can learn from the achievements of others and more importantly avoid the mistakes and missteps that others have made. So I encourage you to read the Road to Digital Transformation: A Progress Report for Manufacturers and share it with your colleagues.