Maximizing impact by integrating people, products and processes
People, products, and processes have continually improved since the dawn of the industrial age. But each has progressed at different rates and in different ways. Digital is an equalizer that promises to level up all three to similar levels and integrate them like never before while adding the benefit of more real time information, in context, with newer and deeper insights focused ONLY on what matters most while generating business impact.
In this discussion, Craig Melrose, Executive Vice President of PTC´s Digital Transformation Solutions gives his insights into the business and financial impacts of digital adoption and how it can help companies set and achieve their stretch goals. A discussion on the importance of change, value-add, and digital transformation in manufacturing.
- Understanding business impact through financial levers
- Integration of people, products, and processes in digital transformation
- Setting and achieving stretch goals using appropriate metrics
- The importance of understanding the pain of current processes
- Balancing physical and digital changes
- Embracing agile development
The Business and Financial Impact of Digital Adoption
Business impact is P&L impact, understanding the levers financially that can change to support the business's goals in terms of growth or cost reduction.
The Key Elements of Integrating People, Products, and Processes
By understanding the current state, the gap between the current state and the desired goal, and the importance of people being involved in the process, the integration between people, products, and processes can be successful.
The Business and Financial Risks to Manufacturers of Not Taking the Digital Transformation Journey
Risks of not taking a digital transformation journey include difficulty in scaling, difficulty in measuring success and value, and lack of organized structure to ensure no large surprises.
Advice for Companies Growing Through Acquisition
Acquisitions should always be customer-first, with the goal of achieving a "one plus one equals three" outcome for customers in terms of service, follow-up, and other experiences.
How Can Manufacturers Harness Digital Transformative Acceleration to Set and Achieve Stretch Goals?
Manufacturers should carefully consider their metrics and strive to set ambitious but achievable stretch goals in order to maximize the potential of digital transformation. Time is a simple but great metric to get started with.
Measuring Hours, Materials, and Value-Add Non-Value Add to Increase Business and Financial Impact
Manufacturers should measure products, processes, people, material, hours, value-add and non-value-add in order to identify opportunities for business and financial growth.
How Can Manufacturers Ensure Their Technology Strategy Is Also Influencing Their People's Behavior?
Toyota's approach to making changes in order to prevent or identify problems is an example of how manufacturers can ensure that their technology strategy is influencing people's behavior.
The Most Important Lessons Learned in a Career
In order to understand the pain of a problem and be able to make it better, one must have firsthand knowledge and understanding of the situation, the right metrics, and the right measurements, with everyone involved, to understand the opportunities for change.
What Should Manufacturers Know About Agile and How to Embrace It for Success?
Manufacturers should embrace agile development to be successful, and this requires a balance of physical changes, digital reinforcement, and constantly revisiting the problem to ensure the pain is being rewarded.
The Value of Change and Transformation in Business
In a world of constant disruption, there is a race to be ahead of the pack, and achieving success requires hard work, perseverance, and motivation to ensure that the pain of change is less than the pain of staying the same.
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