Digitization changes the essence of the industry itself. If enterprises want to stay on the market and achieve at least average performance, they will have to undergo crucial changes in their management, the principle of operation and the way of thinking in general.

Today’s digitally literate companies achieve a competition advantage by effective use of modern technologies and trends, such as digital twins, predictive maintenance, assets and processes tracking in real time or modular systems.

What factors accelerate the whole process of industry digitization?

Increasing customer demands are in the first place. Various regulations and limitations in the field are following, and they also play a significant role in digital technologies innovation. Therefore, enterprises are forced to digitize in order to stay on the market.

Through the example of eight companies, the new report from PwC illustrates how greater effectiveness, productivity and customer care were achieved. These companies were able to make perfect use of their capacities and options, by determining the optimal model of functioning based on advanced analytics and digital technologies. As Darren Jukes from PwC concluded out of the research: “Gaining competitive advantage is something all enterprises strive for. And our research showed that by using the advantages offered by digitization, we are able to achieve significant advancement on the way to these goals.”

The PwC identifies 4 significant changes in attitudes that are necessary for maximization of benefits resulting from digitization:

  1. Organizational changes pointing to new digital options and digitized processes (for example proposal of new products and processes, management of all processes including production, distribution and after sales service)
  2. Hire more professionals specialized in the area of software and the Internet of Things and at the same time, train the current staff in terms of digital competences.
  3. Learn from companies that develop software and are able to quickly convert their case studies to final software products.
  4. Expand digitization beyond IT in order to include all significant processes (for example, tracking in real time, tracing or digital twins)

Digitization enables enterprises to change the game rules and secure a real advantage in a competitive environment. Acceptance of these technologies offers a completely new perspective on what’s being produced and mainly HOW it’s being produced.