Immense amounts of data are flowing into and out of today’s businesses, but it's often difficult to know how to turn this data into actionable insights. Data science has incredible potential for businesses of all types to create models that find patterns in this data and use them as the basis for transformative software. From location sensor data and customer loyalty programs to predictive analytics that improve the customer experience, employee engagement, and operational efficiency, a world of possibility awaits organizations that can crack the data science code.
In the current hypercompetitive business environment, it’s not enough to automate processes and increase efficiency. To succeed, companies need to differentiate themselves from their competitors. But with the growth of digitally savvy customers who expect more from every transaction, it’s becoming increasingly difficult to differentiate on product alone. Customers are demanding a more personal, service-oriented approach from the companies with which they do business, and the bar continues to be reset at higher and higher levels. To meet this demand, and stay competitive, companies need to move from a transaction-based model to more value-based interactions. This means putting the experience first.
Digital transformation is on the tip of many tongues in the technology industry of late; but like many potentially seismic shifts, this concept’s meaning and the impact it will have on how day-to-day business gets done are taking some time to develop. CIO defines digital transformation as “the acceleration of business activities, processes, competencies, and models to fully leverage the changes and opportunities of digital technologies and their impact in a strategic and prioritized way.” But more than just acceleration, digital transformation is about the need for businesses to outpace digital disruption and stay competitive in a rapidly evolving business environment.
Digital transformation is one of the most urgently discussed topics in business today. CIO defines it as “the acceleration of business activities, processes, competencies, and models to fully leverage the changes and opportunities of digital technologies and their impact in a strategic and prioritized way.” But more than just acceleration, digital transformation is about the need for businesses to outpace digital disruption and stay competitive in a rapidly evolving business environment. Even though different people might offer alternate definitions, few disagree with the idea that digital transformation is essential to the survival of most businesses today.
Digital disruption is the new normal. And, as part of their digitalization journey, manufacturers now have a whole spectrum of modern tools to embrace. Greater agility is often touted as one of the important benefits of these digital tactics. Greater speed is a coveted prize, sought after by manufacturers since the era of Henry Ford’s assembly line.
Now, though, responding to change with lightning fast reflexes is not enough. Manufacturers must anticipate future trends and strive to predict customer demands before the customer even has acknowledged the need. Being the first in a market pace is often the key to owning it.
So, having a view of tomorrow is now more important than ever. Today we call it predictive algorithms and data science. We strive to speed product releases and adopt new features as quickly possible. Accelerating speed in one department drives the need for acceleration in other departments. The continuous rush of change, when not controlled, can start to resemble a hamster spinning in its wheel—but getting nowhere. Without meaningful objectives, speed for the sake of speed starts to become fruitless.
As manufacturers undertake digital initiatives, they should pause and consider the ongoing quest for speed and understand its true value. It’s important to be cautious about blind, over-emphasis. Speed has its risks, from higher levels of errors, quality issues, and a workforce that isn’t trained on new policies or processes. There is a fine line between efficient decision-making and rash, knee-jerk responses which can take a company down circuitous routes, far from the prime objectives. In fact, some would contend that reactionary measures lacking cost analysis and thorough financial impact study are simply reflexes, with a 50-50 chance of being right or wrong.
How did we get here?
By Carol Fitzgerald Tyler
Global Senior Practice Director, Organization Change Management | Infor
Challenging though it may be to create a vision that will transform an organization, it is crucial to effectively spread the message of digital innovation. Communication is often cited as the number one challenge for business transformation and change management. A strong communications strategy can lead an organization to a successful transform. Leaders can encourage teams to innovate by communicating both the organizational vision and the acceptance of occasional failure. Companies with a clear vision are on average more effective in their efforts, and as a result, more profitable.
A strong communications strategy can lead an organization to a successful transform...
Topics: Digital Transformation
From bakeries to zucchini farmers, food and beverage companies are eager to pursue avenues of growth. Many endeavor to jump start these opportunities by embracing modernization and adopting digital strategies. New technologies offer exciting ways to leverage data, engage with customers, and automate processes. As a result, new and innovative ways of looking at products and the supply chain develop, transforming how we do business. While the potential impact of digital transformation is promising, it can also be intimidating. Where do you start? How do you measure success?
To answer these and other critical questions, use this checklist to help guide your successful digital deployment.
by Mike Edgett, Director of Industry Marketing for Process Manufacturing, Infor
System-wide modernization has been a long-term priority for many food and beverage (F&B) companies, but is often stalled waiting for funds. Several investment options compete for those hard-earned dollars. The continual need to develop new products to meet consumer demand often make research and development (R&D) spending the priority. What does that leave for software investment?
Now, as digital technology and disruptive innovations like the Internet of Things sweep across every business landscape, transforming the way we do business, the need for modernization is moving up in priority. Food manufacturers, however, may be overwhelmed and uncertain of where to start.
As customer behaviors and needs change, the F&B industry must have the flexibility to adjust business practices in order to meet those changes. Organizations need to embrace innovative technologies that help optimize daily operations and hone profit margins. It’s not just about offering the lowest prices. Now, to succeed, there must be customer alignment.
Here are seven ways to start building this differentiation through digital transformation, and the technologies that will help make these goals a reality.
By Mary Trick, Chief Customer Officer, Infor
The typical age of an ERP solution release in a midmarket organization is more than seven years. A lot can change in that time – businesses expand, new technology is introduced, and new regulations are instituted.
- Organizations on the latest version of their ERP software typically report a 13% reduction in operational costs.
- Organizations that are implemented on the latest release are 70% more likely than those that are not to have the ability to share and integrate data with the extended enterprise; partners, customer, and regulatory bodies.
- In an ever-more-mobile world, organizations with the latest ERP software are 67% more likely to have access on mobile devices.
- 53% of organizations with the latest version use best practices of the ERP solution compared to 47% that are not.
If these findings aren’t enough to convince you of the merits of an upgraded ERP system, consider this: Out-of-date systems are harder to support and maintain. This translates into less efficiency and more cost and risk to you.