In its 2018 predictions, analyst firm IDC prognosticated the following will happen by 2019:

50% of manufacturers will be collaborating directly with customers and consumers regarding new and improved product designs through cloud-based crowd-sourcing, virtual reality, and product virtualization, realizing up to 25% improvement in product success rates. (This is prediction #5 in the IndustryWeek article discussing IDC’s Top 10 predictions.)

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?

What deep learning means for Retail CX

Matt Gunn and Puneet Mehta of msg.ai, a Silicon Valley startup focused on conversational AI, discuss how deep learning will shape the future of retail as consumers engage with brands (and their AI) to achieve more personalized, intimate shopping experiences.

In this episode of Reinventing Retail, Matt Gunn and Jenny Reese Potter chat with Tomer Tagrin, CEO and founder of Yotpo: a company out of Tel Aviv that leverages user generated content throughout the buyer journey to increase trust, social proof, and sales.

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...

Not sure where to start in upgrading your operation? Map out an incremental approach. This article from Industry Week can help you get started.

Smart factories, digitization, and the Internet of Things (IoT) are all hot topics in the manufacturing sector, generating considerable buzz—and some consternation. These disruptive technologies are exciting, yet the complexity can also be overwhelming.

But with a practical, incremental plan of action, including options with minimal disruption and low-risk, even those who have been reluctant to embrace next-generation technology can get started on the journey. 

This is Part 3 in a 3-Part series on facing the competition.

Technology supports enhanced customer centricity.

Value-add programs are more important than ever as tools to overcome increased competition. Empowered by technology, new entrants into the market, as well as established veterans, are putting pressure on manufacturers to examine their mix of product offerings and services. Unless they want to risk commoditization of products or eroding market share, manufacturers must find ways to stand apart from their competitors. Enhancing the customer experience, from order entry to after-market service, is one of the most effective ways to build relationships that are resilient to aggressive competitors.

This is Part 2 in a 3-Part series on facing the competition.

How do you fend off competitive threats? 

With threats popping up from emerging players as well as mature contenders, maintaining market share in manufacturing industries can be difficult. You must be vigilant and ready to respond. Just as technology helps the new contenders step up their game, it also can help you identify early warning signs of eroding market penetration. Fortunately, there are also corresponding tactics you can deploy to boost your competitive edge.

Red ten warning signs the competition is making gains...