Most industrial companies struggle to quickly and effectively deploy technology solutions for their customers and internal business functions. All too often, new technology-enabled initiatives—such as aftermarket solutions to create new revenue streams, Internet of Things (IoT) platforms to improve the efficiency of manufacturing processes, or analytics use cases that could transform core operations—fall short of expectations. One key reason is that a company’s tech backbone is outdated, inflexible, or insufficiently resilient to support the requirements of next-generation technologies.
It’s not too late to get up to speed on software, but time is running short. The arrival of cloud technologies and the fast-cresting Internet of Things wave are two unstoppable forces promoting digital capabilities. Competitors that have already made the digital transformation are busy at work building tough-to-overcome competitive advantages. The next move is up to you.
The problem looks like it will get worse as the attack surface mushrooms. The rise of digital and the Internet of Things will see 8.4 billion devices being connected this year. And as digital technologies become an even more critical component of business strategy, the impact of a systems breach become more severe.