Challenges

The gathering strength of the industrial sector around the world seems to be one of the most positive trends, although the global economy and the recent recession. More productive and cost-efficient manufacturing techniques, increased M&A activity and some more relative factors primarily drove the sector’s newfound resurgence. Further growth is expected as the world demand for parts escalates from robust industries, such as airlines, automotive, energy, and building products.

On the other hand, industrial firms have realized that new digital technologies are not only best suited to consumer-oriented companies, but also fit to them. As a consequence, they are investing in digitization opportunities within their sales operations, as well, equipping their field sales teams with mobile devices and visual tools rather than printed brochures. These technologies are helping sales forces quickly configure products as customers require, while providing those customers with greater insight on prices and lead times. Thanks to new tools, manufacturers are collaborating more closely with key suppliers on the co-development of parts and systems and gaining better insight into the supply chains that feed manufacturing and distribution. Advanced analytics are aiding in the understanding of market trends and improving demand planning while simultaneously communicating product changes throughout the supply chain. By incorporating into products digital advances such as sensors and other machine-to-machine (M2M) technologies, some industrial companies offer such capabilities as real-time performance monitoring, quality management, and rapid response to product failures.

Companies moving quickly on this front have been able to distinguish themselves from competitors, even as they take these technologies to the factory floor, where, combining IT developments with robotics and other advanced techniques, they can now better monitor and control all kinds of manufacturing activities. Many are also investing in digital back-office systems for managing products in the marketplace. Business intelligence systems, for example, can help companies better understand just how profitable their different product lines are, content and knowledge management technologies can improve the management of intellectual property, and data analysis and synthesis capabilities can help companies cope with the mountains of data generated by the sensors embedded in their factories and the products they build