Technologies, both digital and production, become a necessity in any manufacturing business, and without it, firms suffer to communicate and satisfy customer needs. Also, it will be difficult for any business to develop customers, advertise and sell online, reach the highest efficiency of production and manage human resources and finance without any technologies. Then, firms must invest in breakthrough technologies to manage data and production activities. For a manufacturing plant, it needs digital and production technologies to grow. Besides, It helps any firm to improve efficiency, strengthen its competitive position, advance communication, polish the quality of its products or improve the working environment. In today’s digital environment, running a business is becoming more simple, easy to manage, requires fewer resources and impactful. Digital technology consists of electronic devices and software used to compress, store and transmit information, and production technologies consist of machinery and software to make a product, control production and meet the customer orders.
Exponential production technologies
Any manufacturing system typically consists of physical and facility systems. The physical system includes production machines, tools, buildings and workforces. And the facility system comprises material-handling and digital-control systems. In today’s fourth industrial revolution, exponential technologies include 3D printing, advanced analytics, robots, artificial intelligence, biotechnology, cybersecurity, digital simulation and design, high-performance computing and internet of things. The value of such technology includes automation, flawless product, cost cuts, reducing lead time to delivery and more.
Value of technologies
In business, technologies- both digital and production- act to deliver four distinct roles, first increase customer experience, second improve core capability, third enable value creation and fourth encouraging innovation.
Increase customer experience
Transforming the customer experience is at the heart of any technology, which is changing the game for customer interaction. Customer experience can be enhanced, and customer engagement increased through new digital channels. The digital firm creates a positive customer experience by increasing customer discovery, retention and growth. It also enables firms to analyse data, innovate products and satisfy customers. Firms use digital technologies to increase reach out and engagement of customers, customer development and analysing customer data and innovating products. Production technologies also increase customer experience by producing flawless and cheaper products, enabling a high-quality prototype, delivering orders on time and making unique values that customers desire.
Improve core operations
Technology helps your business to perform its core operations by connecting people, processes and technology in a unique way to help you achieve better customer experience and outperform competitors. Besides, it helps to cut wastes, improve efficiency and productivity, support quality and reduce cost. Also, it enables agile production by connecting the supplies chain and customers with the production processes and also enables any plant operation to meet the needs of internal and external stakeholders. Technologies increase efficiency in connecting people inside and outside the enterprise, improve the processing of activities, analyse customers’ needs and develop innovative products. It also connects enterprise activities, e.g. operation, sales and finance, and helps a firm to manage performances.
Any business creates, deliver and captures value to survive, and customers approve any value to be successful. Creating value means identifying the value proposition and price, and delivering a value reveals the problem-solution fit. Capturing or monetising values involves identifying customer segment, distribution channels, customer relationship and selling offer. Among all of these activities, technologies can help any business to manage and succeed. Technologies can better create values by searching the market and innovating a wanted offer, and they also help to deliver values by observing and solving compelling challenges that customers face. Technologies are also helpful to monetise values by segmenting customers, enabling online distribution, digital communication with customers, selling online and making an innovative product with a unique value proposition.
Innovation is the successful exploitation of new ideas, a form of applicable creativity that makes new ideas useful. It enables a firm to stand out from the crowd in the market and strengthen its competitive advantages. Innovation can be a significant practice for creating a new or improved product and unique process. It requires a robust culture that motivates people to create, think and solve problems in creative ways, and brings value to the business or customer. Technologies enable enterprise innovation by connecting people, allowing searching, analysing data, creating and gathering ideas, meeting customer desires, improving the corporate culture and enforcing a unique business model. Technologies also contribute in creating a corporate system for innovation by developing policies and procedures to handle innovative activities, hiring competent staff, assigning budget, encouraging the flow of creative ideas within and from outside the organization and leadership. The benefit of innovation includes bringing unique values for both customers and the business, and creating solutions to challenges and reduce selling prices. Innovation also brings benefits to the firm by creating commercial gains, strengthening the competitive advantages of a firm and enforcing the market positioning of a firm in a competitive marketplace. These benefits won’t be easy to gain without investing in breakthrough technologies.
Munther Al-Dawood- Enterprise Expert
Grow Enterprise: www.growenterprise.co.uk