Now, many industrial equipment manufacturers are taking what they’ve learned from the ongoing crisis and they’re investing in new technologies, processes, and business models, to emerge stronger than before and prepared for the next disruptive event.
They are changing their business not only in response to the pandemic, but also as a result of other key trends that are influencing changes in the industrial manufacturing and components sector.
Three Key Industry Trends are driving changes for Industrial Manufacturers
1.Customer Demand for Personalization
It’s not enough for industrial manufacturers to simply deliver great products anymore. Today’s customers expect good experiences and exceptional service to go along with those products.
Customers also expect industrial manufacturers to customize solutions to their unique needs, and deliver those personalized solutions at close to standard costs. This requires manufacturers to have greater flexibility, automation, and intelligence throughout their business processes.
It also requires effective and automated collaboration between sales, engineering, manufacturing, and aftermarket sales divisions.
2.Technology Adoption
Industrial manufacturers are changing the way they run their businesses by implementing a range of advanced technologies to automate business processes, to improve operational efficiency, and to pioneer new business models.
Digitalization can benefit both customers and original equipment manufacturers (OEMs) because customers can easily order products or services online, or have it done automatically based on inventory levels, and OEMs can see significant cost savings through reduced travel and resources.
3.The Drive To ‘As-a-Service’ Models
Selling a product is no longer enough. Industrial manufacturers need to design, sell, deliver and maintain personalized solution bundles that deliver ongoing value and outcomes.
There is an increased focus on developing smart equipment and collecting generated data for new service-based models including those based on outcomes. Service and outcome-based business models are critical growth drivers for revenue and profitability if product sales begin to stagnate.
Based on many discussions with customers，SAP has outlined the following strategic priorities that businesses should consider as they move toward digitalizing their operations:
1.Be Customer Centric
2.Serve the Segment of One
3.Embrace Smart Products and Digital Solutions
4.Implement a Smart Factory and Digital Supply Chain
5.Develop Service-Based Business Models
This article "Three Trends Driving Change For Industrial Manufacturers In 2021" by AcloudEAR. We focus on business applications such as cloud ERP.
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