Summary Why You Should Practice Iterative Digital Transformation During a Downturn While the severity of the impending recession is still up for debate among economists, the industrial sector has already experienced a lot of turmoil in the past few years. Now is the time for manufacturers to make adjustments to better prepare their companies for changing economic conditions versus waiting until the recession hits. The three strategies discussed below can help manufacturers succeed this year. Take an iterative approach The failure rate of digital transformation projects is estimated by consulting firms and academic studies to be 70%-95%. All-at-once transformation initiatives have been shown to be ineffective and they’re getting harder to defend. Focusing on continuous development through smaller projects with measurable results has helped businesses find greater success. Securing funding for these smaller projects can be easier if they’re framed as stages of a digital transformation journey. The majority of manufacturers are eager to advance but are doubtful about realizing a prompt return on investment (ROI.) They can make modest investments with defined goals thanks to the iterative digital transformation approach. They’ll be able to continuously adapt to changing business needs if they act on the most crucial efforts […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
