Digital transformation is necessary for enterprises, but many business leaders don't know where to start. Recently, TechRepublic created a cheat sheet on the benefits and how-tos of digital transformation, and featured quotes from Richard Lebovitz, CEO of LeanDNA. Below are highlights from the article, or check out the full article on TechRepublic.
- Manufacturing is one of the industries that needs digital transformation the most, but it is also the most difficult to transform.
- 54% of leaders believe that their company will fail if they don't achieve digital transformation.
- "With a focus on improving working capital efficiency and on-time delivery performance, manufacturers can use digital transformation to work faster, cheaper and achieve better results," says Lebovitz.
- "Digital transformations that leverage multiple technologies at the most effective points will be the most successful. For example, LeanDNA leverages cloud computing, AI, and ETL for data connection and extraction," according to Lebovitz. Some of the most common technologies used in digital transformations are:
- IoT
- blockchain
- big data
- AI
- machine learning
- cloud computing
- "To be successful, organizations must focus on deploying solutions that can be adopted across all levels of the company. Successful digital transformations need to make working both easy and improved. Unfortunately, many initiatives fail to target specific improvements. Teams get excited about terms like big data, predictive analytics, and AI, yet remain too focused on the technology instead of solving an important business problem with a clear ROI."
- Don't just focus on the technology though. "There are many cases in the manufacturing sector where a failed system implementation has nearly killed a business. This sector tends to be more risk averse than others and requires more examples of successful digital transformations. I am working to change the paradigm with LeanDNA demonstrating what can be done with real results," Lebovitz said.
