The urgency around transformation has escalated as manufacturers grapple with multi-faceted disruptions. Reactive, short-term focused responses limit the vision for enterprise-wide transformation. When thinking about the right approach, manufacturers should consider the following questions:
1. Product and service innovation: How do we evolve our product portfolio to create dynamic products and services that address customer demands for smarter and more connected features, customization, and safety/security?
2. Customer experience: How does a shift from B2B to B2C or D2C impact how we operate today?
a. How can we leverage emerging technologies to future-proof our supply chain?
b. How do we design our future manufacturing capabilities as a competitive differentiator?
4. Workforce and talent: How can we advance innovation as a core capability through hiring, developing, training, and incentivizing our employees?
5. Business model innovation: How do we innovate to drive the core business to peak profitability while simultaneously incubating new growth engines?
Answers to these questions may help leaders address strategic or operational gaps. With a clear vision of their organization’s future ambitions in mind, and a strong strategy for innovation-focused transformation, leaders can position their organizations to accelerate growth and leapfrog their competition.