Has Your Digital Transformation Changed Your Business Model?
As a cutting-edge technology company, we are quick to adopt new trends and technologies that can help drive our growth and revenue, as any growing business should. The digital transformation has been changing businesses in every industry. This involved usings new technologies like artificial intelligence and cloud computing to drive growth, streamline operations and business processes, and helps position them to be an industry leader.
The digital transformation fundamentally affects many traditional business models. As you integrate new technology with new capabilities, you are inadvertently changing your business model. A business model is the strategic framework implemented by a company with the final goal of delivery of a product or service. Any good business will refine their business model to create new revenue streams and to adjust their business operations to remain as efficient as possible.
In manufacturing, businesses create products from raw materials and then distribute those products to their retail partners or customers direct for revenue from sales. A manufacturing business model includes steps taken to drive efficiency throughout the manufacturing and distribution operations and must also include creating product demand.
The traditional manufacturing business model has been around for thousands of years but with all the new emerging technologies, the way they do business has swiftly transformed. These emerging technologies, often referred to as Industry 4.0, include the Internet of Thing (IoT), artificial intelligence (AI), robotic technology, and 3D printing to name a few.
Adopting emerging technologies and adapting your business model is the way of the future, but there are some challenged involved, including a large investment of time, resources, and of course, money. There are also challenges around training or hiring the right people with the right skills to implement and operate these new technologies. There are also ethical and legal implications of large-scale-deployment of automation in manufacturing, especially anything that impacts humans.
It is a delicate balance of adopting new technologies, and simultaneously understanding how that new technology will change your business model and making that adjustment. Most organizations need outside help in seeing the big picture of how operations have changed and how to handle all the working parts. That is where the team at 2W Tech can help!
2W Tech is a technology solutions provider specializing in solutions for the manufacturing industry. We are a cutting-edge technology company that uses the technologies we work with our clients to adopt. Let our team work with you to ensure you are adopting the correct emerging technologies, as well as help you adjust your business model, so you are maximizing the benefits!