Manufacturers cannot expect to sustain success with traditional decision making when facing today’s unprecedented shifts in markets, demands, technologies and opportunities. To maintain a leadership position and profit margins, companies must respond intelligently to more frequent, drastic and faster changes. Some change is external and some comes from core business strategies and processes to innovate, partner and expand into new markets and set market trends.
Increasing Productivity in Today’s New Workplace
Manufacturers are very innovative, and new business models are thriving. But, with new products, customers, markets and situations, strategies that worked in the past will soon be obsolete. Further, customers have now grown to expect greater responsiveness. This means conventional process structures and business strategies have become increasingly risky. Additionally, essential continuous process improvement initiatives have become significantly more challenging in digging out root cause issues due to the dynamic, constantly changing and sometimes unstable underlying technology platform.
According to the November 2012 McKinsey study, “Manufacturing the Future,” this strategy transformation will require companies to “match granular insights with granular operations strategy.” In other words, people need real-time situational insights they can act on right away to drive improvement.