Adapting to the Smart Industry: Four Strategies You Need to Know

In the rapidly evolving landscape of business, Smart Industry - a fusion of Edge Computing, Industry 4.0, Blockchain, and 5G - is disrupting every sector, ushering in a new era of innovation and efficiency. This transformation, first published in Modis, is reshaping various aspects of life, from manufacturing and travel to shopping and communication.

As companies strive to accelerate decision-making and innovation cycles, they are recognising the need for new technological infrastructure and strategies for digitalisation. However, transitioning to a smart industry environment presents its own set of challenges, including the severe shortage of available talent that is expected to double by 2024.

Fortunately, implementing a new technological solution can be a one-off project, and partnering with an external expert can provide instant access to experience and expertise. Companies like Siemens, Wandelbots, ABB, Robert Bosch, Honeywell, Fanuc, and HP have successfully navigated this transition by integrating AI-driven automation, real-time quality control, and IoT solutions. Best practices include using AI to analyse production data for immediate error detection and automated adjustments, leveraging standardized interfaces for seamless solution integration, building digital skills among employees, and implementing cloud-based infrastructures combined with agile organisational structures.

The convergence of technology and engineering is also driving the development of smart cities and grids, enabling easier commuting, clean renewable energy usage, and combating climate change. However, this convergence also presents challenges for companies, including different consumer needs, higher customer expectations, the need for new business models, and the need to adapt to new markets and revenue streams.

To meet these challenges, companies can bring best practices from other industries that have already made similar transitions. Adaptation to the challenges of the Smart Industry can lead to growth and prosperity, while failure to adapt can lead to a similar fate as Kodak and Blockbuster Video.

Modis can support companies in making this transition, offering software from proven providers developed and designed by highly competent programmers with a view of future trends and needs. Moreover, reskilling and retraining current employees is an alternative to hiring new talent for building digital capabilities in-house. Companies might be able to use the same providers and partners, effectively leveraging their expertise and experience.

Lastly, using robust and proven IT solutions is crucial during times of change and uncertainty to avoid relying on hastily designed and substandard systems. By embracing the Smart Industry revolution, companies can position themselves for success in the digital age.