Organizations the world over are constantly looking for solutions to reduce their operations cost. Whether it’s a manufacturing company trying to optimize assets or automate its factories or an energy utility company trying to optimize energy consumption, the key objectives everywhere are to reduce operating costs and improve efficiency.
This is possible through continuous tracking of all processes to optimize them by making them more intelligent and responsive. It’s something that keeps most executives busy today, and the solution is digital operations transformation.
Companies the world over are using technologies like IoT, analytics, cognitive computing, cloud, and mobility to make their digital operations more advanced. Those who lead the pack in this understand that the right combination of such technologies can provide anytime, anywhere analytics-led insights. They can reduce human intervention and perform real-time actions across all monitored operations, thereby helping CxOs predict the demand and monitor their production schedules.
According to a survey conducted by IBM and Oxford Economics of 500 executives from operations and other key functions including IT, the need for such real-time visibility into global operations has increased by a whopping 44%!
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RoI of Digital Ops Transformation
This of course leads to many questions and doubts about the RoI of using so many technologies, and whether they truly can deliver on the promise of providing real-time analytics. The same survey quashes all such doubts by revealing that organizations who’ve implemented predictive analytics with IoT and cloud apps for real-time monitoring, have gained RoI that ranges from substantial to significant.
To take an example, by implementing IoT to monitor performance for instance, organizations can achieve considerably lower downtime and enjoy substantial cost savings, which become a major contributor to the RoI.
It’s therefore crucial for companies to reinvent their operations with the help of these technologies. Those who do so will gain a significant competitive edge and those who wait on the sidelines will do so at their own risk, because in today’s digital age, competition can come from anywhere, and you need technology solutions to be ready and stay ahead.