To meet anticipated future challenges, 68% of manufacturing executives said they expect their firms will undergo significant business process transformation in the next three years.
In a joint study between PTC and Oxford Economics they identified the following 7 Forces Driving today's Manufacturing Transformation.
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Digitization: Replacing analog product and service information with a fully accurate virtual representation that can be easily leveraged across the value chain (engineering, factory floor, service).
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Globalization: The general shrinking of the world driven by technology that eliminates economic and geographical divisions and opens new markets.
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Regulation: Enforcement of governmental rules, non-governmental organization policies, and industry standards related to environment, health, safety, and trade.
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Personalization: Efficiently tailoring products and services to accommodate regional and personal preferences.
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Software-Intensive Products: Integrated systems of hardware and software capable of sophisticated human-to-machine interaction, diagnostics, and service data capture, with additional value delivered through enhancements.
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Connectivity: Pervasive networks of “things” – often mobile – embedded with sensors and individually addressable to enable sophisticated monitoring, control, and communication.
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Servitization: Fundamental business model shift in which products evolve to integrated “bundles” of services capable of delivering new value continuously throughout the customer experience lifecycle.