ew digital technologies are changing the way businesses operate in nearly every industry. However, few industries will be transformed as thoroughly as industrial machinery, where digital technologies are not merely changing the way products are sold, but how companies operate. Products themselves are being dramatically altered—in some cases expanding from a piece of machinery needing only occasional maintenance and upgrades to a complete service both requiring and taking advantage of automatic updates to improve performance.
As part of this evolution, manufacturers have to plan and decide how to upgrade and manage many thousands of pieces of machinery that have been deployed, are increasingly connected and deliver huge volumes of data needing to be analyzed and understood. It will take years to digitalize this installed base, but machinery executives cannot afford to adopt a wait-and-see attitude. The foundations are being laid today, and digital leaders are already putting their strategic plans in motion.