Industry's digital transformation is a "threat" to the certainty of enterprises, which must inevitably apply to entirely new skills, technology and roles. Changes are also considered to be a source of crisis and confusion, but they can represent an immense push towards a winning turnaround if evaluated and utilized to the best of their capacity.
Industry X.0 is a modern digital model for industries to adopt, and benefit from, continuous technological change.
Industry X.0 organizations go beyond experimenting with stacks of IT packages or SMAC (social, mobile, analytics, cloud), incorporating emerging innovations to accelerate growth both at the top and bottom line.
Industry X.0 enterprises integrate the key operational efficiencies of Industry 4.0, but still exploit combinations of emerging digital technology to build new, hyper-personalized products in a business-to-consumer and business-to-business sense on an ongoing basis.
Projects of digital capital are not necessarily a modern phenomenon. But several enterprises are still struggling to put it into practice, despite their substantial investments in project value chain digitalization.
In recent years, almost all of the owner-operators and engineering, procurement and construction companies ('EPCs') are surveyed for our research have been developing digital and data capabilities to increase completion time, project costs and investment returns.
But just one-third of them claimed these advantages were currently being realized.
That poses the question: Why can't the other 66% get similar results? And, in order to drive greater digital value, should they not learn some lessons from their peers, too?
While few leaders can dispute the tremendous digital value, they can bring to capital projects, they can vary in how they strategize and execute around them.
In theory, cloud, mobile, and data analytics technologies will allow and enhance collaborative decision-making in any sector.
Operationalize technology and data for improved decision-making towards project delivery "on-time, on-budget".
Institutionalize ownership to create the right operating environment to collect and deploy valuable information and drive true collaboration (structures, people, culture).
Of course, driving any of these is not entirely easy; it will almost always be a journey rather than a sprint. And, if it is to be successful, the journey will require some specific strategy and preparation.