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.
Six policies or "imperatives" should be adopted by an Industry X.0 organization that chooses to change its policy.
Innovating organizational models
Via digital technologies, new business models can be built to create tailored values for each individual client. The use of IoT and IIoT helps the strategy's efficacy to be enhanced.
To create new ecosystems
Innovations and new skills allow new ideas to be created to create a solid digital ecosystem.
To turn the core organization
In order to maximize productivity and to free up capital for reinvestment, the organization must follow a digital strategy that includes all its components.
To reorient the corporate model
To achieve the best synchronization between innovation and development, investments between the core business and the new business
need to be balanced.
To rely on experience and outcomes
To enhance the customer experience during the product life cycle, it is important to establish multiple digital points of contact between the company and the customer.
To rely on a digital workforce
An Industry X.0 business invests in individuals with digital capabilities that can apply them through human-machine collaboration to solve real issues, which also involves a redefinition of company roles.
Industry X.0 much earlier than most people realize, would be pervasive. It will involve processes, staff, and consumers, driving new digital set-ups, operating models, and new software-enabled, connected products across business functions. The industrial sphere's wholesale digital revolution will follow. In order to stay competitive and prosper in this transformed industrial environment, corporations need to grow the "new" through their businesses, holistically integrating emerging technologies to reimagine how they work.