Digital Transformation Could Save Manufacturers $1 Trillion Annually, Says Expert in Wipro Sponsored Harvard Business Review Analytic Services Report
Wipro Limited (NYSE: WIT) released a report with Harvard Business Review, titled Manufacturing 2025: Bolder Vision, Stronger Purpose, highlighting digital transformation's role in the manufacturing sector. The report emphasizes that innovative manufacturers are leveraging technology to enhance operations, sustainability, and customer experiences. Key findings include significant potential losses in maintenance costs and the need for a unified data view. C-suite leadership and talent re-skilling are crucial for successful transformations. Manufacturers also focus on aligning their business models with environmental, social, and governance (ESG) goals.
- The report underscores the importance of digital transformation in enhancing innovation and operational efficiency.
- Manufacturers could save up to $1 trillion annually by adopting digital strategies to address unscheduled maintenance.
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Report cites value of bold digital transformation vision and strong purpose as key to the data-intensive future of manufacturing
Redefining Manufacturing of the Future
Today, the manufacturing industry is undergoing an unprecedented digital transformation, empowering manufacturers to drive new innovations in products and services, create superior customer experiences, while streamlining operations.
According to the report, innovative manufacturers are leveraging greater connectivity and increased analytical capability to drive fundamental shifts—transforming every aspect of the business from product design to customer experience, as well as advancing their sustainability goals.
The automotive sector is developing software defined vehicles (SDVs)—hyperconnected supercomputers on wheels with active safety, infotainment and advanced autonomous capabilities—that provide a more personalized automotive experience. Industrial manufacturers are exploring as-a-service (XaaS) business models with connected products that last longer, operate more predictively, and engage users across the lifecycle.
New business models such as servitization, where customers pay a fee per unit of a service consumed instead of purchasing a product that provides that service, are ushering in a new era of customer centricity through a focus on new, personalized products and better customer experiences across all stages of the product lifecycle, says the report.
“Digital technologies are empowering manufacturers to embark on an enterprise-wide digital transformation journey. The industry is at the cusp of an unparalleled opportunity to create new business models that operate at the intersection of commercial success and environmental sustainability,” says
A Bright, Data-Intensive Tomorrow
The report quotes
Many manufacturers are already scaling emerging concepts such as blockchain, dedicated software entities, and smart factory concepts, including digital twins and the use of predictive maintenance to respond to market conditions by improving operations. They are also setting up systems to capture new forms of data, build on historical learnings and draw on the self-adapting predictive maintenance these data streams offer to deliver immediate cost savings.
“The structure and multiplicity of data sources for factories have challenged manufacturers in their quest to obtain a unified view of their machines, material, and methods,” says
Digital Transformation for a Sustainable Future
Finally, the report highlights how many manufacturers are taking an organization-wide, holistic approach to their digital transformation endeavors, including fostering a culture of innovation, investing in people, and aligning business models with their sustainability agenda.
Leading manufacturers are looking to accelerate progress towards environmental, social, and governance (ESG) goals, by adopting digital technologies across the manufacturing industry value chain, says the report. Further, manufacturers are leveraging the digital, decarbonized, and dependable (3D) sustainability framework to create value for ESG stakeholders, become resilient, and discover co-creation opportunities with customers.
For further information on the findings of the report, please visit www.wipro.com and www.hbr.org.
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Media Contact:
Sanuber Grohe
sanuber.grohe@wipro.com
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