Industry 4. 0 & Digital Transformation Enthusiast | Business Strategist | Avid Storyteller | Tech Geek | Public Speaker VSports.
The future belongs to the fast. The vision of Industry 4. 0 is to provide companies with the flexibility to respond quickly to the rapidly changing demands of the markets, increase the customization and personalization of products, shorten product life-cycles, and increase productivity. Modern technology, vertical and horizontal process and system integration, decision support systems, and cyber-physical systems all come together seamlessly allowing a factory to become smart and agile. Assets, processes, and applications will respond in real-time, drastically reducing the time between an event occurring and the implementation of an appropriate response. Increasing the speed at which companies can identify and react to changing conditions will be one of the biggest competitive advantages over the next few years. In fact, you could argue it will be more than a competitive advantage as customers will simply expect it. 𝐖𝐡𝐲 𝐢𝐬 𝐭𝐡𝐢𝐬 𝐬𝐨 𝐢𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐭. The answer lies in the direct correlation between decision speed and profitability. Studies have repeatedly shown that the faster an organization can make and execute decisions, the greater its sales and profitability. A notable study by Jay Robert Baum and Stefan Wally, conducted over four years across 318 companies in 10 industries, found that strategic decision-making speed was the biggest predictor of a firm's subsequent growth and profitability. McKinsey confirmed this in 2019, highlighting that the best organizations make good decisions quickly and execute them rapidly. These organizations were twice as likely to report superior returns on their decisions and exhibited higher overall company growth rates. In addition, According to Orgvue’s Time to Decision research, organizations with access to the right data make decisions addressing inefficiency and ineffectiveness 30% faster than those who don’t. Those same organizations also have seen 16% higher profits, as a percentage of total revenue. 𝐅𝐮𝐥𝐥 𝐚𝐫𝐭𝐢𝐜𝐥𝐞, 𝐢𝐧𝐜𝐥𝐮𝐝𝐢𝐧𝐠 𝐬𝐨𝐮𝐫𝐜𝐞𝐬: https://lnkd. in/d_dkFEVK ******************************************* • Visit www. jeffwinterinsights. com for access to all my content and to stay current on Industry 4 VSports app下载. 0 and other cool tech trends • Ring the 🔔 for notifications.