A guide to enterprise digital transformation success
With 5G becoming a reality, enhanced by AI and edge computing, cellular technology is a major leap in efficiency and possibility. For this report, Ericsson interviewed 25 original equipment manufacturers in six different sectors to discover how digitalization, powered by cellular, could transform their businesses for good. Six key points emerged.
If it’s a business, it must be a digital business
01. Businesses need to reinvent themselves, quickly, to stay competitive
Getting to market first with a digital product can make an enormous difference in capturing market share. The wealth of customer information captured provides insights the OEM can use to improve the product, foster customer intimacy and remain ahead of competition.
02. Maximize productivity while reducing inefficiencies
Productivity and efficiency are the main drivers for most IoT projects today. For instance, smart meters allow utility companies to save up to $200 per meter per maintenance trip, by eliminating the need for a technician out in the field to read or fix them.
03. Environmentally and socially sustainable operations
Digital transformation is playing a key role for businesses to become socially and environmentally responsible. In logistics, IoT is helping to reduce the 30% of food wasted globally as it moves from farm to fork and in automotive, connected safety cameras allow car makers to reduce collision rates by nearly 20%.
04. Better business, better business models
Digitally driven automation is replacing labor-intensive manual work with systems that are more accurate and cost effective. It’s also creating new business models, from connected products to as-a-service offerings, in markets where they haven’t previously existed.
05. Security must be an inherent part of the transformation journey
Security is the most significant concern voiced by OEMs when it comes to digital transformation. They need to secure their connected offerings, as well as their whole digitalized business, from both physical and digital threats. Then, they must protect the privacy of their customers, something that consumers, businesses and a growing number of laws are now demanding.
06. Be first to market, scale and keep the business growing
The business world moves quickly, so it’s critical for OEMs to move rapidly from the initial idea to launching a new product or service. Additionally, in an increasingly globalized world, connected products must scale quickly and work anywhere in the world, straight out of the box.