Digital transformation creates competitive advantage and new revenue streams for smart machines
New industrial technologies in the form of smart machines, smart factories, cloud-based services and advanced data analytics have begun to transform machine shops and factory landscapes across the globe. The early payback from implementing such systems has primarily been in the form of increased efficiencies. However, improved efficiencies do not necessarily translate into competitive advantage. If a one-dimensional view of potential benefits is adopted, the long-term opportunities for strategic differentiation will be relatively small. After all, competitors also evolve while a particular company improves its efficiency through deployment of one or…
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