March 26, 2023

Lytt Hexagon , a global leader in sensor, software and autonomous solutions, discusses the value of digital transformation across the asset lifecycle

According to the 2021 CIO outlook report , 77. 3% of Fortune 500 chief information officers identified electronic transformation as their top budget priority for 2021. This isn’t surprising. An increased focus on digital change can assist in resolving many of the common challenges that impact asset lifecycle management, including employee productivity and stakeholder visibility.

But perhaps the most significant benefit of introducing electronic digital transformation to the asset lifecycle is increased competitive advantage. Losing business to overseas clients could become yesterday’s problem with an intelligent digitisation strategy.

What is a digital transformation?

Digital transformation is the adoption of digital solutions across every area of an organization in order to achieve higher operational efficiency.

While COVID played a significant role inside accelerating online transformation, its adoption isn’t slowing down. According to Teksystems’ 2022 State of Digital Transformation report, 89% associated with leaders said digital transformation was a core pillar regarding business strategy, and 86% of digital camera leaders believe they are well-positioned to reskill or upskill the workforce to be productive with electric technologies.

Electronic transformation owes its rising popularity to be able to the sizeable efficiency improvements of every business domain exposed to the strategies, especially asset lifecycle management.

The common frustration of resource lifecycle management includes poor operational effectiveness, poor visibility, and poor inter-team communication – a digital transformation technique could resolve all involving these problems.

Benefits of digital transformation

Electronic digital transformation is always accompanied by increased complexity. The improved complexity connected with new technologies, as well as complexities relating for you to investment monitoring, to ensure elevated value is obtained. Yet the significant operational benefits resulting from digital modification heavily outweigh any adverse associations along with increased difficulty; these include:

Improved productivity

Increased stakeholder presence

Timely meeting of project deadlines

Progress statement automation

Seamless scaling

Reduced time to market

Businesses that embrace online digital transformation gain a competitive advantage that is very difficult to ignore. Those that fail to respond to the particular rising demands of internet transformation risk rapidly falling behind.

Challenges with digital change

Operational reforms are not easy and digital transformation is not an exception. Based on a Forrester report , more than half for digital alteration efforts failed completely in 2018.

Two reasons are likely to blame.

In accordance with Capgemini , 77 percent of companies consider a lack of digital skills to be the most significant barrier to their digital change for better. At typically the same time, McKinsey reports that 70 percent of all digital transformations fail due to employee resistance.

Besides insufficient digital abilities and employee resistance, enhanced security danger threatens handheld transformation success. This is a significant obstacle since security vulnerabilities threaten company continuity plus directly effect the bottom line.

These challenges can be overcome with the following strategies:

1 . Digital shift training

Digital improvement training can address the issues of worker resistance in addition to digital expertise shortages. Training will reveal pools about staff willing to upskill their capabilities together with specialized coaching and deficits that are best filled with outside talent.

Training will also overcome any resistance fueled by fear of new technological options. Sometimes it’s as easy as assuring staff they won’t be replaced by machines.

2. An asset administration cybersecurity solution

A cybersecurity answer specifically designed with regard to asset lifecycle management can address this increased security risks caused by virtual transformation. It’s important to focus on asset protection since cybercriminals tend to target capital task assets immediately after breaching a corporate network.

3. Mitigate data exposures

Prevent accidental outbound data exposures by monitoring all data migrations throughout the advantage lifecycle, which includes data in use, data within transit, and even data at rest.

4. Monitor regarding compatibility losses

Exercise caution if any compatibility issues arise when automation processes between networked assets are modified, or new processes are usually introduced.

5. Maintain regulatory compliance

Ensure asset operations comply with regulatory standards in security together with procedural frameworks to avoid costly non-compliance fines.

6. Design a business continuity plan

Ensure that will risks affecting the availability from business services following a disruption, such as server outages, are really addressed inside a business continuity plan.

7. Mitigate third-party risks

Identify and additionally address all third-party protection risks threatening the integrity of property lifecycle information through safety questionnaires not to mention risk assessments.

Final thoughts

A digital transformation solves all of the major frustrations associated with asset lifecycle management. In addition to increased operational excellence throughout all capital projects, digital transformation offers a significant competitive advantage of which spans international borders, tilting the chance of lost business in your favour – instead associated with losing enterprise to overseas competitors, your overseas competitors will lose organization to you.

To discuss strategies for accelerating your own digital transform, get throughout touch using Hexagon today.  


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