In business, we all like to think we are Best-in-Class, or at least on the path to Best-in-Class but the latest research from industry analysts Aberdeen pinpoints exactly which manufacturers are Best-in-Class and why…and it makes for fascinating reading.
Aberdeen defines Best-in-Class manufacturers by their ability to develop the most complex products at the fastest rate and at a reasonable cost. They are the Top 20% of manufacturers and they are ahead of the others in their percentage of products that meet revenue targets, percentage of complete and on-time shipments and their year-on-year ability to decrease manufacturing cycle times.
When you begin to analyse just how these organisations are so far ahead, it appears there is one common factor – their progress on the digital transformation journey. In fact, the research shows that many Best-in-Class companies are already someway along their journey of digital transformation and are now realising the benefits of focusing on new processes and technologies to maximise their performance.
So, what exactly are these leading manufacturers doing to accelerate their performance? It seems they are concerned with integrating their new systems into workflows and utilising them to optimise manufacturing operations. They are increasing visibility and traceability through the implementation of smart factory solutions such as PanaCIM Process Enforcement and improving efficiency through Lean initiatives. Lastly, they are establishing a “digital thread” to track product data throughout the product lifecycle.
To put these strategies to work, it seems that the Best-in-Class manufacturers are now investing in technology enablers and capabilities to exploit their digital transformation journey to the max. Priorities are areas such as process optimisation, adopting tools to gain real-time visibility across the organisation and using their new-found data management capabilities for faster and more accurate data-driven decision-making.
I will examine in more detail how these strategies are delivering tangible and measurable business improvements for manufacturers in my next article. But in the meantime, if you wish to read more download our latest Aberdeen research report “Process Optimisation in Manufacturing: The Key to Best-In-Class Success.”
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