It is not easy to see what opportunities technology can actually offer, especially for companies operating in a more traditional industry, such as manufacturing. It's not just about automating processes or integrating systems – it's about making far bigger technological investments than that. For example, developing an entire platform or creating a digital ecosystem around an existing product, initiatives that greatly change the company's business model.
One of the biggest obstacles facing companies in traditional industries is the difficulty of measuring the actual return on their investments in technology. It's not like when you compare an old machine with a new one and get clear figures on how much production will go up. Many business leaders thus struggle with seeing the long-term value, in part because the initial results can be difficult to quantify. This leads many to avoid major technology initiatives despite potentially huge benefits.
While the immediate results may be difficult to quantify, in the long run, digital initiatives and solutions can lead to improved customer experience, more efficient work processes and new revenue streams.
Once you've taken the step and developed a digital solution that facilitates your operations, there may be additional opportunities. A solution developed to meet your internal needs can also solve the same types of challenges for others in the industry.
Imagine your company creates a software platform to meet a specific need within your organization. Now think about the possibility that this solution could also solve a similar problem for other companies. This is the essence of Software-as-a-Service (SaaS) products – creating scalable solutions that cater to a widespread need.
Having the technical understanding required to see these types of opportunities is not easy, especially not for large, traditional companies that do not focus on technology and digital solutions. These companies should continue to focus on their core business and instead leave the tech work to external experts who have a great understanding of both business functions and digital solutions. These experts should also have a strategic vision and be capable of identifying and adapting digital solutions to the company's long-term goals, all to ensure that technology serves as a catalyst for growth.
In summary, companies that dare to invest in technological solutions for their internal problems can discover global opportunities. With the right strategic partnerships and a long-term digital focus, these initiatives can be crucial for future growth and innovation.
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