Covid-19: Behind the mask
Nothing new came forth but it would have enhanced prior knowledge if considered before.
The past few months have shown us the benefits of digitization on the shop floor and how relevant it is, when trying to keep everything up and running in challenging times. For example, a high level of automation on the shop floor helped to keep the production up and running with minimum or even without employees necessary on site. Accessing assembly lines in remote locations from your headquarter or from home did provide additional benefits for enterprises and supported resiliency
However, the crisis also showed us the limitations of today’s approaches – that the strength of a value or supply chain is not only dependent on the grade of digitization of one member but on the whole chain. Therefore, in future it will be necessary to think across the pond when digitally transforming businesses or value chains and include suppliers, partners and customers in your thinking and projects.
Establish & accelerate your data-driven business
Offering value-adding services to your products or even establishing new business models helps to diversify your business. For example, platform or subscription-based data services can decrease the volatility of a company’s revenue.
One especially interesting example in these challenging times is the Pay-per-Use approach. It can help a manufacturer to establish an additional sales channel, which does not impose a high investment barrier from a customer. On the other side the customer gets maximum flexibility, when scaling production up and down according to the volatile demand.
However, establishing and accelerating your data-driven business in a scalable and global way comes with several challenges that we, at Tributech, aim to address. I would like to highlight two of them which will increase in importance. The first is the so called “willingness to share” which is necessary when scaling your data-driven service or business model across your customer base. The other one is the trust in shared data from sensor to consumer for being able to rely on shared data which will be one of the key requirements for data-driven services and business models – no matter if the data is used for decision-making, documentation, triggering payments or referenced in legal agreements.
Managing data like corporate assets
As data is the necessary foundation for all of these mentioned learnings, companies need to derive a “data asset strategy” from their general company’s strategy in order to align management and handling of data with the future value creation process. This derived strategy will also help companies to better define data security & sharing policies, allocate data-related budgets and investments based on the strategy and it also assists in demonstrating a true transformation to a data-driven future for all involved stakeholders.
At Tributech, we believe that a company’s strategy depends more and more on deriving value from data. The management, the board and also the investors should (and will) keep an eye on a new asset class – the data portfolio of the company.
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The rising amount of collected IoT data, the trend towards data-based decision-making and new data services increase the risk of being vulnerable to manipulation. Therefore, companies should implement countermeasures to prevent IoT data form being tampered and build their data services and IoT platform on a trustable foundation.
Alexander Sztatecsny, who has been working in different areas of Digitalization across the value chain for most of his business life, has recently joined the team of Tributech as COO and Managing Partner and will work with the team to elevate the business to the next level.
In this blog post we are highlighting the four different types and applications of digital twins. These types represent an object or process virtually and help to predict key factors like the running time or foreseeable damage.