The application of new technologies, including sensors, artificial intelligence, cloud computing, and predictive analytics, is rapidly changing the way many companies design, manufacture, distribute and service products.
Manufacturing’s digital transformation can only succeed if it’s paired with a broad talent strategy to address the talent implications of launching new products and business models, and revolutionizing business operations with new digital tools.
The U.S. is in the midst of its third drug crisis in the last 50 years. Drugs are now the leading cause of death for prime working age Americans. The culprit is the opioid crisis; two-thirds of drug overdose deaths in 2016 involved a prescription or illicit opioid.
Ask innovation and product development executives at U.S. manufacturers and they will agree — advanced analytics will change the face of innovation. Two-thirds of executives surveyed expect that analytics will improve their innovation performance in the near future. The trouble is that few companies are resourcing analytics well enough to use it to leapfrog their competition or maintain their market position in the future. Why?
Companies have spent millions implementing enterprise resource planning (ERP) and customer relationship management (CRM) systems to reduce inefficiencies and improve functional integration. But, in many cases these systems aren’t helping commercial teams hit their goals.
Nearly every news publication has featured a headline about how “robots will steal your job” and that AI will increase unemployment in the last year. These dire warnings drive clicks, but fly in the face of evidence that unemployment remains low across the globe.
The Industrial Internet of Things (IIoT) era has arrived and it promises new avenues of growth and profitability. A third of industrial manufacturers now offer IIoT-driven products and services, with nearly another 50% with products currently in development.
Labor productivity has stagnated in most manufacturing industries, but more worrisome total factor productivity hasn’t risen in more than 20 years in most manufacturing industries. But by contrast, digital industries are prospering with much faster productivity and job growth.