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MIT Sloan Management Review

Why Manufacturers Need a Phased Approach to Digital Transformation

Nitin Joglekar, Geoffrey Parker, and Jagjit Singh Srai. <p>Nitin Joglekar is an associate professor of operations and technology management at Boston University’s Questrom School of Business. Geoffrey Parker is the Charles E. Hutchinson ’68A Professor of Engineering Innovation at Dartmouth College, a fellow and visiting scholar at the MIT Initiative on the Digital Economy, and a coauthor of <cite>Platform Revolution: How Networked Markets Are Transforming the Economy</cite> (W.W. Norton, 2016). Jagjit Singh Srai is the director of research in the Department of Engineering at Cambridge University and chair of the World Economic Forum Council on Advanced Manufacturing Value Chains. The authors are listed in alphabetical order; each contributed equally to this article.</p>

2024-01-31 12:00:18

Full article at: Source link

Summary

The article highlights the complexity of digital transformation for manufacturers and the need for a multi-stage approach, outlining the three stages and their appropriate metrics. It also discusses the pitfalls of using traditional ROI measures and the costly mistake of applying the wrong metrics. The article emphasizes the high stakes involved in digital innovation and transformation for manufacturers.

Key Themes

manufacturers: A multi-stage approach to digital transformation that requires specific metrics at each stage for success.
digital transformation: The need for manufacturers to invest in and master new operational technologies and digital ecosystems for partners and customers to enable successful business transformation.
metrics: The importance of using appropriate metrics at each stage of the digital transformation, and the pitfalls of relying solely on traditional ROI measures.

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