Despite respondent sentiment that business is becoming less complex, many IMT executives recognize a lag in the application of new industrial technologies and processes. If this is the case, where should manufacturing and industrial corporations start as they reinvent themselves? Baker McKenzie’s Nikolaus Reinhuber and Peerapan Tungsuwan outline several methods and practical considerations corporations can take to drive change within their organizations.
To give their business models a boost, IMT corporations need to adapt to and embrace what might look like a disruptive challenge. For instance, a major German automaker is currently transforming itself from a pure carmaker to a mobility services and solutions provider that caters to the younger generation’s view on mobility versus car ownership. Indeed, as the world marches into Industry 4.0, Asia’s manufacturers must look beyond their comfort zones. An injection of innovation – combining robotics, 3-D printing and IoT with digitalization through big data, cloud computing, analytics, and AI – can provide such a boost and be leveraged to automate manufacturing processes, making them more efficient and interoperable in “smart factories”.
Industrials, Manufacturing and Transportation STEPS FOR SUCCESS: Reinventing the wheel
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