Changes in customer demand, industry standards and public policy regulations are rapidly transforming today’s manufacturing organizations of all sizes and types, and the pace of change in manufacturing is further accelerated by Industry 4.0 and Smart Manufacturing/Smart Factories initiatives. Manufacturers, due to increased outsourcing to trading partners and when working with a global supply chain operating model, are dealing and interacting with a much broader, diverse, complex set of partners in the value chain.
Therefore, in today’s competitive markets, manufacturers cannot afford to be slow in their response to adapting to emerging trends. To thrive in these new environments, manufacturers must be agile, stay aligned with a rapidly evolving business environment, and exploit new growth opportunities efficiently. This calls for manufacturers to embrace digital technologies to improve the business processes and corresponding business model, compete effectively and grow, and deliver real benefits for the future.
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