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Value Realization of Past Tech Investments and Plant Modernization are Top 2 Priorities in 2016
December 16, 2015 | IDCEstimated reading time: 3 minutes
IDC Manufacturing Insights reveals that value realization of past technology investments and plant modernization would be the top two technology priorities that will receive the most attention this 2016 in Asia/Pacific (excluding Japan)(APeJ).
"Organizations will take decisions on which existing applications to support, upgrade or sunset and in that process, prioritize investments in emerging technologies," said Christopher Holmes, Managing Director at IDC Insights Asia/Pacific.
"Innovation" is a top business priority in the region but companies face challenges to fund investments in innovation processes due to unclear return on investment (ROI), preferring instead to invest in factory automation with tangible benefits. Basic infrastructure continues to be a show stopper causing APeJ to lag behind the adoption off global technology trends.
"Technology has started to play an integral role in digital transformation as businesses adopt it in order to deliver business growth," said S Ramachandran , Principal Research Manager at IDC Manufacturing Insights Asia/Pacific. IDC also believes that "Operating Model Transformation" will be the most impactful change as companies realize that "connected assets" can be leveraged beyond just performance feedback and predictive maintenance to new and creative revenue streams and business models that are service based across the entire life-cycle of products.
These insights are part of the top ten technology predictions for manufacturing recently published by IDC and titled IDC FutureScape: Manufacturing 2016 Predictions - APeJ Implications (Doc #AP40534215). These predictions summarize the key IT initiatives in the region driven by digital transformation, namely:
#1: Customercentric investments. Companies will start leveraging digital channels for closer customer connect in both B2C and B2B scenarios to gain 2-3 percentage points increase in market share.
#2: Global standards. APeJ will not just be an adopter of global standards but collaborate and start broadcasting best practices from enterprises that are local to the region and multinational.
#3: Value realization. Organizations will be under pressure to realize value from past investments to prioritize spending on emerging technologies, with new metrics such as percentage of connected assets.
#4: Operating model transformation. Technologies such as Internet of Things will lead to enterprise-wide connectivity of products, people, and processes enabling business models such as product-as-a-service.
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