47% of manufacturers and distributors invested in sensors and IoT networks, but just 20% did the same for data analytics tools, which are necessary to gain insights from the data they’re collecting.
- 69% of businesses considered a digitalization strategy aimed at enhancing existing business processes with digital technologies
- But only 29% of businesses committed to a fully-fledged digital transformation strategy
Why do we care?
Right there – that’s where the good meat of services lives now.
The gap between buying the tech and then seeing data results, which would then ideally translate into business outcomes, is a real lost opportunity. If you’re in services, do not squander this.
It’s my good better best model. It’s good to keep the lights on. It’s better to impact costs directly in SG&A, and it’s best to impact revenue or costs of goods sold. Missing out on the benefits of the business is essential; high-profit revenue is left on the table. The filet mignon of meat.