The impact of industrial digital transformation on business

The internet, web applications, and the easy availability and low cost of massive amounts of computing power and storage have revolutionized the way that businesses operate and, in the process, have reset the competitive landscape. In some cases, industrial digital transformation is a competitive advantage, but in other cases, it is simply the minimum effort required to stay in business. For many organizations, digital transformation is a do-or-die proposition.

Industrial digital transformation can serve one or more of three purposes for business:

• Improve internal processes, thereby reducing costs and increasing competitiveness.
• Streamline the delivery of existing solutions within an existing business model to reduce costs or improve customer service.
• Transform a business completely, resulting in new products and business models.

A true digital transformation is a disruptive innovation that fundamentally...