Modern industries' requirements to slash costs, hasten product innovation, and cut through the clutter, are chipping away at their resistance to transformative technologies.
A new whitepaper from Frost & Sullivan finds that manufacturers are increasingly investing in a variety of transformative technologies; however many still lack mature, robust processes for identifying and evaluating the impact of key emerging technologies on their competitiveness.
Nearly 56 percent of manufacturing executives said their companies plan to accelerate the evaluation and adoption of transformative technologies over the next two years. And 51 percent said their companies will increase the pace of financial investments in transformative technologies.
But only 28 percent of manufacturers claim to use formal processes, linked to business goals, to evaluate transformative technologies. This lack of process maturity could lead to duplication or mistimed investments in transformative technologies.
"Manufacturers must match the higher investments in transformative technologies with clear, mature processes governing the evaluation of those technologies," asserts Frost & Sullivan Research Director Jeff Moad. "Else, they risk missing out on opportunities to gain a competitive advantage."
The report notes that to make the most of this heightened interest in transformative technologies, manufacturers must align their investment strategies with the overall strategic direction of the enterprise. They will also do well to establish clear lines of authority for evaluating emerging technologies and set in place processes for coordinating the evaluations across functions and lines of business.
"Transformative technologies such as mobile devices and platforms, advanced robotics, and advanced analytics offer manufacturers an opportunity to become more agile and responsive to rapid market changes," adds Moad. "Nevertheless, to keep pace with the swift evolution and emergence of technologies, manufacturers must develop strong, strategy-driven governance processes."