Business leaders are facing profound pressures to navigate the historic changes sweeping over every industry as the Fourth Industrial Revolution (i4.0) catapults manufacturing into the next generation. But true progress remains limited, as we note in KPMG International's comprehensive new report - A reality check for today's C-suite on Industry 4.0.
We see companies racing ahead today with Industry 4.0 initiatives of every shape and size amid the proliferation of technological hype. No one wants to be left behind. Yet while everyone seems to be on the transformation trail, few appear certain of just where they're going. Pain-point technology solutions and siloed piloting programs proliferate. Businesses meander along the Industry 4.0 road with no clear high-tech strategy or view of the future. Pilot-project overload looms. Costly initiatives are banished to the back burner. The void between C-suite ambition and tangible manufacturing transformation remains real. And time is of the essence.
The complex road ahead requires today's CEOs and C-suite leaders to step up as dedicated agents of change. It's up to them to oversee development and execution of intelligent and integrated roadmaps into the future. Informed, future-focused leaders need to implement precise strategies at the enterprise level - abolishing functional silos and integrating people, processes and technologies in exciting new ways.
Take the brief self-assessment quiz in our report to see where you stand compared to today's transformation trailblazers.
As companies learn to tap into the potential of the vast amounts of data emerging across all areas of operations, decision-making and action-taking are taken to a new level. - Thomas Erwin, Global Head of KPMG Lighthouse, CoE for Data-driven Technologies.