What does digital transformation mean for the industrial sector?

Top Answer : The first thing we have to decide is what business are we in, ie if we make a product or deliver a service. The old saying in marketing is nobody wants to buy a drill–they want a hole. But you can’t buy holes. But if somebody could come up with a laser beam that would punch better holes, we’d all stop using drills and get laser beams. So we have to start by understanding what service or product we’re actually selling. Then there’s the augmented product. That’s the bundle of goods and services that start from the time you start researching the product until you finally stop using it. It may be a warranty, customer service, it may be instruction manuals. So if you think about your product in terms of whether their business or consumer wants to buy, how do you take advantage of digitization to augment that product to create a customer experience better than your competitors? If I was selling industrial tools, maybe what I’ll sell you is an augmented reality program where you can put in your Google specs and then, as you’re using the tool, I will guide you in using the tool. There’s all sorts of ways to innovate around the product and deliver an experience of customer experience superior to what we could do in the past. That’s the essence of digital transformation.

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Yellow Charger
Operations, Transportation and Warehousing
The first thing we have to decide is what business are we in, ie if we make a product or deliver a service. The old saying in marketing is nobody wants to buy a drill–they want a hole. But you can’t buy holes. But if somebody could come up with a laser beam that would punch better holes, we’d all stop using drills and get laser beams. So we have to start by understanding what service or product we’re actually selling. Then there’s the augmented product. That’s the bundle of goods and services that start from the time you start researching the product until you finally stop using it. It may be a warranty, customer service, it may be instruction manuals. So if you think about your product in terms of whether their business or consumer wants to buy, how do you take advantage of digitization to augment that product to create a customer experience better than your competitors? If I was selling industrial tools, maybe what I’ll sell you is an augmented reality program where you can put in your Google specs and then, as you’re using the tool, I will guide you in using the tool. There’s all sorts of ways to innovate around the product and deliver an experience of customer experience superior to what we could do in the past. That’s the essence of digital transformation.
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