Building New Revenue Streams From Digitalization
Early adopters of digitalization strategies have forged new trails in the monetization of data and services that others can follow, Mark Humphlett tells Manufacturing Business Technology Magazine. Turning data into dollars is not an overnight process though. It requires an innovative strategy, safeguards, research and a new way of looking at customers and target markets. As manufacturers plan their digitalization strategies, now is the time to identify any possible revenue streams that can be off-shoots from data applications. Understanding your revenue potential acts as valuable motivation to deploy digitalization tactics, acting as the “light at the end of the tunnel” if ever the course seems all uphill.
Getting Past the Challenges
In these early stages of digitalization concepts, many manufacturers are still struggling with finding sound solutions for collecting data, storing it, and transforming it into a consumable format.
This phase certainly can be frustrating. It requires much due-diligence on researching storage options, tools for aggregation of data, and tactics for maintaining the context of the data along with the data points. While these challenges can be time consuming, manufacturers should not let the twists and turns in the course deter continued commitment. All of the data generated by smart sensors embedded in and on products, vehicles, and equipment that is causing such a headache to store, can also be a goldmine. You just need to look past the rough edges.