Scaling SME companies using Industry 4.0 technologies
Small companies need to adopt digital technologies & industry 4.0 solutions to transform and respond to today’s changing environment. But most find themselves at the wrong end of the stick and lag in productivity, response time and costs. Overall business environment, regulation and policy seems more supportive of big businesses to grow even bigger at the cost of smaller companies. So, we discuss steps small and midsize companies could take while using digital technologies to leap ahead.
– How to use technology with care and diligence to scale up
– Why have large companies fared much better?
– Are these tech solutions feasible? how do we go about it?
The Bionic company
Came across this article by BCG talking about the bionic company. Was a bit scared at first, but it essentially means have good people, use technology etc. But the idea I liked the most, and which I think is doable by most companies :-
a) List out 10 to 20 (or whatever) processes in the organization and redesign them with outcomes, efficiency and necessary management controls in mind
b) Use technology in these processes
c) Make sure people have access to similar data sets across the board
Impact of innovation
Technology is disrupting our lives – both at the level of individuals, as well as at the level of businesses itself. A major disruption led to the industrial revolotion. We are now set for the next wave of disruption, wher a number of emerging technoogies are coming together to disrupt more businesses and lives. But if positioned properly to take advantage of these trends, we can ride the wave of change. It all depends on where and how we position ourselves for the coming future
This article talks about the six main areas to consider when we want to transform the business for growth, sustainability & scale. These are mainly ectreted around 1) Goals & Strategy – because we need to be choosy here 2) organization design to achieve high performance 3) Operational Governance – so that the work set by the leader gets done at the lower rungs of the corganization, and the CEO need not keep spending time firefighting 4) Who are the people & talent we shoud have to succeed 5) What is capability building and how to focus it around strategy? 6) Change management