New white paper from item
Developing new business models and optimizing processes are two strategies at the heart of the new white paper from item entitled “Digital strategy in mechanical engineering – what it all comes down to”. In its new publication, the market leader in building kit systems for industrial applications sets out what digitalisation means for mechanical engineering companies. What digital transformation strategies are available and how can they be put into practice? item explains the development of new business models and provides tips on successful implementation.
To develop an optimum digital strategy, it is essential to first determine the current situation at the company. This provides a springboard for defining objectives and assigning specific tasks. In its white paper, item highlights the different types of digitalisation strategies. On the one hand, internal processes need to be improved, while on the other hand, new business models need to be developed. Mechanical engineering companies can create a solid foundation by expanding their digital infrastructure and giving skilled staff targeted training. It is a good idea to start by digitalising the company’s own business processes. Document handling, cloud services and specialist engineering software such as the item Engineeringtool are some of the aids that can be used to achieve this. The aim is to utilise these internal process improvement measures to lower costs and boost the company’s own performance. Companies should also focus on developing new business models.
Using appropriate methods to develop a digital strategy
The item white paper offers an insight into Business Model Innovation methods. The objective here is to stand out from competitors by making deliberate changes to the business model – and the needs and requirements of the customer have to be at the heart of everything. Setting out the complexity of digital business models requires appropriate platforms that link together multiple market players to form a business ecosystem. Technical committee 7.23 of the VDI/VDE Society for Measurement and Automatic Control (VDI/VDE-GMA) has developed an aid for companies. It looks at key aspects such as reliability, integration, value contributions and value drivers. This makes it possible to formulate prototypes for enhancing business models and find solutions to guide the mechanical engineering sector into the future.
The white paper is available to download free of charge.
Date: 20 February 2020
Caption 1: Besides improving internal processes, companies should focus on developing business models. Various aids, such as the Business Model Canvas, can be used to describe the key components and correlations in a company.
Caption 2: Technical committee 7.23 of the VDI/VDE Society for Measurement and Automatic Control (VDI/VDE-GMA) has developed a model that maps the complexity of platforms.
Caption 3: The item white paper offers an insight into Business Model Innovation methods and explains what mechanical engineering companies should look out for when implementing digital strategies.