As digital and robotic factories make a foray into the small- and medium-sized enterprise (SME) sector, major opportunities await companies as they stay abreast with the ongoing transformation process in the global league.
Digital factories have now entered the Turkish agenda of SMEs as the new instrument of the economy. General Manager Cenk Kıvılcım of one of Turkey's most prominent technology firms Cisco Turkey told Daily Sabah that the digital era has removed all obstacles for major firms, sharing Cisco's new road map for achieving "Industry 4.0."
Kıvılcım explained that "companies should prepare themselves in advance to make necessary investments," laying out five formulas for success which equip SMEs to make transitions geared towards the digital economy.
Conduct infrastructural testing for production
Digitalization is not just about getting the latest devices or technologies. According to Kıvılcım, focusing on "business output"rather than "technology layering" is key. Kıvılcım says SMEs must consider the benefits of business output to minimize costs, create new market opportunities and improve customer satisfaction and loyalty. SMEs must take a step back and analyze how technology will help transform the experiences of customers and stakeholders while also improving clientele access to products to boost profits.
Adopt a digital strategy
Kıvılcım says that if companies want to achieve digital transformation, it is up to senior executives to set accurate goals regarding digital agendas and to make the right decisions in choosing which technology will mobilize the transformative process. Companies must shift their focus to mobile and cloud technology, social media, data and analysis, in order to build effective business lines around these trends which will allow them to advance more quickly and efficiently.
Re-shape 'your' culture
Companies that want to keep up with rapid technological development must encourage a culture that focuses on speed, innovation and producing results. By forming young, dynamic teams dominated especially by employees of the newer generation, SMEs grant themselves the liberty to rethink business models and processes related to technology.
Answer critical questions
Companies can make up for their shortcomings during this process by addressing the most crucial questions which are: "What qualifications do I need to increase the value I offer customers?" and "How can I add these qualifications to my services or products in order to increase the value I offer customers?" Finally, companies also must focus on the questions: How can I add these qualifications to my services/products in order to increase the value I offer to my customers?" and "To what extent do I have these qualifications today?"
Your business model should be long term
Users connect devices and objects or employ interconnected networks at an unprecedented scale. Moreover, conversion of these links into profits can only be rendered possible through the use of advanced data analysis. Even in this case, a new class of smart applications needs to be developed mostly to speed up the realization of new business models and increase productivity.