Pandemic Challenges Manufacturers to Balance Digital Investments and Cost Measures

ISG TechXchange: Smart Manufacturing EMEA event will address pandemic challenges and business model disruption
Experts with Steinbeis University, RWTH Aachen University, Volkswagen and Hitachi ABB PowerGrids will explore the COVID-19 impact on smart manufacturingFRANKFURT, Germany, Nov. 23, 2020 (GLOBE NEWSWIRE) — COVID-19 is providing a strong incentive for manufacturers to move toward smart factories, complete with remote and experience-based solutions, and optimized operations, cost structures and business models, says an expert in smart manufacturing with Information Services Group (ISG) (Nasdaq: III), leading global technology research and advisory firm.“Some manufacturers were fast to react to the onset of the pandemic with one-off cost-cutting initiatives,” said Christian Decker, partner and ISG EMEA lead, Smart Manufacturing. “A more sustainable approach is to include digital initiatives as a portfolio of investments, and let the cost optimization self-fund innovation, with limited additional cash outlay required. This approach will spur the continued evolution of digital technologies to sustain competitive operations.”Decker will host ISG TechXchange: Smart Manufacturing, a one-day virtual experience on December 1 that will explore the evolving role of Industry 4.0 in a post-pandemic world, the emergence of smart factories and smart customers, and how new technologies can help enterprises stay competitive in a global market.  “Smart manufacturing spans the value chain from smart products to smart production and services, from the shop floor to enterprise resource planning solutions and the cloud,” said Decker. “Smart factories leverage new technologies and exploit captured data from products, machines and processes to increase efficiency.”Andi Christl, radio host of Bayerischer Rundfunk, will emcee the event. The opening keynote presentation, “Advantage Through Knowledge,” will be delivered by Markus Hofmann, a renowned memory expert and director of the Steinbeis Transfer Institute of Advanced Risk Technologies at Steinbeis University Berlin. Hofmann studies how executives can train their memory to access crucial details, from names and faces to facts about market developments.Frank Piller, professor of management and head of the Institute for Technology and Innovation Management at RWTH Aachen University, will deliver a second keynote presentation, “Industry 4.0 in the Post-COVID Economy -The Future of Digital Business Models for Smart Manufacturing.” Piller will present a set of propositions for drafting smart manufacturing strategies as the pandemic fundamentally changes industrial value creation and necessitates business models that leverage the full technological opportunities of Industry 4.0.Commenting on Industry 4.0 technologies, Decker notes that “IoT devices have helped organizations preserve revenue streams during this pandemic. As a result, enterprises in a post-COVID world will likely demand more smart manufacturing products and solutions. For example, collaborative robots and IT systems that help reduce on-site plant-floor employees address manpower deficits during social distancing requirements. The future is here, but only the savviest businesses will bring it to its full potential.”A panel discussion on implementing a world-class IT system will ask Claudio Mandiratta, global IT sourcing manager for Hitachi ABB Power Grids, about developing a successful smart manufacturing strategy. Christina-Dorothea Schlichting, head of the group information security program at Volkswagen, will share strategies for developing an integrated security approach, and keynote speaker Markus Hofmann will participate in a panel discussion on combining products, services, data, technology and partners in new ways, to drive new net-revenue streams.Additional panel discussions will explore aligning stakeholders for customer value; how to remain competitive and front-of-mind, and establishing a foundation to optimize operations. The event will also include the ISG Innovation Lab, where participants can explore new digital offerings, and ISG use case presentations on “Optimizing the Technology Landscape for Scaled Initiatives,” “World-Class IT in the Context of Smart Manufacturing,” “New Business Models Around Industrial Data,” and “When Do We Say We Are Secure Enough?”Rackspace Technology, Solulever and Tech Mahindra are sponsors of the ISG TechXchange: Smart Manufacturing event. For more information and registration, visit the event website.About ISGISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.