The constant buzz around digital transformation and Industry 4.0 is reaching a fever pitch. With it comes the growing assumption that asset-intensive organizations understand it, want it, and its success is assured.
The reality, however, is more nuanced. The concept itself is decidedly appealing: Who wouldn’t want intelligent, self-optimizing digital manufacturing and maintenance solutions that simplify decision making, elevate performance and productivity, increase uptime, and slash costs?
This paper examines the great promise of Industry 4.0, why it has been slow to catch on, its crucial relationship to asset management, and seven building blocks for digital transformation to accelerate the journey and maximize the outcomes.