This year, Gartner predicts 80 per cent of B2B sales interactions between suppliers and buyers will occur through digital channels, highlighting that evaluating and purchasing Industry 4.0 smart technologies is evolving. Despite this being the new norm, it isn’t all smooth sailing.
Almost three-quarters (74 per cent) of teams wielding purchasing power are experiencing “unhealthy conflict,” as reported by Gartner, which underscores the need for not only better collaboration between stakeholders, but improved alignment, communication, and decision-making frameworks among stakeholders. In manufacturing, the buyer journey for smart manufacturing solutions is anything but straightforward but how should they navigate this area of business to ensure they are integrating the right solution(s)? Below, we review the most pressing challenges in terms of innovation adoption and how to address them.
The challenges digital manufacturing marketplaces can address
As the manufacturing industry continues to race to adopt smart solutions to usher in Industry 4.0 and get ready for Industry 5.0, these marketplaces hold real value in working towards addressing key challenges that even top performing manufacturers face.
Enter Prioritise+ Marketplace – the appeal of a one-stop shop manufacturing marketplace like this is that it collates various tools, approaches and solutions in one place to address obstacles to success such as digital transformation, adopting AI and automation to remain and become future-ready, on-demand manufacturing, manage supply chain disruption, address talent management and gaps, and ultimately, potentially promote sustainability and a circular economy. The marketplace experience is tailored to each manufacturing business, as designed by INCIT, ensuring users not only avoid confusion but also the all-too-common problem of irrelevant products coming up in their search and overwhelming them, which could waste valuable time.
Could manufacturing marketplaces cut down product and new tech overwhelm?
According to Deloitte, the majority (78 per cent) of manufacturers are not only increasing tech investment but are set to earmark over 20 per cent of their budget toward smart manufacturing initiatives. It appears that the investments are increasing but so is the choice of innovative solutions, which can lead to overwhelm and tech fatigue.
As reported by CIO Magazine, Lou DiLorenzo Jr., Deloitte’s principal and national US CIO program leader asserts that keeping up with new tech is a big part of the job for any CIO but that the “pace of change is increasing.” In manufacturing, where innovation seems to be released every day, this captures what these businesses on the front lines of industry are experiencing now more than ever.
Defining Prioritise+ Marketplace and the benefits
In the manufacturing sector, Prioritise+ Marketplace can act as a catalyst to transformation by connecting buyers with relevant suppliers and only funnelling appropriate solutions for each given business. These marketplaces can also build community and allows manufacturers to engage in a trusted environment to not only seek the right-fit solutions, but to also get helpful feedback to shape their offerings and policies.
The top 5 benefits of Prioritise+ Marketplace
A comprehensive business assessment, combined with a platform like INCIT’s Prioritise+ Marketplace, can help leaders and business owners get ahead by providing not only critical insights but also uncovering the right-fit diagnostic tools and end solutions. Below, we explore the key advantages of getting involved with a marketplace:
1. Tailored solutions and innovation options
The right-fit digital solutions and toolkits supported by a continuous improvement approach drives significant gains. What was once hidden can be uncovered with actionable insights through these digital solutions, which support performance measurement, tracking, and analysis, highlighting areas of opportunity centred around efficiencies and improvements.
2. Reduce tech noise
In the manufacturing industry’s continuous storm of information and noise, INCIT and solutions like Prioritise+ Marketplace can act as a flashlight illuminating newly vetted and assessed companies that enable users to locate solutions that fit their needs without the frustration that the normal marketplace has. Through this dynamic ecosystem, you can turn insights into action with the right tools.
3. Increased access to suppliers
With digital marketplaces as your gateway to new solutions, the number of options and global reach of these solutions will expand, offering a diverse range of to choose from and allowing you to opt for the absolute best solution for your business. These right-fit providers who can ensure the materialisation of measurable results in operational improvement.
4. Cost comparison
Manufacturing businesses can review and compare pricing, ensuring their choice not only aligns with best-in-market investment but also fits their budget. This is key as CFOs and board members tighten the purse strings, continuing to save, invest, and advance budget allotments that will propel their organisation forward.
5. Streamlined communication
A digital marketplace offers centralised communication that can streamline comms, ensuring that all messages are kept in one dashboard for easy access of the teams and stakeholders.
6. Plug gaps, achieve goals
Gaps are identified and addressed to ensure goal achievement. Through Prioritise+ Marketplace, manufacturing organisations can locate the right providers who can support plugging gaps and as a result lead to the manifestation of significant gains in digital transformation and operational enhancements.
7. Take a unified approach
When ambiguity and confusion reign supreme, manufacturers suffer. With Prioritise+ Marketplace, you can take a unified approach and one that’s aligned with INCIT’s prioritisation index assessment frameworks to ensure synergy over solutions and frameworks.
Progressing your industrial evolution today with Prioritise+ Marketplace
In order to transform into the smart manufacturer of tomorrow, manufacturers must identify and address their most critical challenges. Enter Prioritise+ Marketplace – a dynamic matchmaking platform that sorts relevant providers by tailoring potential partners to each manufacturing business requirements. It’s a one-stop-shop that offers global access to deeper digital toolkits and/or solutions to address these identified gaps.
After a manufacturing business completes one of INCIT’s prioritisation index assessment(s), like a Smart Industry Readiness Index (SIRI) or Consumer Sustainability Industry Readiness Index (COSIRI), manufacturers can use Prioritise+ Marketplace to address gaps and achieve goals. It does this by aiding them to locate digital toolkits and/or the ideal solutions that target specific critical areas of the business based on their transformation roadmaps. Prioritise+ Marketplace features offerings that are aligned with INCIT’s prioritisation index assessment frameworks to ensure strategic focus.
With this unique platform by your side, manufacturing businesses can streamline their industrial transformation by seamlessly connecting manufacturers with the right providers. With appropriate solutions at hand, Prioritise+ Marketplace helps illuminate a clear path toward successful innovation and smart manufacturing implementation. To learn more about Prioritise+ Marketplace, contact us.
