How is the Fourth Industrial Revolution Impacting Manufacturers?
The 4th industrial revolution must make positive contributions to both the manufacturing process and the custom experience
“One in four consumers are willing to pay more for a customized product, according to Deloitte. It is a direct sign of mass customization’s growing influence.”
Kris Goldhair, Strategic Account Director at KBMax, anchors on this idea in a recent article for Supply & Demand Chain Executive. He notes that the 4IR (the 4th Industrial Revolution) is enabling mass customization and mass personalization.
Many manufacturing companies simply haven’t made the investment in the transformation of their business. This transformation, or digital transformation, includes implementing CPQ software and bringing emerging technology into the manufacturing space. It’s about adopting not just new technology, but new processes for selling as well.
Goldhair emphasizes the benefits of mass communication adding that “Forty-six percent of customers who have taken a step to purchase a customized product say they are willing to spend more money on a customized product than on a mass-produced one.” CPQ enables customization that consumers are looking for which may result in higher average order values and more brand loyalty.
Goldhair offers practical advice for making mass customization a reality for manufacturing:
Goldhair concludes that “the Fourth Industrial Revolution is coming, and manufacturing is at the center of it. If organizations want to not only survive but thrive in a tech-first world, they will have to create the right culture and find the right partners to get ahead of the competition.”