Talking about Industrial Revolution 4 people think about robot arms, drones or digital glasses. But implementing these techniques is not the main challenge to most SME (small and medium-sized companies) today. What they really need is to focus on building a centralized data fundament which is crucial for further standardization and automation of processes and the implementation of new techniques and Cyber Physical Systems.
Another huge issue for companies in times of digitalization is to understand the changing consumer needs and benefits. It does not help you in the future what you have done in the past. Tradition is not a business model. Companies have to analyze and use data so that they can strategically adapt and react to changing consumer needs. In this episode we talk about the disruption of the music industry and why IKEA might become a player in the house-building and construction industry.
Check out #2 Episode of the “WUEconomics – outside the box – Podcast” for more details and insights.