It seems all companies, even within traditional industries, are placing a focus on digital transformation initiatives. This trend is driven by the pursuit of new business models and revenue streams. The sense of urgency is continuing to grow during the COVID pandemic because of the upside potential—with the right strategy, industrial companies can extract a lot of value from their existing data. 

According to an IDG Research survey, 59% of IT decision makers say pressures are pushing them to step up their digital transformation efforts. Yet only 32% of companies are realizing measurable value from their data and only 27% have data projects producing highly actionable insights according to a recent survey by Accenture. The same study found that one of the biggest blockers for those companies is the lack of an enterprise-wide strategy for data.

Taking action to realize the value of data in traditional industries

When you are tracking multiple moving parts in your complex operation—people, assets, railcars, ports, vessels—you are already sitting on a wealth of information. Are you missing opportunities to get even greater value with all the legacy data you have? What are you going to do with the new data (once you have it) to create value across your organization and create new digital revenue streams?

Traditional industries such as rail, mining and oil and gas face similar challenges—increasingly regulated markets, intense competition, aging infrastructure, knowledge transfer of the workforce, and uncertain economic outlooks. Tapping into new data opens up incredible opportunities for these industries to take decisive and strategic actions—create a digital twin of their operations, make predictions to avoid delays, fees and accidents, empower their connected workforce, and optimize their entire supply chain.

Join Corrie Banks, Director of Supply Chain at Cando Rail and Geoff Mair, CEO at SensorUp to hear how traditional industries can take a strategic approach to their data for more rapid ROI.