Growing a panel builder’s business by digital transformation
The industrial electrical landscape is undergoing a radical transformation, and a superior performance is no longer sufficient to sustain a panel builder’s business. According to Schneider Electric, it is due to three powerful and disruptive forces. Being, evolving social needs, economic localisation, and a technological revolution reshaping the way we conduct business.
Building on competitive advantage is no longer sufficient either. Successful panel builders need to embrace the opportunities that digital transformation can provide their businesses and their customers.
The COVID pandemic further accelerated this pace and has impacted each of these three disruptive forces by increasing market volatility and creating broad swings in customer demand. This volatility has driven the need for business agility, supply chain flexibility, and an increased call for business transformation.
The aim of a consensus discussion was to help panel builders understand how to address these new sets of challenges. The spectrum of digital transformation initiatives is vast but can position panel builders to enter new markets and help sustain their business growth.
Panel builder’s expectations
Early adoption by panel builders is crucial. They must adapt to the new digital landscape by crafting new growth strategies, rethinking their operations, and designing new organizational structures. To build an enduring business advantage, leaders will have to drive these changes.
They need to focus on developing high performing digitally enabled solutions and experiences and core offerings to new markets. They should anticipate expanding low-cost delivery models with high-speed and flexible delivery networks. This involves leveraging new e-commerce channels or attempting to improve the quality and performance of their existing online businesses. Furthermore, to influence digital partnering with companies in various sectors to complement their offerings with digital products and services.
Making these changes may prove challenging, but panel builders cannot afford to shy away from this effort. Those who do so will risk falling behind. Moreover, it is time for all panel builders to ask themselves if they are ready for a successful digital transformation. Transforming to the new electric and digital world offers opportunities for improving energy efficiency in all environments. Panel builders will play a vital role in making this change by delivering energy efficiency to their customers and partnering with Schneider Electric to build a sustainable business advantage.
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