Selecting the Right I4.0 Technology with Bo3 Lab

Insight 3 - By Bo3 Lab Product Team (6 min read)

As explained in our insight on “The importance of implementing Industry 4.0 technologies”, it is vital for manufacturing companies to adopt and focus on implementing I4.0 technologies to deliver shareholder value. Failure to adopt these technologies can result in missed breakthroughs for growth and innovation, incurring increased operational costs, and exposure to operational vulnerabilities. To battle these risks, employing strategies for Value Chain Optimization needs to be given the right level of focus.

Value chain optimization with I4.0 refers to the integration of I4.0 principles and technologies into the various components of a company's value chain. When applied to value chains, I4.0 can result in significant efficiency gains, cost savings, and enhanced competitiveness. However, successful implementation requires careful planning, investment in technology and talent, and a commitment to ongoing innovation and adaptation.

Critical hurdles to overcome in optimization endeavors encompass:
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⮚   Fit: Finding the right and/or smarter solutions to boost productivity, efficiency & profitability.
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⮚   Fast: Quickly progressing from Research to Testing, and then from Selection to Implementation.
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⮚   Compliant: Safely and securely testing solutions with all relevant compliance adherence (Cybersecurity, Privacy, Insurance Liability, Organizational Governance and Operational Risk).

These obstacles impact not only Enterprise companies (Seekers) searching for solutions to address their diverse challenges but also Startups and other companies (Providers) offering solutions for these challenges. Essentially, both solution Seekers and Providers must address challenges related to being FIT, FAST, and COMPLIANT to meet their corporate goals and mandates for shareholder returns.
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How do these challenges affect implementation?
While most articles discuss the issues of implementation post-acquisition of I4.0 technologies they seem to neglect the barriers in the pre-acquisition process that result in delayed or missed opportunities. The need to move with urgency, finding the right solution that creates the most productivity, efficiency or profitability is met with the risks and uncertainty resulting from constantly evolving Cyber challenges.

At Bo3 Lab we call this the “Value Optimizer Constraint”. We help connect businesses, called Seekers, who are looking for I4.0 technologies to address their varied use cases with companies who have varied solutions to address their needs. These solution companies are called Providers. Seekers must carefully balance these constraints and make informed decisions to optimize outcomes by understanding the trade-offs and managing changes effectively, This is crucial for successful initiatives leading to increaesed investment value.
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How to address the Value Optimizer Constraint (VOC)
This can be arduous for both solution Seekers and solution Providers. As per Gartner, there are three key rules of B2B technology buying behavior.
These are:
1- Organizations purchase technology in cross-functional teams
2- Nothing significant is bought without a business case
3- Organizations struggle to purchase technology effectively

From the perspective of Seekers, effectively coordinating cross-functional stakeholders proves challenging due to the intricate nature of organizational processes, limited comprehension of their functional significance, and uncertainty regarding the optimal timing for engagement with each stakeholder. Ultimately, developing a business case to support the need with the appropriate elements and level of details can be a difference maker between the initiative being sponsored with the budget required and being shelved.

From a Providers’ position they struggle because many potential clients may not fully understand the concept of I4.0 or its potential benefits. Most innovation is coming from Startups, and they struggle to differentiate themselves and compete with larger, more established companies with greater resources and brand recognition. But the most difficult challenges are dealing with long sales cycles and demonstrating ROI. Providers must effectively demonstrate the value and potential cost savings of their solutions to prospective clients. This can be challenging, especially for early-stage companies with limited case studies or testimonials.

The Solution
At Bo3 we have created the first and currently only solution in the market to address the VOC through a platform product focused on improving the pre-acquisition process. Bo3 Lab systematically addresses each constraint using our novel process and proprietary FitScore© to support Seekers in researching Provider solutions and conducting proof of concept or pilot tests of several solutions in a compliant and expedited manner. Our process is a game changer for Seekers to ensure value chain ROI and for Providers to showcase their solutions making for the right FIT for both sides.

Our focus is to optimize the process for both Seekers and Providers by improving the following:
1. Use Case and Business Case: Use cases focus on the functionality and interactions of the system or solution as it relates to the opportunity the Seeker is trying to solve. They present problems of the actions of users, the system's responses needed, and the overall flow of events to improve the business. Business cases focus on the strategic, financial, and organizational aspects of a project. They evaluate the feasibility and viability of the project from a business perspective and assess its alignment with the organization's goals and objectives.
2. Clear Communication and Mutual Understanding: Effective communication is essential throughout the implementation process. Both parties need to clearly communicate their expectations, requirements, and timelines to ensure alignment and minimize misunderstandings. Mutual understanding enables Providers to tailor their solutions to meet the specific needs of the Seekers and ensures that the implementation aligns with the company's strategic objectives.
3. Collaborative Planning and Technical Expertise: Parties should collaborate closely to develop a detailed implementation plan which outlines tasks, responsibilities, milestones, and deadlines. This collaborative  approach ensures that both parties are working towards the same goals and can adapt to any challenges or changes that arise during the testing process. Seekers should have access to technical expertise either internally or through the Provider to support the testing process. This expertise is essential for configuring, integrating, and troubleshooting the technology solution to ensure it meets the requirements and delivers the expected benefits.
4. Training and Support: Adequate training and ongoing support are crucial for successful technology due diligence. Providers should facilitate training sessions to ensure Seekers are proficient in using the new technology and offer ongoing support to address any issues or questions that may arise during testing and) post-implementation.
5. Flexibility and Adaptability: Technology testing rarely goes exactly as planned, therefore both Seekers and Providers need to be flexible, adaptable, and prepared to address unforeseen challenges or necessary changes. Having a contingency plan in place and maintaining open communication can help both parties navigate unexpected obstacles and adjust their approach as needed.
6. Compliance and Continued Fortification: Compliance refers to the adherence to relevant laws, regulations, and policies governing the use, development, and management of technology systems and data. Additionally critical, is adhering to industry standards and best practices related to technology solution development, cybersecurity, data management, and IT governance. Continued Fortification refers to the ongoing efforts to strengthen and enhance the security, resilience, and compliance posture of technology systems and infrastructure. It involves continuously assessing and improving security measures, processes, and controls to address evolving threats, vulnerabilities, and regulatory requirements.

Bo3 Lab categorizes these elements and applies an innovative process to ensure the right FIT, in a FAST manner that allows the business objectives to be realized and doing so in the most COMPLIANT manner which allows for the Value Optimizer Constraint to be efficiently and effectively addressed.