As cloud applications mature and the world becomes more connected, modernizing a business’s IT environment is no longer a way to get ahead—it’s a requirement to keep pace. Modern industrial supply companies seeking to capitalize on new global opportunities need to unify their product development, supply chains, manufacturing processes and distribution networks. Yet, to make this unified model a reality, industrial manufacturers must become more active players in the technology ecosystem, seeking expertise outside the industry to develop equipment connectivity, data analysis and software that are beyond their capabilities.

Industrial manufacturers also need an agile tech environment in order to capitalize on new business models. Today, businesses are pursuing new revenue streams thanks to technological advancements.