According to the Crowe “2023 Technology in Metals Survey Insights,” more metals companies are increasing their digital technology investments year over year. With benefits such as greater efficiencies, cost savings, and new streams of revenue, integrating new technology can help metals companies stay competitive in a volatile market.
As metals leaders begin planning budgets and making technology investment decisions for 2024, they must also consider how the process of technology implementation has fundamentally changed with the ubiquitous use of cloud- and subscription-based platforms.
In the past, companies might have invested in new technology, worked toward a go-live date, and continued to use the same platform until it was no longer supported. Now, with cloud-based platforms, multiple updates are released in a single year.
This continual update model presents opportunities, but metals leaders must adopt a new mindset and approach to maximize their company’s benefit of these business applications.