Digital Transformation Path And Value Creation In Manufacturing Industry

With the vigorous development of digital technologies such as 5G,industrial Internet,and blockchain,the integration of enterprises and digital technologies is becoming deeper and deeper.Driven by the epidemic,new infrastructure policies and other factors,digital transformation of various industries is imperative.As the fundamental of the country,manufacturing industry needs to face new technological changes and environmental changes through digital transformation.In the information age dominated by digital economy,the traditional manufacturing industry can only jump out of the inherent comfort circle,use digital technology to transform the business model,realize all-round innovation and promotion,and construct the core competitiveness advantage,so as to adapt to the new environment,new technology,new market,new rules,new competition and other challenges,and enhance their strength and position in the highly competitive market.Midea Group started its digital transformation in 2012,and it has been 10 years since today.From groping forward to now,the effect is remarkable.Midea Group is representative,which can provide a path for others which want to make digital transformation.Therefore,this paper uses Midea Group as the object,analyses the relevant literature,public information and cases.It discusses the development status of China’s manufacturing industry under the theory of smile curve and the necessity of its digital transformation,and further summarizes the path of manufacturing industry transformation.On this basis,this paper combs the digital transformation process of Midea Group and summarizes its transformation path.Then,from the financial level and non-financial level,it analyses whether digital transformation creates value for Midea Group.Finally,the conclusion of this paper is drawn,and then the enlightenment is summarized for reference of other enterprises.The conclusion shows that:(1)Midea Group continuously pushes the overall upward movement of the value chain curve through various links.On the basis of good strategic cognition,Midea Group continuously increases R&D investment and introduces high-tech talents in terms of design and R&D.In the manufacturing process,reduce the production cost and optimize the process flow;In terms of service and marketing,improve marketing capabilities and optimize service experience.So as to continuously promote the value of each link of the value chain.(2)Digital transformation improves the value creation ability of Midea Group,and promotes the growth of financial indicators such as profitability,EVA and so forth.As for non-financial indicators,it has promoted the continuous expansion of market share and brand ranking.Based on the relevant research,the conclusion is:(1)Have correct strategic cognition.In the process of transformation,enterprises should choose strategies suitable for their own development according to their own development capabilities.(2)Make full use of technical means.Enterprises should use technical means to continuously improve internal business processes,integrate internal and external resources,achieve cost reduction and efficiency,and also use technical means to continuously improve product value.(3)Consumer orientation.Enterprises should continuously improve their service level,accurately predict consumer behaviour through data,and continuously improve user loyalty.The research conclusion enriches the case study of digital transformation,and provides certain reference for other manufacturing enterprises to understand the necessity of digital transformation and choose a path suitable in the complex and changing environment.