The production, sale, and service of equipment are the traditional business model of many hardware-oriented industries. Digital, however, promises to be a game changer for all segments, whether product, project, or process industries.
Machinery companies have started to innovate their business models. One-fourth of respondents to McKinsey’s Periscope Machinery and Industrial Automation survey reported that their companies have digitized their service, spare parts, and consumables business, and more than two-thirds are planning to do so.
A higher commitment to digital results in business success. The more digitally mature a company is, the better its performance is along two key indicators: TRS and revenue growth. Though most companies across industries have ventured into the digital space on some level, less than one in ten are highly mature, and these are the companies reaping digital’s largest benefits. Compared to the least mature, the most digitally mature companies see three-year TRS rates nearly three times larger and five-year CAGRs more than four times larger.
> Read the full article on the McKinsey website
By Jürgen Meffert, Mark Patel, and Rupert Stuetzle
Source: McKinsey
According to our survey, only 22% of workers globally rank compensation as the thing that matters most to them in a job. This isn’t to say that people will accept a job without fair pay: Compensation still ranks higher than all other job attributes. But it’s evident that a coin-operated view of workers, where firm leaders see employment as a purely financial transaction, underestimates the deeper human motivations for work.
In November 2019 Stanford Health Care moved into a new hospital building. With seven stories and 824,000 square feet, the hospital required over a decade and two billion dollars to plan and construct. Most descriptions of the hospital focus on the airy private patient rooms or the state-of-the-art operating rooms, but one of the most technologically sophisticated aspects of the building is found in the basement.
Today, powerful forces are pushing sustainability innovation. Mounting political pressure on corporations, customer demands for climate-friendly products, and record levels of investment in climate tech all play a role. In Europe alone, the climate tech start-up ecosystem is now worth more than $100 billion, having doubled in just two years, according to Dealroom.
