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
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