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
From more reusable packaging to more companies taking back used products to more empowered designers, 2021 will be a key year in the development of new, less wasteful systems.
As we enter this new year, I thought it would be helpful to see what people from a full century ago envisioned for us. Newspapers of 1921 were full of predictions—some right, and some very wrong.
Employees are in need and are demanding better coverage. Here’s how leading companies get mental health coverage right.
umbteam https://apple.com