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.
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By Jürgen Meffert, Mark Patel, and Rupert Stuetzle
The business touts great drive towards a more environmentally friendly and socially acceptable supply chain with a focus on packaging, emissions reduction, electrification, and inclusivity. This relies on the support of its Hellenic Bottling Company (Coca-Cola HBC), which—based in Steinhausen, Switzerland—produces a sales volume in the billions.
Wildly inefficient—that too often describes the state of our global supply chain. With 90 percent of worldwide trade relying on shipping and $13 trillion spent on logistics annually, the industry is a behemoth. Yet, it lacks data-based decision support and information sharing.
The Australian Senate has released a report advocating for a strategic approach to mitigate the ecological impact of the long-spined sea urchin (Centrostephanus rodgersii). The New South Wales native marine species threaten the biodiverse marine habitats along Australia’s southeastern coastline.