Profit margins are slimming down for industrial manufacturers. That is why such companies are exploring new technologies to boost up their business offerings. The automotive industry is one in particular which is set to observe substantial amounts of disruptive technologies hold sway. Industrial producers are thus now investing heavily on business research and development. In order to step up this entire process, companies need to have the proper system in place to track customer inputs. One this crucial business intelligence is captured, companies must think big, and place strategic bets. The product development process has to abide by agile methods. One’s own ecosystem has to be curated, to leverage all the inputs gained. Finally, companies must have their go- to market capabilities, so they may launch their developments at pace. The right monetization model is a must so that proper value may get captured. The business model needs to also be data- enabled. One of the best sources to glean insights from nowadays, are through connected services and products.

Source:https://www.mckinsey.com/business-functions/digital-mckinsey/our-insights/tech-enabled-disruption-of-products-and-services

Uploaded Date:12 June 2019