We are at the cusp of a new industrial revolution driven by the internet. The opportunities here are immense for the market leaders at various categories. Certain principles have been identified by PwC, which can help companies navigate through this period and leverage their existing capabilities. First of all, the business model needs to be reimagined according to emerging trends. The corporate strategy used to be a by-product of merging various touch points at the value chain. Now it can be done merely by leveraging digital platforms. Design thinking has emerged in a major way, so it must be done keeping the customer expectations at the centre. Innovations must be identified and scaled rapidly. The existing data needs to be captured in a way to provide useful insights on how best to improve work. The financing models similarly need to be geared towards present patterns. Technological acumen needs to be given a push either through in-house training or fresh talent recruitment. The industrial-era focus on products need to give way towards an incline on the side of purpose. The data captured needs to be used ethically so as to avoid trust issues. In spite of the emergence of machines, humanity needs to be put at the centre of all decision making.

Source:https://www.strategy-business.com/article/10-Principles-for-Leading-the-Next-Industrial-Revolution?gko=f73d3

Uploaded Date:13 December 2017