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A lot of the traditional levers which defined industrial outlets, have now been exhausted. The profitable growth in the sector has also witnessed a flatlining. It is in this context, that manufacturers need to bring in innovations to counter this otherwise stagnation. One of the best ways to overcome this is to make use of the enormous potential of data warehousing and quick- fire processing power. To cite an instance, the number of connected devices will more than double up between 2017 and 2020, generating enormous quantities of data, the fuel for digital- era businesses. A strong foundation is needed to be able to leverage such data flow. This includes a well- defined data strategy along with cyber security, could computing and business analytics capabilities. In some industries such as in automotive and in semi- conductors, the trend for gains will be particularly steep. The operating model needs to be built around agility, and the corporate culture needs to likewise bee mended towards this new reality. The company needs to first understand its present position, so that it can plan for the digital transformation.

Source:https://www.mckinsey.com/business-functions/digital-mckinsey/our-insights/the-trillion-dollar-opportunity-for-the-industrial-sector?cid=other-eml-alt-mip-mck-oth-1811&hlkid=f794496d90ee407e89002b94f2904d37&hctky=9953462&hdpid=40950bab-bdef-4ff9-9eb4-9ea21456999b

Uploaded Date:22 January 2019

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