Transformation of the industrial sphere is one of the world’s current megatrends, affecting companies representing two thirds of global GDP. Creating value with digital isn’t just a simple game of mixing and matching digital technologies. Industrial Equipment companies also need to completely reinvent their operating models, products, production and value chains, becoming what we call Industry X businesses.
Reinventing the product
A key trend shaping the widespread disruption of Industrial Equipment companies is the profound shift from traditional products and business models to smart connected products, services and solutions. In the recently released book Reinventing the Product, Accenture’s Eric Schaeffer and David Sovie outline how this shift to smart connected products can help companies create new opportunities to reinvent, differentiate and drive growth.