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This Week in Consulting

Friday, July 6th, 2018

Industry 4.0 – The Future of Manufacturing is Digital

THIS WEEK’S MUST READ

“Leading industrial companies have e made a clear commitment to building and enabling digital factories. They increase production efficiency and make it possible to produce more customized, high quality products to serve markets quickly and reliably.”

Digitization is radically changing the face of manufacturing companies. Companies in the field are focusing on how best to leverage digital to derive value and unlock opportunities for further growth and optimization. Within the industrial context, an industrial internet, or Industry 4.0, is emerging – the fourth wave of the industrial revolution. This new phase of development, autonomous factories are becoming reality that effectively reduces economies of scale and enables production of individualized products at a lower cost and with reduced lead times.

This Week’s Must Read features a research report from PwC, which provides an overview of how far industrial companies have come investing in rolling out digital solutions, as well as the challenges they face. In this publication, 200 industrial companies in Germany were surveyed and 7 digital leaders who have already excelled in implementing breakthrough Industry 4.0 solutions were portrayed.

Read on to Find out More: “Digital Factories 2020: Shaping the future of manufacturing”, featuring Dr. Reinhard Geissbauer, Stefan Schrauf, Philipp Berttram, Farboud Cheraghi from PwC.


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THIS WEEK’S VIDEO:

The fourth industrial revolution is upon us: machines infused with intelligence. This transformation will transform how manufacturing works today, making it 30% faster and 25% cheaper because a machine will know when it makes a mistake and will correct itself. Markus Lorenz explores the many ways this manufacturing revolution will impact the economy, and what kinds of other jobs this new chapter will create.

INDUSTRY NEWS & INSIGHTS

  • BCG’s Data Science Consulting arm BCG Gamma Expands into Poland: The Boston Consulting Group (BCG) has expanded its BCG Gamma wing into Poland. The firm has ambitious goals for its data science consulting business, with a target to have between 30-40 people working in the practice by the end of next year. | Consultancy.eu
  • Deloitte Opens Blockchain Center of Expertise: The rapidly rising demand from the business community for blockchain technology applications has prompted Deloitte to open the Blockchain Center of Expertise (BlockCenter) today. The BlockCenter is where all of Deloitte’s blockchain expertise is accumulated. | Deloitte Press Release
  • How McKinsey Lost Its Way in South Africa: When the godfather of management consulting landed its biggest contract ever in Africa, it made the worst mistake in its storied nine-decade history. Follow the whole story here. | Walt Bogdanich and Michael Forsythe, The New York Times
  • Irrespective of Trade Deals, Brexit will Leave UK Households Worse Off: A new report has revealled that Britain’s withdrawal will cost ordinary Britons dearly, even if the nation uses the opportunity to replace its pre-existing trading relationships with the continent to new deals elsewhere. | Consultancy uk

THOUGHT LEADERSHIP

  • Sprinting to Value in Industry 4.0: To improve performance and gain a competitive edge, manufacturers must adopt the new digital industrial technologies that are collectively known as Industry 4.0. Leading manufacturers are already applying these advances in order to bring products to market faster, reduce their cost bases, and build new revenue streams.  | Justin Rose, Vladimir Lukic, Tom Milon, and Alessandro Cappuzzo, BCG
  • The Industrial Revolution’s Forgotten Spirit: Industrial organizations are very good at leveraging technology to increase capacity and productivity (the whole faster, better, cheaper ideal). But the industry isn’t particularly good at collaboration, rapid decision-making, and the other intangibles that change culture. | Yannick Binvel, Korn Ferry
  • Megatrends And The Future Of Industry:  The manufacturing industry has enjoyed a decade of healthy growth since the financial crisis. From this point forward, however, the big growth opportunities will come in new markets, as a wave of megatrends generates new prospects for manufacturers. Check them out.  | Thomas Kautzsch, Oliver Wyman
  • What’s Ahead for Industrials?:  To stay competitive, companies need to sustain momentum while developing new capabilities, offerings, and operating models. The six megatrends that will shape the next phase of value creation for industrials are: demographics, geography and regions, social, geopolitical/regulatory, technology, and end markets.  | Richard Jones, Felix Recht, Nick Santhanam, Xiaoran Tong, and Shekhar Varanasi, McKinsey

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