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.
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
Congratulations to the Consulting Quest Team!
It is with great honor to announce that Consulting Quest has been chosen as a finalist for the Best Procurement Consultancy Project Award for the World Procurement Awards 2018! Do not forget to check out our nominated case study.
- 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
Consulting Quest will be hosting a free Webniar for industry leaders in the coming months exploring best practices in Consulting Procurement. If you are interested in participating, please fill out this survey.
Check Out Other Upcoming Events and Workshops & Become a Part of the Consulting Quest Community!
- Sell Less to Sell Better: Consultants need to work smarter, and sometimes that means you need to sell less to sell better. Because only when you have the energy and focus needed can you build great product funnels and create value for your clients. | Helene Laffitte, Consulting Quest
- 4 Changes an Elite Management Consultant Would Tell You to Make to Maximize Your Productivity: Management consulting is a stressful business. As a result, elite consultants have developed a number of ways to maximize their time. | John Boitnott, Entrepreneur
- Consulting Recruiting Tips for Non-MBA’s: A lot of companies don’t have formal internship programs for non-MBA master students. What do you need to do to break in? | Victor Cheng, Case Interview
- The First 10 Days: 3 Tips to Succeed for New Consultants: Now that You’ve earned that offer. So…what now? Things You need to know to help you start off. | John Shaughnessy, Consulting Cafe
- Are you a Consultant with Supply Chain background or prior experience working in Retail/CPG? This may be the opportunity you have been long for. A Client of Consulting Quest – an Asia-based small Global Consulting Firm – is seeking to hire an Engagement Manager to join their newly established office in New York City. Learn More
Consulting Quest is a global, performance-driven consulting platform founded in 2014 by former members of top 10 consulting firms with the objective of reinventing consultancy performance. With a worldwide presence and a range of proprietary performance measurement tools, we help companies navigate the consulting maze. We work with Consulting Clients to increase their performance through consulting and Consulting Providers to help them acquire new clients and to improve their performance.