The industrial sector contributes $23.518 trillion to the global economy, accounting for more than22 percent of the world employment. This sector has grown tremendously, with companies adopting a more inward-looking approach and recognizing that the customers are increasingly expecting more reliable, transparent, and efficient B2B relationships.
Middle class spending is expected to increase to up to $64 trillion by 2030, accounting for a third of GDP growth3. This is mainly driven by the growing consuming classes in emerging economies. As innovations spark additional demand, global manufacturers will have substantial new opportunities—but in a much more uncertain environment. Therefore, to prevent extinction, industrial companies are expected to transform according to the evolving ecosystems, business models, technology, customer expectations, and workforce.
What we do
Industry leaders see innovation as the key to a future reliant on talent, skill, relationships, and intelligent deals. Thus, the human factor is working in concert with technology to create opportunities, not remove jobs. Global leaders agree that innovation and human capital are the two areas they must strengthen to capitalize on new opportunities. The biggest recruiting challenge for CEOs is attracting people talented in creativity, innovation, leadership, emotional intelligence, problem solving, and adaptability.
Aggressive and deliberate investments, while imperative, are not enough. The next wave of leaders in the industrial sector will build ecosystems that deliver on the promise of analytics and connectivity to maximize efficiency for themselves and their customers. They will get closer to their customers’ needs, creating suites of services and creating new partnerships outside their core specialty areas. They can succeed if they move forward in smart, deliberate strides. At August Leadership, we work with our clients to identify and develop the leaders who can make this a reality.