5 Ways Equipment Manufacturers Can Stay Ahead of Technology Disruption

There are two schools of thought when it comes to the impact of technology on today’s business environment. Some see a minefield of disruption, where tech startups lurk at the ready to cannibalize entire industries overnight. But others see a field of opportunity, where clever manufacturers can find new ways to connect their customers to their products and tap into new revenue streams.
In order to help its members better understand where the dangers and opportunities lay, the Association of Equipment Manufacturers partnered with the global consulting firm McKinsey & Company to conduct a survey of heavy equipment end users. In a report compiling the customer insights, some of McKinsey’s top minds laid out five steps that manufacturers can take today in order to position themselves to thrive in tomorrow’s technological environment.
“OEMS should be concerned but not panicked about these findings,” according to senior partner Asutosh Padhi from McKinsey. “OEMs still have the ability to be the natural providers of these new technologies, provided they’re able to innovate the core service offerings, and more importantly, move quickly on the software services and the Internet of Things.”