Summary
In this chapter, we learned about the need for improving the business process to drive productivity and cost-efficiency in industrial companies. New business models are often the basis of disruptive innovation, required to drive new revenues and stay ahead of the competition. Industrial companies, especially those who have been in business for a long time, face a multitude of challenges and are in the process of leveraging digital technologies and a cultural transformation to reinvent themselves. The process of reinvention can be a combination of organic initiatives or synergistic partnerships and acquisitions.
To summarize, we learned about the following:
- The need to continually tweak business processes in companies, while navigating the fine balance between the efficiency and effectiveness of the enhancements.
- The benefits of improved business processes in increasing both internal and external customer satisfaction.
- The need for business model improvements...
