Our second category, digital usage, measures the extent to which companies engage digitally with customers and suppliers. Burberry, for example, has set the bar among retailers by seamlessly integrating social media and immersive experiences into its physical stores. To get an accurate picture, we evaluated more than 12,000 detailed task descriptions to identify those associated with digital technologies. Their underlying business processes make use of social technologies to interact with customers and partners. Today, Europe operates at only an estimated 12 percent of its digital potential, compared with the United States’ 18 percent. Select topics and stay current with our latest insights. Recent research from the McKinsey Global Institute (MGI) looked at the state of digitization in sectors across the U.S. economy and found a large and growing gap between sectors, and between companies within those sectors. Digital upends old models. Today’s leading organizations leverage digital to stay competitive and grow their business. Our flagship business publication has been defining and informing the senior-management agenda since 1964. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more. The Industry Digitalisation Index (IDI), tracks businesses’ digitalisation progress across sectors, and spans four separate functions of digitalisation in the processes of trade and general business activities. It is a composite index that summarizes relevant indicators on 100 countries’ digital performance. Our calculations, based on the changes in market capitalizations over time in our index on global fashion, suggest that the industry’s economic profit will fall by 93 percent in 2020 after rising 4 percent in 2019 (Exhibit 1). The technology sector comes out on top—no surprise there. November 2020 – Neuer eHealth Monitor von McKinsey misst anhand von 30 Indikatoren jährlich die Fortschritte bei der Digitalisierung des... Gesundheitswesens in Deutschland - Positiver Trend bei Digitalisierung durch elektronische Patientenakte, Telemedizin und eRezept – aber 93% der Ärzte kommunizieren nach wie vor in Papierform mit Krankenhäusern. Use minimal essential On top of these macro-level differences, we see that even lagging sectors may have standout firms that are pushing the frontier forward for everyone else. Copyright DMCC ©2020. Retail and financial firms were among the first movers, while today we see mining and manufacturing firms adopting digital technology in a purposeful way, with mobile-enabled tools and IoT-powered devices. Building on and complementing the various national initiatives for digitising industry, such as Industrie 4.0, Smart Industry and l'industrie du futur, the Commission will take actions along 5 main pillars. These usage-related innovations are likely to have profound implications on business models and economics across the value chain in the coming years. Unlike many past shocks, the COVID-19 crisis is not a banking crisis; it is a crisis of the real economy. Our flagship business publication has been defining and informing the senior-management agenda since 1964. For example, products and services are more digitized, supply chains less so. Wir unterstützen Unternehmen und Institutionen aus dem privaten, öffentlichen und sozialen Sektor bei ihren wichtigsten Veränderungen – in partnerschaftlicher und enger Zusammenarbeit. That is the conclusion of a study carried out by McKinsey Global Institute, which suggests that when it comes to the use of technology, it’s no longer about “haves” and “have nots.” Instead, the great divide lies between the “haves” and the “have mores.” Digitization adds to GDP McKinsey estimates that Big Data, Internet of Things, and online talent platforms could add $2.2 trillion to the U.S. Companies do need assets like computers, servers, networks, and software, but those purchases are just the start. Then the COVID-19 pandemic hit. Tech: Forward. March 4, 2020 – Many consumer-goods companies have entered the digital and analytics race, but very few are scaling impact. Our research included a new Industry Digitization Index, the first major attempt to measure digital progress and adoption in each sector. One example is Caterpillar’s new S60 smartphone, which comes with built-in thermal imaging capability and is useful for builders, electricians, and utility workers. our use of cookies, and The industry is not looking forward to 2020—suggesting strategic clarity will be important. Such a renewal is only possible when leaders take a holistic approach to their companies’ digital assets, usage, and labor. McKinsey & Company 2 1. Industry perspectives Article Solving the digital and analytics scale-up challenge in consumer goods. But the biggest differentiator of all comes from having a digitally empowered workforce. Digital usage in the form of transactions, customer and supplier interactions, and internal business processes, grew almost fivefold—and over the entire period, the leading sectors maintained an enormous lead in usage over everyone else. The technology sector comes out on top—no surprise there. Press enter to select and open the results on a new page. Learn more about cookies, Opens in new But these factors don’t explain entirely why digital transformation in the E&C industry is so hard. That’s the only way to unleash innovation and capture efficiencies at an institutional level. So lautet ein Ergebnis der Studie „Digitalisierungsindex Mittelstand 2020/2021“ von techconsult im Auftrag der Deutschen Telekom. Decreasing turnover and limited budgets lead to clear investment priorities. The following characteristics of the construction industry make digital transformation particularly challenging: Fragmentation. Measures the extent to which businesses are digitalising their internal processes. Sree Ramaswamy is a senior fellow at the McKinsey Global Institute. Today, Europe operates at only an estimated 12 percent of its digital potential, compared with the United States’ 18 percent. We also estimated the share of workers in each sector in technology-related occupations that did not exist 25 years ago and looked at digital spending and assets on a per-worker basis. To benchmark them, the index measures how much companies invest in hardware, software, data, and IT services (whether through outright purchases or contracting with third parties to fill in gaps). Why productivity matters 3. The focus has also shifted from making long-term capital investments to flexible usage-based operating systems, which explains the rapid growth in cloud-service offerings launched by the likes of Amazon, Google, and Microsoft. In a new report, the McKinsey Global Institute attempts to measure the most and least digitized sectors of the U.S. economy with the new MGI Industry Digitization Index. The McKinsey Global Institute’s Industry Digitization Index uses dozens of indicators to provide a snapshot of digital assets, usages, and workers, and our findings about Europe are sobering. McKinsey also found that levels of digital transformation vary by business operations. Moreover, the McKinsey Industry 4.0 survey of more than 300 manufacturing experts in Germany, Japan, and the United States from January 2016 shows that only 16 percent of manufacturers have an overall Industry 4.0 strategy in place, and just 24 percent have assigned clear responsibilities to implement it. We also look at the extent to which companies are digitizing their physical assets—that is, whether they have smart buildings, connected vehicle fleets, and big data or IoT systems that get maximum performance out of equipment, systems, and supply chains. For an updated view on industry prospects, see our April 2020 report, The State of Fashion 2020: Coronavirus Update. We use cookies essential for this site to function well. Companies increasingly need each employee to bring greater digital skills to bear on every activity. Many health care organizations, for instance, use incredibly sophisticated technology in diagnostics and treatment but substantial parts of their workforce use only rudimentary or no technology. Digital leaders stand out from their competitors in two ways: how they put digital to work, especially in engaging with clients and suppliers, and how intensively their employees use digital tools in every aspect of their daily activities, write Prashant Gandhi, Somesh Khanna, and Sree Ramaswamy in Harvard Business Review. Gross Domestic Product (GDP) by 2025. Want to chat more?Reach out to our experts! Our short takes on everything from digitization to design. The European Commission launched on 19 April 2016 the first industry-related initiative of the Digital Single Market package. Digital assets across the entire economy doubled over the past 15 years, as firms invested not just in IT but in digitizing their physical assets. Have questions? 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