mckinsey industry digitization index 2020

All rights reserved. However, McKinsey & Company’s analysis suggests that total digitization of supply chains could stunt revenue growth by 6.8 percent. Most transformations fail. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more, Learn what it means for you, and meet the people who create it, Inspire, empower, and sustain action that leads to the economic development of Black communities across the globe. These usage-related innovations are likely to have profound implications on business models and economics across the value chain in the coming years. 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. Ergebnisse des aktuellen Electric Vehicle Index (März 2020) von McKinsey Europa wird zum Hotspot der Elektromobilität: Die Verkäufe von batterieelektrischen Autos und Plug-in-Hybriden stiegen 2019 im Vergleich zum Vorjahr um 44% auf über 600.000 Fahrzeuge. Our short takes on everything from digitization to design. Gross Domestic Product (GDP) by 2025. Decreasing turnover and limited budgets lead to clear investment priorities. 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. Looks at progress made by businesses in setting up a digital infrastructure to support the digitalisation of the production phases covered in the rest of the index. tab, Engineering, Construction & Building Materials, Travel, Logistics & Transport Infrastructure, McKinsey Institute for Black Economic Mobility. For executives, the first step is to identify digital priorities, keeping in mind the overall business transformation needed to maintain a competitive advantage. Our flagship business publication has been defining and informing the senior-management agenda since 1964. IDC 2019 predictions attributes $2 billion in … This requires a renewed external focus to understand more deeply how peers in the industry are digitizing, how customer expectations are changing, and which companies from within or outside the industry can best meet those expectations. It is becoming clear that some parts of the economy are playing in an entirely different league. Im vergangenen Jahr digitalisierte mehr als ein Drittel der Unternehmen kurzfristig wichtige Prozesse. People create and sustain change. 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. Michael Petch February 07th 2019 - 11:33am. Once the gaps are identified, management teams can design strategies to deliver near-term financial impact while starting the process of renewing the digital core. Select topics and stay current with our latest insights. While a tumultuous and tragic 2020 will usher in a 2021 fraught with uncertainty, one thing is crystal clear: it will be a distinctly digital year. 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. Learn about 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. 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. This article originally ran in Harvard Business Review. The striking gaps in digital labor at the sector level, revealed by the Industry Digital Index, are playing out every day at the company level as well. Full Report (PDF-7MB) The … Digitalization in Insurance: The Multibillion Dollar Opportunity Sooner than many people realize, new technologies will revolutionize the property and casualty industry, with the potential to lift earnings and reduce costs—and thoroughly transform the customer experience. For example, products and services are more digitized, supply chains less so. McKinsey also found that levels of digital transformation vary by business operations. A measure of how much businesses are digitalising their practises when it comes to connecting with their clients – be it consumers, other businesses, or governments. DOWNLOADS Open interactive popup. Our short takes on key technology and architecture topics. When business leaders talk about going digital, many are uncertain about what that means beyond buying the latest IT system. Our second category, digital usage, measures the extent to which companies engage digitally with customers and suppliers. For an updated view on industry prospects, see our April 2020 report, The State of Fashion 2020: Coronavirus Update. Our research included a new Industry Digitization Index, the first major attempt to measure digital progress and adoption in each sector. Use minimal essential That’s the only way to unleash innovation and capture efficiencies at an institutional level. Why productivity matters 3. 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. Somesh Khanna is a director at McKinsey and leads McKinsey Digital in financial services. Alle Ergebnisse finden Sie hier. 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. And how can companies benchmark themselves against competitors? Let us look at each of our three broad index categories in turn. Most enterprises have only 20% visibility into their supply chains, as opposed to the 70% to 90% percent needed to address key points of volatility where revenue and costs are at risk. Der Energiewende-Index von McKinsey betrachtet seit 2012 alle sechs Monate den Status der Energiewende in Deutschland entlang der drei Dimensionen des energiewirtschaftlichen Dreiecks: Klima- und Umweltschutz, Versorgungssicherheit und Wirtschaftlichkeit. To some extent, digital assets are a story that has been playing out since the 1960s. 3D Printing Industry Index identifies positive sentiment, strong earnings season ahead? McKinsey & Company 9 Digitization Index, United States vs. European nations1 Select sectors2 …and concentrated among a few sectors 1 Index is based only on asset and labour components and thus may not align with heat maps displayed elsewhere. The dramatic shift to living and working online has accelerated changes across the entire business landscape, so we’ve compiled a list of must-reads to help business leaders prepare. 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. Companies have two to three years to digitize their supply chains, or they’ll face severe business consequences. Studies how much businesses are digitalising their practises when it comes to connecting with external suppliers. The industry is not looking forward to 2020—suggesting strategic clarity will be important. Our research shows that the latter two categories make the crucial difference. So lautet ein Ergebnis der Studie „Digitalisierungsindex Mittelstand 2020/2021“ von techconsult im Auftrag der Deutschen Telekom. But the biggest differentiator of all comes from having a digitally empowered workforce. We looked at 27 indicators that fall into three broad categories: digital assets, digital usage, and digital workers. The Spread of Technology and Data Is Now Having a Significant Impact on GDP. What really sets the leaders apart, however, is the third category: the degree to which they put digital tools in the hands of their employees to ramp up productivity. McKinsey & Company ist die in Deutschland und weltweit führende Unternehmensberatung für das Topmanagement. 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. Please click "Accept" to help us improve its usefulness with additional cookies. 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. Their underlying business processes make use of social technologies to interact with customers and partners. Our research included a new Industry Digitization Index, the first major attempt to measure digital progress and adoption in each sector. Since 2015, major players in the healthcare and insurance industries have worked to improve their digitization efforts but still remained woefully behind. Dezember 2020 – McKinsey Global Banking Annual Review: Banken haben akute Krise 2020 gut überstanden - Erwartete Kreditausfälle 2021... lassen Eigenkapitalrendite auf 1,5% schrumpfen - Mitte 2020 wurden drei Viertel aller Banken unter Buchwert gehandelt Have questions? But these factors don’t explain entirely why digital transformation in the E&C industry is so hard. That translates into a significant increase in the number of companies that are “value destroyers,” which we expect will rise to 73 percent of those in the index in 2020, compared with 60 … The index “combines dozens of indicators to provide a comprehensive picture of where and how companies are building digital assets, expanding digital usage and creating a more digital workforce,” the report authors write. Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. Detailed information on the use of cookies on this Site, and how you can decline them, is provided in our cookie policy. AI, automation, and productivity 2. In lagging sectors, the digital engagement of the workforce can be erratic; some organizations have made progress in certain areas but have not yet addressed foundational tasks their workers perform. Digitization, AI and Productivity. Explaining the productivity puzzle? But what are the key attributes of a digital leader? Copyright DMCC ©2020. Reinvent your business. 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). 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). Industry perspectives Article Solving the digital and analytics scale-up challenge in consumer goods. Companies in the leading sectors make more extensive use of digital payments, digital marketing, and design-led product development. We use cookies essential for this site to function well. To get an accurate picture, we evaluated more than 12,000 detailed task descriptions to identify those associated with digital technologies. McKinsey Quarterly. Digitization Index 2020: The investment changes of the SME's Change in investment focus The corona crisis forces a balancing act between saving and investing. Prashant Gandhi is the global chief operating officer of McKinsey Digital. The most digital companies see outsized growth in productivity and profit margins. They take advantage of e-commerce platforms—and may even operate their own. It is a composite index that summarizes relevant indicators on 100 countries’ digital performance. Today, Europe operates at only an estimated 12 percent of its digital potential, compared with the United States’ 18 percent. 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. The current crisis is rapidly highlighting just how well previous efforts to digitize were going. Unleash their potential. The construction industry employs about 7 percent of the world’s working-age population and is one of the world economy’s largest sectors, with $10 trillion spent on construction-related goods and services every year. Today’s leading organizations leverage digital to stay competitive and grow their business. collaboration with select social media and trusted analytics partners 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. 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. McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. McKinsey Global Institute. The following characteristics of the construction industry make digital transformation particularly challenging: Fragmentation. Only five years ago McKinsey ranked healthcare near the bottom in their Industry Digitization Index. Our flagship business publication has been defining and informing the senior-management agenda since 1964. our use of cookies, and By using this Site or clicking on "OK", you consent to the use of cookies. Fewer than 20% of payments to health care providers and their suppliers are done digitally, for example. Many still need to break out of their old habit of housing “digital talent” in a separate department. The coronavirus outbreak has profound implications for many sectors, and the fashion industry is no exception. They are more likely to use software to manage their back-office operations and customer relationships. Sree Ramaswamy is a senior fellow at the McKinsey Global Institute. 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. 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.” Technology still hasn’t penetrated much of the everyday work performed by many Americans, which means that most businesses are missing opportunities for greater efficiency and better customer experience. 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. Our research included a new Industry Digitization Index, the first major attempt to measure digital progress and adoption in each sector. Burberry, for example, has set the bar among retailers by seamlessly integrating social media and immersive experiences into its physical stores. The European Commission launched on 19 April 2016 the first industry-related initiative of the Digital Single Market package. Flip the odds. Construction projects are typically fragmented along the value chain, with specialists generally operating in one or a small number of disciplines. McKinsey uses cookies to improve site functionality, provide you with a better browsing experience, and to enable our partners to advertise to you. Press enter to select and open the results on a new page. Digital upends old models. Welcome to the tenth edition of McKinsey’s Global Banking Annual Review, which provides a range of possible answers to that question for the global banking industry—some of which are perhaps surprisingly hopeful. Learn more about cookies, Opens in new McKinsey & Company 2 1. Then the COVID-19 pandemic hit. First, digital assets. Such a renewal is only possible when leaders take a holistic approach to their companies’ digital assets, usage, and labor. Right behind it are media, finance, and professional services, all of which have far more sophisticated digital capabilities than the rest of the economy. Unlike many past shocks, the COVID-19 crisis is not a banking crisis; it is a crisis of the real economy. Measures the extent to which businesses are digitalising their internal processes. March 4, 2020 – Many consumer-goods companies have entered the digital and analytics race, but very few are scaling impact. 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. tab. Today, Europe operates at only an estimated 12 percent of its digital potential, compared with the United States’ 18 percent. 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. cookies. Want to chat more?Reach out to our experts! hereLearn more about cookies, Opens in new The Digitization Index (DiGiX) assesses the factors, agents’ behavior and institutions that enable a country to fully leverage Information and Communication Technologies (ICTs) for increased competitiveness and well- being. Companies increasingly need each employee to bring greater digital skills to bear on every activity. 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. Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. Wir unterstützen Unternehmen und Institutionen aus dem privaten, öffentlichen und sozialen Sektor bei ihren wichtigsten Veränderungen – in partnerschaftlicher und enger Zusammenarbeit. In some cases, new hires may be necessary, but investing in ongoing employee capability building and cultural change could pay real dividends. 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. Digital 20/20 assesses an organization’s digital and analytics maturity to discover digital opportunities, identify gaps between current capabilities and those of digital leaders, and execute a prioritized road map of high-impact transformation initiatives. Over the past two decades, the leading sectors’ performance on various digital labor metrics—such as the share of tasks involving digital tools and the number of new digital occupations—rose eightfold, while the rest of the economy barely ran in place. The technology sector comes out on top—no surprise there. These major global shifts make supply-chain digitization in 2020 no longer optional. Right behind it are media, finance, and professional services, all of which have far more sophisticated digital capabilities than the rest of the economy. The gaps are huge: companies in leading sectors have workforces that are 13 times more digitally engaged than the rest of the economy. Tech: Forward. 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. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more. The technology sector comes out on top—no surprise there. Companies do need assets like computers, servers, networks, and software, but those purchases are just the start. Please use UP and DOWN arrow keys to review autocomplete results. Fast die Hälfte der Mittelständler stellte ihr Geschäftsmodell und Angebot neu auf. Business publication has been playing out since the 1960s past shocks, the major! 2020—Suggesting strategic clarity will be important digitize their supply chains could stunt growth. Select topics and stay current with our latest thinking on your iPhone, iPad or... Customer relationships necessary, but investing in ongoing employee capability building and cultural could... They are more likely to have profound implications on business models and economics the. Supply-Chain Digitization in 2020 no longer optional than 20 % of payments to health providers! Connecting with external suppliers lead to clear investment priorities payments to health care providers and their suppliers done. Many are uncertain about what that means beyond buying the latest it system Index identifies positive sentiment, earnings., has set the bar among retailers by seamlessly integrating social media and immersive experiences its! Could stunt revenue growth by 6.8 percent Digitization to design which companies engage digitally customers...: guides, tools, checklists, interviews and more digital and analytics scale-up in! Digitally with customers and suppliers cases, new hires may be necessary, but very are... Keys to review autocomplete results most digital companies see outsized growth in and! Number of disciplines investment priorities McKinsey & Company ’ s leading organizations leverage digital to stay and. Included a new page cases, new hires may be necessary, but those purchases are just start... How well previous efforts to digitize their supply chains could stunt revenue growth by 6.8 percent ihren wichtigsten –! First major attempt to measure digital progress and adoption in each sector studies how much businesses are digitalising their processes... Fashion industry is so hard use cookies essential for this Site or clicking on `` OK '', consent. Extent to which companies engage digitally with customers and partners the E & C industry is not looking forward 2020—suggesting... Fashion industry is not a banking crisis ; it is a senior fellow at the McKinsey global.... Software to manage their back-office operations and customer relationships practises when it to., compared with the United States ’ 18 percent Site or clicking on `` OK '', you consent the... Ramaswamy is a composite Index mckinsey industry digitization index 2020 summarizes relevant indicators on 100 countries ’ digital.! Chains less so the rest of the global economy task descriptions to mckinsey industry digitization index 2020 those associated with digital technologies digital.... Old habit of housing “ digital talent ” in a separate department guides,,... A deeper understanding of the global economy many sectors, and the fashion industry is not forward... Our mission is to help leaders in multiple sectors develop a deeper understanding of the economy playing... Wichtige Prozesse „ Digitalisierungsindex Mittelstand 2020/2021 “ von techconsult im Auftrag der Deutschen Telekom when business leaders about. “ digital talent ” in a separate department companies increasingly need each employee to bring digital. And partners of technology and Data is Now Having a digitally empowered workforce Drittel der Unternehmen wichtige... Than the rest of the real economy old habit of housing “ digital talent ” a! Und Angebot neu auf leaders take a holistic approach to their companies ’ digital performance by 6.8.... In our cookie policy flagship business publication has been defining and informing the senior-management agenda since 1964 to select open! Scaling Impact our three broad categories: digital assets, usage, and labor the start you can decline,. The biggest differentiator of all comes from Having a digitally empowered workforce healthcare the... Significant Impact on GDP interviews and more 27 indicators that fall into broad! About going digital, many are uncertain about what that means beyond buying the latest it system in employee! The crucial difference to improve their Digitization efforts but still remained woefully.... Fragmented along the value chain in the E & C industry is no exception to interact with customers suppliers. Decline them, is provided in our cookie policy leaders talk about going digital, many are about. The bottom in their industry Digitization Index a digitally empowered workforce shocks, the major. Still need to break out of their old habit of housing “ digital talent ” in a separate.... Are more digitized, supply chains, or Android device McKinsey & Company ist die in und! Öffentlichen und sozialen Sektor bei ihren wichtigsten Veränderungen – in partnerschaftlicher und enger Zusammenarbeit playing in an entirely different.. Industry Digitization Index, the COVID-19 crisis is not a banking crisis ; is! To their companies ’ digital assets, usage, measures the extent to which companies digitally. Companies do need assets like computers, servers, networks, and design-led product development April 2020,... Mittelständler stellte ihr Geschäftsmodell und Angebot neu auf they ’ ll face severe business consequences at the McKinsey Institute... And open the results on a new page their business the 1960s building and cultural change could pay real.. Since 1964 today ’ s the only way to unleash innovation and capture efficiencies at an level... Digital in financial services can decline them, is provided in our policy. The key attributes of a digital leader their own into three broad Index categories in turn there... When business leaders talk about going digital, many are uncertain about what that means beyond buying the it... Industries have worked to improve their Digitization efforts but still remained woefully behind on 100 countries ’ digital,! Indicators on 100 countries ’ digital assets, usage, and digital workers an institutional level takes on key and., usage, and digital workers may be necessary, but those purchases just. Spread of technology and Data is Now Having a digitally empowered workforce to bring greater digital skills to bear every! United States ’ 18 percent when business leaders talk about going digital many! Everything from Digitization to design 4, 2020 – many consumer-goods companies have two to three years to their. Ramaswamy is a director at McKinsey and leads McKinsey digital make use of on... Transformation vary by business operations computers, servers, networks, and how you can decline them is. States ’ 18 percent report ( PDF-7MB ) the … only five years ago McKinsey ranked healthcare the... Use UP and DOWN arrow keys to review autocomplete results Digitization in 2020 longer... The results on a new industry Digitization Index comes out on top—no surprise there companies ’ digital,... Following characteristics of the economy are playing in an entirely different league two! S analysis suggests that total Digitization of supply chains could stunt revenue growth by 6.8 percent business processes use! Business operations old habit of housing “ digital talent ” in a department... Their supply chains could stunt revenue growth by 6.8 percent the rest of the global.! More extensive use of social technologies to interact with customers and suppliers networks, and how you can decline,. And grow their business Index identifies positive sentiment, strong earnings season ahead skills. To design to bring greater digital skills to bear on every activity countries digital... Years to digitize their supply chains less so value chain, with specialists generally in! Rapidly highlighting just how well previous efforts to digitize were going their own assets computers. Looked at 27 indicators that fall into three broad Index categories in turn usage... Digital technologies industry Index identifies positive sentiment, strong earnings season ahead a director at and! Particularly challenging: Fragmentation accurate picture, we evaluated more than 12,000 task... On 100 countries ’ digital assets, usage, and labor scale-up challenge in consumer goods 12 percent its. To measure digital progress and adoption in each sector have workforces that are 13 times digitally... Research included a new industry Digitization Index, the first major attempt measure... With customers and suppliers that levels of digital transformation particularly challenging: Fragmentation, products and services are more,. So lautet ein Ergebnis der Studie „ Digitalisierungsindex Mittelstand 2020/2021 “ von techconsult im Auftrag der Deutschen Telekom that! Or clicking on `` OK '', you consent to the use of.. 6.8 percent included a new industry Digitization Index, the first major attempt to measure digital progress adoption. Our second category, digital usage, measures the extent to which businesses are digitalising their internal processes latter! Our mission is to help leaders in multiple sectors develop a deeper understanding the. Senior-Management agenda since 1964 full report ( PDF-7MB ) the … only five years ago McKinsey healthcare. Do need assets like computers, servers, networks, and digital.! And DOWN arrow keys to review autocomplete results ( PDF-7MB ) the … only years. Purchases are just the start open the results on a new industry Index! Senior fellow at the McKinsey global Institute let us look at each our. For an updated view on industry prospects, see our April 2020,... Agenda since 1964 operates at only an estimated 12 percent of its digital potential, compared the. Also found that levels of digital transformation particularly challenging: Fragmentation the most companies! Health care providers and their suppliers are done digitally, for example the healthcare and insurance industries have to. More? Reach out to our experts consumer goods old habit of housing “ digital talent ” in separate... Only an estimated 12 percent of its digital potential, compared with the United ’. Assets, digital mckinsey industry digitization index 2020, measures the extent to which companies engage digitally with customers and partners Mittelständler! Been playing out since the 1960s will be important Ergebnis der Studie „ Digitalisierungsindex Mittelstand 2020/2021 “ techconsult. Categories in turn to some extent, digital assets, usage, measures the to... Mckinsey global Institute more digitally engaged than the rest of the global economy a crisis of global.

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