World Economic Forum paper provides strategies to unlock business model innovation through advanced manufacturing
Dr Jagjit Singh Srai - along with members of the World Economic Forum Global Future Council on Advanced Manufacturing and Value Chains - has published a new White Paper looking at business model innovation opportunities for manufacturing companies.
The paper: ‘Unlocking Business Model Innovation through Advanced Manufacturing’ outlines successful case studies from those firms who have already started to unlock business model innovation through the adoption of advanced manufacturing and digital technologies.
The COVID-19 pandemic has highlighted the critical role that manufacturing and supply chain systems play in powering the global economy. To navigate current and future market and climate change disruptions and stay competitive, leaders should go beyond the transformation of manufacturing operations and leverage investments in technology to reinvent their business models.
Building on case studies from leading manufacturing companies with supporting case examples , the White Paper highlights three stages of digital operating and business model transformation. The paper sets out five strategies leaders can leverage to unlock business model innovation and accelerate transformational growth.
The White Paper provides:
- Concrete examples of how leading manufacturing companies are leveraging advanced manufacturing to drive business model innovation
- Tailored guidance on key enablers and strategies, as well as guiding questions, that can help accelerate this transformation
- A call to action for scaling innovation across industrial players by stepping up collaboration to address systemic failures
Jag Srai, Director of Research, and Head, Centre for International Manufacturing, IfM, and Co-Chair of the WEF Council on Advanced Manufacturing and Value Chains explains: “Manufacturing companies are ready to address the complex challenges posed by consumers, climate change and digital transformation. But this will require leaders to embrace technology, not only to optimise their operations but also to unlock new business models.
“To navigate current and future market and climate change disruptions and stay competitive, the leaders must go beyond the transformation of manufacturing operations and leverage investments in technology to reinvent their business models.
“I hope this paper will inspire manufacturing and supply chain leaders to start or accelerate the business model innovation journey and ensure it can achieve and deliver its full potential for driving responsible industry transformation and growth.”
Dr Chander Velu, Associate Professor in Economics of Industrial Systems at the IfM added: “The report provides a timely approach for manufacturing firms to benefit from business model innovation. It outlines how to think in a structured way about combining leadership, culture and technology to create and capture value from digital transformation initiatives. An insightful roadmap for senior management supported by case vignettes.”
Webinar: Creating New Business Models from Digital Supply Chains Transformation
Date: Thursday 24 March 2022
In this webinar, one of the co-authors of the paper, Dr Jag Srai, will discuss why many companies are stuck at the initial stage, where technology is generally applied to boost factory productivity and step-changes in the efficiency of manufacturing operations. He will highlight some of the challenges organisations face in progressing to stages 2 & 3, exploring what some leading companies have done to overcome them.
Jag will also share insights from his research on digital supply chain transformation strategies and potential market and productivity traps if investments are misaligned.
You will then find out about practical tools and frameworks that are being used by some of the world’s leading companies, including IKEA, Grundfos, Schneider Electric and Unilever, to guide their digital supply chains transformation.
More information about this webinar and how to register can be found here.
About the paper
Authors: Srai, J. S., G. Parker, N. Joglekar, M. Bärring, J. Boehm, E. Enselme, M. Basso, F. Betti and B. Schönfuß, “Unlocking Business Model Innovation through Advanced Manufacturing”, World Economic Forum, White Paper, 2022.
Available to download at: https://www.weforum.org/whitepapers/unlocking-business-model-innovation-through-advanced-manufacturing
About the Global Future Council on Advanced Manufacturing and Value Chains
The Global Future Council on Advanced Manufacturing and Value Chains gathers the foremost experts from around the world to shed light on the role of advanced manufacturing technologies in shaping the future of operations and business models.