Disruption arising from COVID-19 has accelerated trends already apparent in the industrials market –– particularly digitalization and trade volatility –– and transformation has gone from a “nice to have” to a necessity, according to the latest findings from Baker McKenzie. The law firm surveyed 700 company leaders in six industrial sub-sectors in early 2020, and again at the end of the year after the pandemic had taken hold of the global economy.
Interviews with sector leaders highlighted renewed action and energy, with companies looking to acquire technology and reimagine systems, networks and services to thrive in future. A License to be Bold: Transforming Industrials covers four areas of focus: adapting to the new market; digitalizing for growth; disruption-proofing supply chains; and sustainability.
Nikolaus Reinhuber, Global Chair of Baker McKenzie’s Industrials, Manufacturing and Transportation industry group says, “Our findings show that disruption arising from COVID-19 has accelerated trends already apparent in the market –– particularly digitalization, trade volatility and the importance of sustainability –– and transformation has gone from “nice to have” to necessity. There is a significant imperative to change, with greater stakeholder buy in and long-term viability outweighing short-term performance.
“Those organizations that meet disruption with a bold and innovative vision and execute effectively on it, will be best placed to adapt and grow over the coming decades. The industry has an imperative to change and a new license to be bold –– the stage is set for transformation.”