Industry Assessments

Innovation will be more important than ever as we move toward the next normal given changing consumer needs and occasions. Companies can rethink their innovation agendas to more efficiently address those needs and drive growth. However, many executives see barriers to boosting innovation performance, including the complexity of multifunctional organizational dynamics and the difficulty of predicting consumer preferences and behaviors. In addition, these innovations seem to be changing faster than ever. Disruption due to the pandemic lends even greater urgency to ensuring that innovation strategies adapt well to changes in consumer needs and retail environments. Here’s a look at our multi-part assessment that helps you to understand where you are now and where do you want to go.

Since the start of the First Industrial Revolution, manufacturing has been the force pushing industrial and societal transformation forward. Today, we’re in the midst of another industrial revolution, as a new generation of sophisticated technologies is transforming manufacturing into a highly connected, intelligent, and ultimately, more
productive industry. The man-powered shop floor of the past is being replaced by smart manufacturing facilities where tech-savvy workers, aided by intelligent robots, are creating the products of the future.

Arising from its roots in the US, biotechnology today is a global enterprise. Cutting-edge tools are transforming traditional models of drug discovery and development and diagnostic testing. They are enabling the potential for largescale production of renewable fuels, biodegradable materials, safer industrial chemicals, and food crops grown under harsh conditions. The practice of technological innovation in the industrial era – the systematic application of ideas, inventions, and technology to markets, trade, and social systems – is now being joined with the code of life through rapid DNA sequencing and synthesis technologies.

Insurers can surely develop a competitive advantage by looking at how leading technology and consumer-product companies accelerate product development and improve customer experience. Our intent here is to support our insurance clients globally in understanding and engaging with their end consumers.