Industrial Goods Five Leadership Issues Worthy of Board and Executive Attention
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1 Industrial Goods Five Leadership Issues Worthy of Board and Executive Attention
2 2 Introduction The industrial goods sector, including manufacturing of electric goods and electronic systems, as well as discrete manufacturing and industrial machinery, is transforming due to the changes in technology and company structures, as well as globalisation. The increased pressure to innovate, influx of private equity investors, ongoing mergers and acquisitions, and a host of other major risk drivers all are contributing to dialogues in boardrooms and executive offices. Most significantly, executives are asking if they have the right leadership talent in light of the challenges they face. From our conversations, the following five issues and their implications on leadership talent have emerged as top of mind for industrial goods sector executives: Capitalising on the industrial Internet Fostering innovation to fuel future growth Creating an agile and flexible supply chain Identifying and developing next-generation leaders Building a board to tackle the future We hope this executive briefing document will serve as a discussion starter for thinking through how to attract and retain the right talent in the face of these challenges.
3 3 Capitalising on the Industrial Internet Manufacturing industries have always worked with data to enhance processes. The industrial Internet holds opportunities for further operational improvements, as well as the creation of completely new business models. Industrial goods companies should prioritise building out Data & Analytics teams that collect and convert data into tangible knowledge and intelligence through modeling and analytical processing. These teams are key in delivering timely insights to shape major business decisions and strategies. THE INDUSTRIAL INTERNET ENABLES COMPANIES TO Optimise BUSINESS OPERATIONS Smart factories connect manufacturing units and hold the potential to create customisable products on the assembly line. A Remote monitoring systems improve issue resolution and collect performance data that inform development of new products and services. B New Product Conception Prototyping Sourcing of Materials Manufacturing Distribution Aftermarket /Services Trial with 3D; test virtual parts in virtual labs before production commences. C 3D printing drives accelerated prototyping. Real-time communication enabled by connected devices and cloud-based technologies across site and company boundaries will lead to enhanced issue resolution. D Telematics and sensor-equipped devices track goods real time in transit and minimize delays and bottlenecks. E THE MAJORITY OF INDUSTRIAL GOODS COMPANIES ARE NOT CONFIDENT THAT THEY HAVE THE RIGHT TALENT NOR ORGANISATIONAL STRUCTURE TO REALIsE DIGITAL OPPORTUNITIES F % of respondents who believe 48% 38% 27% they have the right people to define their digital strategy they have the right people to execute their digital strategy their organisation is structured in the right way to realise digital opportunities THERE ARE THREE MAIN BARRIERS facing DIGITIsATION IN INDUSTRIAL GOODS COMPANIES F Organisational inertia functional departments are too fixed in their ways. Functional silos create barriers to effective coordination. Competing departments want to own digital. IN COMPARISON with OTHER SENIOR EXECUTIVES, DIGITAL TRANSFORMATION LEADERS ARE MORE INNOVATIVE, DISRUPTIVE AND BOLD G Determined Innovative Socially Adept Disruptive Bold in Leadership Key Points Develop and recruit forward-thinking leaders who can build innovative and diverse teams to drive digitisation. Establish infrastructure, supporting tools and systems to enable world-class data collection, storage, quality and access. Consider acquiring talent from adjacent industries (software companies, systems integrators, startups) to fill the gaps in capabilities.
4 4 Fostering Innovation to Fuel Future Growth In order to succeed in the future, industrial goods companies must continue investing in research and development (R&D) and innovation. Treating R&D and innovation as a strategic priority means carefully assessing and handpicking talent that understand how to commercialise R&D efforts without stalling creativity. The cultivation of innovation cannot be done by chief technology officers (CTO)/R&D leaders alone it also requires a culture that encourages entrepreneurialism and tolerates failures. INDUSTRIAL GOODS COMPANIES LAG FAR BEHIND OTHER SECTORS IN TERMS OF INVESTMENT IN R&D AND PERCEIVED Innovativeness AMONG THE TOP 50 COMPANIES THAT INVESTED THE MOST IN R&D IN 2014, ONLY 2 WERE INDUSTRIAL GOODS COMPANIES A ONLY 7 INDUSTRIAL GOODS COMPANIES MADE IT INTO FORBES 100 MOST INNOVATIVE COMPANIES LIST IN 2014 B TECHNOLOGY AUTOMOTIVE INDUSTRIAL GOODS 2 companies companies companies CONSUMER 48 companies TECHNOLOGY 15 companies INDUSTRIAL GOODS 7 companies Industrial Goods CTOs and R&D leaders are mostly internal appointments, and the majority stepped into their role from general management C INTERNAL 68% Preceding role GENERAL MANAGEMENT 58% R&D/ TECHNOLOGY 42% EXTERNAL 32% KEY CHARACTERISTICS OF WORLD-CLASS CTOs/R&D EXECUTIVES C Services and Business Commercial Model Innovation Mindedness Internal Innovation Stewardship Awareness of Cutting-Edge Technologies Global Experience External Stakeholder Engagement Key Points Foster a culture conducive to innovation by ensuring that innovation teams are composed of diverse professional backgrounds and skill sets. Allow ideas to bubble up and develop innovative thinking at all levels of the organisation. Build a talent pipeline and expose high-calibre R&D profiles to broader business and customer interaction. Create a conduit between R&D and general management. Mandate the head of R&D to be the steward of innovation on the leadership team. He/she should be a change champion who is leading efforts relating to innovation beyond the traditional scope of the R&D department. Consider creating an advisory board that stays in tune with what is happening externally, thus enabling the company to be open to new technologies and trends.
5 5 Creating an Agile and Flexible Supply Chain The supply chain of the future must be able to respond to changes in supply and demand before they impact production. Sophisticated data and analytics tools are an important part of the solution. The chief supply chain officer (CSCO) is becoming a key C-level report integrating planning, procurement, manufacturing and logistics in industrial goods companies. DIGITAL INNOVATIONS ALLOW SUPPLY CHAIN MANAGERS TO BETTER ALLOCATE RESOURCES AND ENHANCE CUSTOMER SERVICE Connected Devices Robotics FOUR ELEMENTS THAT MATTER FOR SUPPLY CHAIN LEADERS IN THE DIGITAL AGE A Understanding of data, related systems and potential for value add from connected solutions Internet of Things Big Data Digital Data Automation 3D Manufacturing Influential and collaborative approach Cloud Computering Connectivity Digital Access Social Network Cross-functional and global experience Broadband Mobile Internet Ability to develop new skills, innovate and train others Key characteristics of the CSCO A Great Communicator Global Systems Perspectives Master Collaborator Flexible and Adaptable Digitally Savvy Strong Business Acumen Supply Chain leaders in Industrial Goods are mostly internal appointments, and nearly half previously held a Supply Chain role 87% Supply Chain ARE INTERNAL APPOINTMENTS B 48% 48% held a supply chain role as their previous role B 22% 26% 4% General Management Finance Operations Key Points Develop analytical capabilities in the supply chain team. Metrics matter to the CEO, CFO and COO, and the ability to interpret and make data-driven decisions is increasingly important. The CSCO must work with other senior internal stakeholders to ensure that newly implemented tools are used and that the supply chain team embraces innovation. ɳ ɳ Look for supply chain talent from other industries, leveraging the data analytics capabilities in the consumer sector and the end-to-end supply chain perspectives in other advanced manufacturing industries such as automotive.
6 6 Identifying and Developing Next-Generation Leaders Industrial goods companies need to think more strategically about their talent pipeline in order to foster diversity in the company and to meet the challenges of the future. Fresh perspectives will come from exposing internal professionals to a variety of challenges and geographical rotations, as well as from pinpointing talent from industries such as technology and software companies. Compared with fortune 100 CEOs, industrial goods CEOs have a significantly longer tenure, and they are more internationally diverse but lack gender diversity A Industrial Goods CEO 0% 19% 5.4 Years 24.6 Years F100 CEOs Female 10% Nationality different from company HQ 7% Tenure in role 4.7 Years Average years spent with company 16.9 Years THE MAJORITY OF INTERNALLY APPOINTED CEOs STEPPED INTO THE ROLE FROM COO OR HEAD OF BUsiness unit (BU) OR REGION. EXTERNALLY APPOINTED CEOs WERE PREVIOUSLY MOSTLY a GROUP CEO OR HEAD OF Business Unit OR REGION A INTERNALLY APPOINTED 8% 81% 19% 4% 46% 17% EXTERNALLY APPOINTED 33% Proactively work to recruit and retain leaders with a fresh perspective from external companies, from other industries and with global work experience A Industrial Goods CEOs 19% External recruits 16% Recruits from a non-industrial goods company 38% Professional experience in a different world region Key Points 42% Design a robust talent management programme to identify and develop high-potential executives. Head of BU or Region COO CFO Other 50% Head of BU or Region Group CEO Chairman Groom high-performing internal professionals for when a promotion opportunity arises by exposing them to a variety of challenges and rotating them through different areas of the business. Create robust incentive systems to retain highperforming talent. Look externally for complementary capabilities in the leadership team. Ensure that some members of the leadership team have experience in strategic global markets.
7 7 Building a Board to Tackle the Future In addition to key tasks such as CEO succession planning and remuneration, boards need to respond to new challenges like cyber security, shareholder activism, the industrial Internet and board composition regulation. In order to prepare for the future, industrial goods boards must bring in diverse skill sets, as well as board members who appreciate the industrial Internet and who can help steer real transformation. The proportion of female and male industrial goods board members is similar to the F100 A Industrial Goods F100 25% 75% 22% 78% THERE IS AN OPPORTUNITY TO REFRESH PERSPECTIVES ON INDUSTRIAL GOODS BOARDS A AGE OF INDUSTRIAL AGE OF GOODS BOARDS F100 BOARDS 5% 4% 26% 27% 31% 38% 39% A Quarter of Industrial Goods Board Members are 68+ nearly A THIRD OF industrial Goods BOARD MEMBERS HAVE BEEN ON THEIR BOARD FOR OVER 8 YEARS <3 YEARS 31% TRADITIONAL CONCERNS FOR BOARDS 3-5 YEARS 25% CEO SUCCESSION GOVERNANCE REMUNERATION Under YEARS 13% 30% >8 YEARS 31% NEW ISSUES REQUIRING BOARD ATTENTION RISK CYBER SECURITY Industrial goods board members encompass a variety of industry experience and national diversity A 30% and over of Board Members currently hold an executive position SHAREHOLDER ACTIVISM INDUSTRIAL INTERNET BOARD COMPOSITION REGULATION Executive Experience of Board Members Financial Services Key Points Industrial Goods 21% 46% 77% Are of the same nationality as the company headquarters Government 20% Build a diverse board that can help to future-proof the business. Conduct regular director and board evaluations this will help ensure that director performance is aligned with the company s strategic objectives. Monitor all advance warning signals. Assess and address vulnerabilities and maintain an effective, ongoing shareholder outreach programme.
8 8 Endnotes CAPITALISING ON the INDUSTRIAL INTERNET A GE unveils new high-speed network for Industrial Internet, timesunion, July 16, 2015 B Siemens to build open cloud platform for industrial customers, Siemens, March 12, 2015 C Tours show off GE s Brilliant new space in Niskayuna, The Daily Gazette, July 16, 2015 D Russell Reynolds Associates interviews, 2015 E IoT a reality in maritime tracking, IT Online, November 2, 2015 F Digital Pulse Survey, Russell Reynolds Associates, 2015 G Productive Disruptors: Five Characteristics That Differentiate Transformational Leaders, Russell Reynolds Associates, 2015 FOSTERING INNOVATION TO FUEL GROWTH A The 2014 EU Industrial R&D Investment Scoreboard, European Commission, 2014 B The World s Most Innovative Companies in 2014, Forbes, 2015 C Proprietary research, Russell Reynolds Associates, 2015 CREATING AN AGILE AND FLEXIBLE SUPPLY CHAIN A Digitization of the supply chain: How ready are you? Russell Reynolds Associates, 2015 B Proprietary research, Russell Reynolds Associates, 2015 IDENTIFYING AND Developing NEXT-GENERATION LEADERS A Russell Reynolds Associates proprietary analysis of CEOs of 32 of the largest industrial goods companies globally, 2015 BUILDING A BOARD TO TACKLE THE FUTURE A Proprietary research, Russell Reynolds Associates, 2015
9 9 Russell Reynolds Associates is a global leader in assessment, recruitment and succession planning for boards of directors, chief executive officers and key roles within the C-suite. With more than 370 consultants in 46 offices around the world, we work closely with public, private and nonprofit organisations across all industries and regions. We help our clients build teams of transformational leaders who can meet today s challenges and anticipate the digital, economic, environmental and political trends that are reshaping the global business environment. Find out more at Follow us on Global Offices Americas Atlanta Boston Buenos Aires Calgary Chicago Dallas Houston Los Angeles Mexico City Minneapolis/St. Paul Montréal New York Palo Alto San Francisco São Paulo Stamford Toronto Washington, D.C. EMEA Amsterdam Barcelona Brussels Copenhagen Dubai Frankfurt Hamburg Helsinki Istanbul London Madrid Milan Munich Oslo Paris Stockholm Warsaw Zürich Asia/Pacific Beijing Hong Kong Melbourne Mumbai New Delhi Seoul Shanghai Singapore Sydney Tokyo
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