Oliver Wyman Releases 2017 Digital Predictions to Coincide with Ten Digital Ideas Report
September 07 2016 - 11:06AM
Business Wire
Oliver Wyman today released its Ten Digital Ideas Report which
explores how leaders across all industries can capitalize on
digital innovations. The entire report can be viewed by clicking
here.
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View the full release here:
http://www.businesswire.com/news/home/20160907006264/en/
Oliver Wyman releases its Ten Digital
Ideas Report which explores how leaders across all industries can
capitalize on digital innovations. (Graphic: Business Wire)
“Harnessing the potential of digital innovations is one of the
greatest management challenges of our time. Discovering new digital
ways to improve a business requires not only staying on top of
developments within the same industry, but also in other industries
and geographies,” said Paul Beswick, Global Co-Head of Oliver
Wyman’s Digital Practice.
“Our Ten Digital Ideas Report shows which companies are getting
digital right and how,” added Christoph Knoess, Global Co-Head of
Oliver Wyman’s Digital Practice.
In conjunction with the report, Oliver Wyman released the
following 2017 digital predictions:
- Financial Services: One trillion
dollars of revenues and costs are up for grabs in modularizing
financial services. Additionally, banks can save as much as $150
billion that they spend on IT/operations for capital markets by
implementing blockchain innovations.
- Sharing Economy: The world’s
sharing economy will expand nearly 12 times, to reach $300 billion
by 2025 as more businesses – both on a retail and wholesale level
-- take a page from the playbooks of sharing platforms such has
Airbnb, Lyft, and Uber.
- Manufacturing/Auto:
Manufacturers can improve their margins by $1.4 trillion by
digitizing the processes that manage how a new idea is brought to
production through sales to delivery and factory maintenance.
Digital technologies could enable auto makers to save $100 million
per new car launch by integrating design and data more closely with
production.
- Logistics: Apps are about to
revolutionize freight shipping as much as they have other areas of
the transportation industry. Smart trucking apps will provide an
all-in-one solution for freight shippers and carriers replacing
fragmented and time-consuming legacy processes.
- Healthcare: Up to $530 billion
in annual health spending could be eliminated if consumers embrace
a digital healthcare model similar to the online retail platforms
that they have become accustomed to such as Amazon.
- Big data: The drone market will
surge to nearly $7 billion by 2020 globally as drones become a new
big source for data analytics.
- Cyber Security: Only a third of
companies are sufficiently prepared to prevent a worse case
scenario cyber-attack.
- Digital and Emotional
Technologies: Digital companies that ignore the importance of
emotional connections for consumers risk being viewed as fleeting
utilities according to a survey of 3,500 consumers conducted by
Oliver Wyman’s creative consultancy, Lippincott. Functional
customer benefits aren’t enough. Emotional bonds matter.
The articles in the Ten Digital Ideas are:
- Move at Clock Speed: Companies Need to
Behave like Digital Disruptors
- Beware of Digital Buzz: What it Takes
for Complex Innovations like Blockchain to Work
- Share or Shrivel: No Business is Safe
from the Sharing Economy
- Become Digitally Lean: German
Manufacturing is Leading a Digital Industrial Revolution
- Be Modular: A Lesson for Financial
Services
- Prepare for the New Drone Data Wave:
Drone-based Big Data will Change the Rules of Competition
- Don’t Just Digitize, Humanize
- Stay Ahead of Smarter Apps: Make Way
for Uber-Trucking
- Learn from Online Retailers: Paging Dr.
Amazon
- Go to Cyber Extremes: What to do When
Digitalization Goes Wrong
About the Ten Digital Ideas
Ten Digital Ideas is a collection of recent perspectives from
across Oliver Wyman on one of the greatest challenges facing
executives – harnessing the potential of digital innovations. Ten
Digital Ideas explores how leaders in industries ranging across
financial services, manufacturing, transportation, healthcare,
retail, and logistics are capitalizing on digital innovations.
Oliver Wyman
With offices in 50+ cities across 26 countries, Oliver Wyman is
a global leader in management consulting that combines deep
industry knowledge with specialized expertise in strategy,
operations, risk management, and organization transformation.
Oliver Wyman is a wholly owned subsidiary of Marsh & McLennan
Companies [NYSE: MMC]. Follow Oliver Wyman on Twitter
@OliverWyman.
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version on businesswire.com: http://www.businesswire.com/news/home/20160907006264/en/
Media:Oliver WymanFrancine Minadeo,
212-345-6417francine.minadeo@oliverwyman.com
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