CFO Dive March 22, 2022
Dive Brief:
- The increasing use of Internet of Things (IoT) in manufacturing, retailing and other industries is forcing companies to rethink key performance indicators (KPIs), as the embedded digital technology enables gains such as streamlined inventories, savvier customer service and better-informed preventative maintenance, McKinsey said.
- “You need to think totally differently about the KPIs, the incentives and the performance management of people on a very practical level,” Mark Collins, a McKinsey partner, said in a podcast. For example, whereas the current “hero of the hour” on an assembly line is a worker who makes an essential repair, the future hero will use IoT for “predictive maintenance” that ensures “the repair is never needed in the first place.”
- To successfully...
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