Shaking up
the value chain
Data
and digitization are creating a growing array of value-creation choices in
industries as diverse as pharmaceuticals, mining, and energy.
During the 1980s, McKinsey’s Fred
Gluck and Harvard Business School professor Michael Porter began writing about
the interrelated activities through which companies create value for their
customers. Executives have always had choices about how to perform the
activities in this “business system” (Gluck’s words) or
“value chain” (Porter’s). In the digital age, as information disrupts the
nature of value creation in many industries, the range of choices available to
senior business leaders has increased. For example, digital platforms in the
pharmaceutical industry now make it possible to aggregate massive amounts of
data on diseases—potentially accelerating the discovery and design of new drugs
and challenging the industry’s legacy processes. In energy production and
mining, although companies have long outsourced some functions in efforts to
drive down costs, digital requires a new approach. Using data, suppliers can
offer incumbents an expanded range of capabilities and productivity
gains—alluring possibilities that are accompanied by the risk that sharing too
much data could shut off areas of future growth. This type of flux in value
chains will only intensify across industries, forcing leaders to grapple with
existential questions about core competitive strengths in an environment where
destabilizing technologies will be the norm.
https://www.mckinsey.com/business-functions/digital-mckinsey/our-insights/shaking-up-the-value-chain?cid=other-eml-alt-mkq-mck-oth-1808&hlkid=59dae826dfaf4b4d980f635dcb7e2f0c&hctky=1627601&hdpid=de80038e-ea08-4016-afab-8b99cef9545c
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