COMBINE

AND
CONQUER
UNLOCKING THE
POWER OF DIGITAL
FOREWORD
Dave Abood, Aidan Quilligan and Vincent Cabanel
As companies in the Asia-Pacific (APAC) region race to shape their
digital futures, they will increasingly rely on fast-evolving digital
technologies such as artificial intelligence (AI), big data, blockchain and
robotics, to name a few. How will each of these technologies drive
benefits for corporations? Some will improve operational efficiency.
Some will make working conditions safer, while others will be used to
deliver new and more relevant customer experiences.
Leaders at large Asian enterprises know this all too well. They are deeply
invested in creating a digital-first future for their corporations. But are
they making the most of their digital investments? Apparently not. We
spoke to nearly 300 senior executives running these corporations, and
found only 11% realized cost savings and business growth from their
digital investments. Here’s why: As these executives invest in new
technologies, they continue to view each of them as separate bets and
miss out on the bigger picture—that real value can be found in
implementing the right combination of technologies.
UNLOCKING THE POWER OF DIGITAL INDUSTRY X.0 2
Combining digital technologies, however, is not just a simple game of
mix-and-match. Companies need to do more than change themselves
into digital businesses. They must completely reinvent their value chains,
production and operating models. So, how do they do it? Our research
yields a concrete solution: an approach we call Industry X.0. It’s an
action plan for becoming more adept at embracing technological
change and profiting from it. Industry X.0 is an open, dynamic and
inclusive approach to drive the digital reinvention of industry by
embracing constant technological change. Following such an approach
will enable Asian companies to transform their core businesses while
growing into new ones—what we call “Leading in the New.”
We hope you’ll share this journey with us. This report hould be a good
place to start.
INTRODUCTION
Companies across the APAC region recognize that digital technologies are
imperative to drive down costs or forge new revenue streams. Their executives
understand the value of technology integration and how digitizing companies the
Industry X.0 way enables them to seize the massive opportunity available in this
unique region.

Many, however, are not getting the value they expect from their digital investments.
APAC businesses could
Of the 300 executives from companies we spoke to within Asia Pacific, 82% believe decrease costs by up to

27%
their businesses should digitize in a manner that reaches beyond the ideas of
Industry 4.0 and enables both higher efficiency and new growth from new
experiences and offerings.
per employee

The opportunity to implement an Industry X.0 model is staggering. Our projections and increase their market
show that by following this model, APAC businesses could decrease costs by up to capitalization by an average of

28%
27% per employee and increase their market capitalization by an average of 28%. So
far, only 11% of all businesses in the region are already following this strategy. The
remaining 89% are failing to realize the full value impact of taking this combined
approach.

To help companies understand how the Industry X.0 model affects their stock-
market value and costs, as well as the ideal technology for their business, we
evaluated a set of 10 critical technologies and determined the impact of combining
them. We also used econometric analysis to identify the technology mix that could
have the greatest impact on financial performance (see “About the Research”).

UNLOCKING THE POWER OF DIGITAL INDUSTRY X.0 3

APAC INDUSTRY X.0
ADOPTERS
CHINA
China is one of the strongest adopters of
Industry X.0 in the Asia-Pacific region, as
demonstrated by the launch of the Made in
China 2025 initiative.1 This initiative aims to
vastly increase China’s manufacturing
capabilities through the use of advanced
technologies including AI, robotics and
autonomous vehicles. So far, China’s AI
technology roadmap is quite impressive, and
the country is expected to dominate the
global AI industry by 2030.
UNLOCKING THE POWER OF DIGITAL INDUSTRY X.0
JAPAN
Japan has long been regarded as a pioneer
of advanced digital technologies and will
continue its progress with the Society 5.0
initiative.2 Announced in 2016, Society 5.0
advocates for the continued development of
science and technology and leveraging the
power of the Internet of Things (IoT), AI and
VR/AR, among others. By proliferating these
digital technologies to address social
challenges and support economic growth,
Japan plans to improve quality of life and
equal opportunities for its entire population.
4
THAILAND
The Thailand 4.0 initiative3, announced in
2017, is a model designed to overcome
several economic challenges through the
help of advanced digital technologies. These
include AI, IoT and robotics, which will help
Thailand progress from a heavy-industry-
based economy toward a “value-based”
economy that’s supported by increased
digitization and high-skilled labor. With
Thailand 4.0, Thailand aims to have 100
smart cities up and running within the next
two decades.
INDIA
India is another big driver of Industry X.0 in
the APAC region, with many initiatives and
programs such as the National Strategy for
Artificial Intelligence4, which will introduce AI
into multiple areas, including healthcare,
education and agriculture. Similarly, India’s
Smart Cities Mission5 aims to drive economic
growth and improve quality of life by
leveraging the power of AI and other
advanced digital technologies in 99 cities
across India.
SOUTH KOREA
South Korea has exhibited strong momentum
for digital advancements with the release of
its government strategy report, “Innovation
Growth,” in early 2018. The paper outlines the
promotion of innovative growth in 13 areas,
such as supporting early commercialization
in self-driving vehicles, big data, personalized
healthcare, smart cities, AR/VR, new and
renewable energy, intelligent robots and
drones. That also includes plans to overhaul
foundational digital infrastructure by
investing in the 5G networks, IoT, advanced
materials, intelligent semi-conductors and
innovative medicine.6 In 2018, South Korea’s
Ministry of Science and ICT also proposed an
AI investment strategy to invest US $2 billion
by 2022 to further strengthen its AI R&D
capability and includes the establishment of
six new AI research institutes.7
UNLOCKING THE POWER OF DIGITAL INDUSTRY X.0
SINGAPORE
As a strong advocate of digital growth, the
Singaporean government launched the
“Smart Nation” program in November 2014
to harness the power of networks, data and
IT technologies to improve living, create
economic opportunities and build a closer
community.8 In November 2017, the
“Singapore Economic Development Board”
introduced their “Singapore Smart Industry
Readiness Index”, which features a
framework and diagnostic for the digitization
of industrial businesses.9 To bolster its AI
capabilities, the government launched two
new initiatives in August 2018. The first
initiative, dubbed “AI for Everyone,” aims to
introduce 10,000 people, including
secondary school students and working
adults, to the potential of AI technologies.
The second initiative will train 2,000
“technically inclined” industry professionals
in basic AI competency.10
5
THE RIGHT MIX
Understandably, the technology mix for
lowering costs differs from the mix best suited
to drive top-line growth.
Our research reveals that combining five digital technologies in particular— • Companies in the industrial-equipment sector could realize additional
autonomous vehicles, augmented reality (AR) and virtual reality (VR), big cost savings of over US $51,000 per employee if they combined
data, machine learning and mobile computing—could help APAC autonomous robots, AI, blockchain, big data and 3D printing.
companies reduce employee costs significantly. What’s more, a slightly
-- The impact? Total savings of over US $1.2 billion on average for
different mix of autonomous robots, mobile computing, autonomous
each of the APAC industrial-equipment companies surveyed with
vehicles, 3D printing and machine learning—could help companies in the
an average of 23,600 employees.
APAC region increase market capitalization by nearly 30%, on average.
• High-tech companies could gain over US $6.6 billion in market
How technologies should be combined will, of course, vary across capitalization if they combined technologies like VR, big data and AI.
industries and will most certainly change over time. But regardless of
industry, the impact on cost savings in APAC companies will prove
significant:

UNLOCKING THE POWER OF DIGITAL INDUSTRY X.0 6

IT’S ALL IN THE COMBINATION
Incremental savings in cost per employee by combining:
3D Printing

Autonomous
Robots Automotive 13.9%

AI

Industrial
Equipment 19.6%
Blockchain

Natural
Resources 15.7%

Digital Twin

Aerospace
& Defense 17.3%

Big Data

Chemicals 22.9%
Machine Learning

Medical
Mobile Computing Technology 45.5%

Autonomous Electronics
Vehicles & High Tech 31.1%

Life
AR/VR
Sciences 41.7%

UNLOCKING THE POWER OF DIGITAL INDUSTRY X.0 7

Additional gains in market cap by combining:
Natural
Mobile Computing Resources 26.3%
3D Printing
Aerospace
& Defense 16.8%
Autonomous
Robots

Chemicals 25.6%
AI
Medical
Technology 14.7%

AR/VR
Oil & Gas 43.9%

Industrial
Autonomous Vehicles
Equipment 24.9%

Big Data Life Sciences 12.0%

Blockchain
Automotive 9.0%
Industry X.0: the key to successful
Consumer
Goods & 34.5% combinations
Services
Digital Twin
Creating value with digital isn’t just a simple game of
Electronics
& High Tech 48.1% mixing and matching digital technologies, however.
APAC companies also need to completely reinvent their
Machine Learning operating models, products and value chains, and
Utilities 38.5% become what Accenture calls Industry X.0 businesses.

UNLOCKING THE POWER OF DIGITAL INDUSTRY X.0 8

WHAT IS
INDUSTRY X.0?
Industry X.0 is the digital reinvention of They also boast four distinct value characteristics. Industry X.0
businesses are:
industry.
Industry X.0 businesses embrace constant technological change Smart: Living:
—and profit from it. They move beyond experimenting with IT Every product and production There is an enterprise-wide
bundles or SMAC (social, mobile, analytics, cloud) stacks, process is self-monitoring, cultural capability to act with
combining digital technologies to drive both top-line and bottom- data-generating, and aware of speed, focus and agility, to
line growth. Industry X.0 businesses incorporate Industry 4.0’s core its ever-evolving business meet needs and seize
operational efficiencies, but also leverage combinations of context. opportunities.
advanced digital technologies to continuously create new, hyper-
personalized experiences in both a business-to-consumer and Connected: Learning:
business-to-business context. Communications are end-to- Adaptive interactions help
end and multi directional, while create increasingly relevant
data-sharing among people, and valuable user experiences
products, systems, assets and over time.
machines happens in real time.

UNLOCKING THE POWER OF DIGITAL INDUSTRY X.0 9

Industry X.0 businesses are significantly better
than their peers at combining digital
technologies.
They make almost every component of their production self-monitoring,
data-generating, and aware of its industrial context. They strive to build
end-to-end communications and data sharing among systems and
machines in real time. And they create relevant and valuable user
experiences over time by building digital architectures that enable adaptive
interactions between machines, customers and workforce.

Case in point: Schneider Electric, the French energy-management

multinational. Schneider generates reams of data about production,
consumption and electronic-batch processing—and uses that data to
closely monitor the condition of equipment and ensure that key
performance metrics are met.11

Using a proprietary algorithm—OPTICS, which includes advanced-pattern

recognition and machine learning capabilities—Schneider can predict
equipment failures and take appropriate action well in advance. Based on
this intelligence, Schneider’s equipment can adapt to its environment at
speed, reducing overall downtime and improving asset utilization for its
clients.12

UNLOCKING THE POWER OF DIGITAL INDUSTRY X.0 10

BECOMING AN
INDUSTRY X.0
BUSINESS
Our intensive case study research and
economic-value modeling reveals six
imperatives Industry X.0 businesses must
address to become smarter, connected, living
and learning.

UNLOCKING THE POWER OF DIGITAL INDUSTRY X.0 11

 1 2
Transform the core
Industry X.0 companies build their core engineering and
production systems around digital to drive new levels of
efficiency. They ensure that physical machines and
software systems are synchronized to unlock previously
unseen cost efficiencies—thus driving up investment
capacity.
Consider thyssenkrupp, the German multinational whose products range
from elevators to submarines to steel. In 2016, the company’s Elevator
Technologies division launched a cloud-based predictive-maintenance
solution called MAX in partnership with Microsoft.13 With MAX, elevator
technicians can now access all sorts of data in real time, like motor
temperature, shaft alignment, cab speed and door functioning.14 And
thanks to Microsoft Azure’s machine learning algorithms, they can also
retrieve in-depth data on the lifecycle of each elevator’s systems and learn
instantly which parts will require maintenance and when.15 The result? More
proactive measures to prevent elevator breakdowns.16 In all, MAX has
helped reduce downtime by nearly 50% for thyssenkrupp’s customers and
reduced service-intervention times for its technicians.17 With the solution
installed worldwide, in each year of operation elevator passengers could
save 95 million hours that would otherwise have been occupied by elevator
breakdowns.18
UNLOCKING THE POWER OF DIGITAL INDUSTRY X.0 12
Focus on experiences and outcomes
Industry X.0 companies use their investment capacity to
drive new, hyper-personalized experiences for customers,
via multiple “smart touchpoints.” This helps grow core
businesses by enhancing customer engagement.
Huawei, the Chinese multinational networking and telecommunications
giant, is one such enterprise. The company developed an automated
network traffic control system called Network Mind, which enables self-
adjusting control of voice and data services in ultra-large networks. Using
technologies, like online deep reinforcement learning and real-time big
data mining and analytics, Network Mind automatically adapts and renews
its traffic control models to match changes in network conditions. Network
Mind is up to 500% more efficient than existing control methods in
meeting key performance indicators, such as task completion and policy
generation. Moreover, Network Mind is more than 50 times more efficient
at analyzing large optical network paths and can analyze typical use cases
such as optical network failure prevention in just six minutes—a huge
improvement over the five hours typically required.19
 3 4
Innovate new business models
Industry X.0 companies ideate and create new business
models to drive differentiated value for their clients and
new revenue streams for themselves.
Hitachi, the Japanese multinational conglomerate, embodies this approach.
In 2016, the company introduced Lumada, an Internet of Things (IoT)
platform that integrates commercial technologies from Hitachi’s portfolio
into an open and adaptable architecture. Thanks to Lumada’s
heterogeneous architecture, Hitachi can support a range of IoT
applications and partner technologies that can be tailored to digital
ecosystems across multiple industries.20 For instance, Hitachi’s Lumada-
based solutions have helped energy companies reduce their generation
costs by 6%, grow operating profits by 122% and increase trading volumes
by nearly 150%.21 Similar solutions in manufacturing have driven 10%
reductions in total production costs, helped companies achieve near-zero
defect rates by the time of shipment and improved product quality and
worker productivity.22 Hitachi’s 2016 revenues from Lumada were 900
billion yen23 and its market capitalization had risen by US $5.6 billion within
a year of Lumada’s launch.24
Build a digital-ready workforce
Industry X.0 companies source, train and retain talent
with digital-ready skills and encourage active
collaboration between people and machines.
Tata Steel, the Indian iron and steel manufacturer, has made substantial
progress in refocusing its internal culture to build a digital-ready workforce.
The company has fostered one-to-one relationships between millennial
workers (employees under age 30) and the more experienced leadership
team through a reverse mentoring program, where younger employees
spend part of their time bringing senior leaders up to speed on the latest
digital trends and technologies. This serves both to motivate millennial
employees through contact with senior teams and provides an avenue for
experienced employees to keep pace with rapidly evolving digital trends.25
UNLOCKING THE POWER OF DIGITAL INDUSTRY X.0 13
 5 6
Re-architect new ecosystems
Industry X.0 companies create a robust ecosystem of
suppliers, distributors, start-ups and customers that
allows them to rapidly scale new business models across
the digital value chain.
German conglomerate Siemens built such an ecosystem for its cloud-
based, open IoT operating system MindSphere by partnering with app
developers, system integrators, technology partners and infrastructure
providers, including companies like Accenture, Amazon, SAP and
Microsoft.26 Another planned initiative, the MindSphere Rocket Club, aims
to connect leading IoT start-ups with Siemens’ international partners and
customers to propel further adoption of MindSphere.27 Siemens is also
developing MindConnect LIB, which will make it easier for developers to
connect embedded devices to MindSphere. MindConnect Lib’s
“northbound” application programming interface (API) will enable rapid
integration of Siemens MindApps and partner apps into MindSphere, while
its “southbound” API will simplify connection of third-party assets to
MindSphere.28
UNLOCKING THE POWER OF DIGITAL INDUSTRY X.0 14
Pivot wisely
Industry X.0 companies continually balance investment
and resource allocation between the core business and
the new business to synchronize innovation and growth.
Google’s parent company Alphabet invests in multiple early-stage
businesses under its Other Bets banner. The company wants to incubate
successful businesses in the medium to long term. So, for instance, while
the Nest smart thermostat remains a top seller in its category, Nest Labs
has continued to launch successful new products like the Nest Cam
Outdoor. Verily, another Alphabet business, has found success in the life
sciences and healthcare space, with new solutions in diabetes
management and robotic surgery. Revenues from Other Bets businesses
jumped from US$ 327 million in 2014 to US$ 809 million in 2016,
contributing to almost 1% of Alphabet’s total revenues. Though some Other
Bets businesses have seen their share of losses, Alphabet continues to
invest in the effort, mindful that such innovations can have significant
disruptive potential for the future.29
LEADING THE
JOURNEY
Industry X.0 businesses are best positioned to
“Lead in the New” because they are masters at
combining digital technologies: the key to new
levels of efficiency, sources of growth and
customer experiences. Becoming an Industry
X.0 business is a journey, and many APAC
companies have already begun this
transformation. It requires them to take steps to
become smart, connected, living and learning.
And it culminates in the digital reinvention of
industry. APAC companies that embark on this
journey today will emerge as the digital winners
of tomorrow.

UNLOCKING THE POWER OF DIGITAL INDUSTRY X.0 15

ABOUT
THE RESEARCH
Step one – Conducting a sample survey:
Accenture conducted a survey of 931 senior executives from large
companies (with most of them having sales turnover exceeding US$ 1
billion) across 12 manufacturing and production industries. More
specifically, the survey covered 289 companies from the APAC region.
The survey sought to understand:
a. Digital technologies being deployed by companies to drive new-to-
market efficiencies and hyper-personalized experiences;
b. Challenges being faced by businesses while deploying digital
technologies;
c. Investments being made by companies in digital technologies and
capabilities to deliver new efficiencies and hyper-personalized
experiences;
d. Capability-maturity of companies to drive new-to-market efficiencies
(New Efficiencies) and hyper-personalized experiences (New
Experiences) with digital technologies.
UNLOCKING THE POWER OF DIGITAL INDUSTRY X.0 16
Step two – Classifying companies:
APAC companies surveyed were classified into relevant industries based
on industry-definitions followed by Accenture.
Step three – Building data-sets for analysis:
Consistent cross-industry data-sets of key financial variables (e.g. capital
investment, wage bill, sales turnover, profits, market capitalization etc.)
were constructed for the period 2010-2016 based on survey inputs and
information sourced from a reputed financial database (S&P Capital IQ).
Step four – Defining performance dimensions:
New Experiences and New Efficiencies were designated as “performance
dimensions” to understand the impact of combining technologies on the
company’s top-line and bottom-line respectively. Principal component
analysis was utilized to determine the optimal combinations of technology
to drive New Experiences and New Efficiencies.
The result of the above analysis was then used to create technology
indices to understand the impact of various technology combinations on
the two performance dimensions.
Step five – Modeling the impact:
Econometric modeling was deployed to:
a. Identify statistically significant financial indicators of top-line and • Industry sample size (numbers mentioned in parentheses) towards
bottom-line performance. We arrived at, cost-per-employee and measuring the impact of technology combinations on cost-per-
market capitalization, as the two statistically significant financial employee while driving new efficiencies:
performance indicators to capture the impact of technology
-- Electronics & Hi-Tech (46), Aerospace & Defense (53)
combinations (technology indices from the modeling perspective) on
-- Automotive (38), Consumer goods (43), Industrial Equipment (78),
bottom-line and the top-line.
Life Sciences (75), Transportation (44), Medical Technology (43)
b. Understand the relationship of the technology indices with market
-- Utilities (66), Natural Resources (57), Chemicals (64) and Oil & Gas
capitalization and cost-per-employee of companies across 12
(49)
industries.
We adapted Saunders & Brynjolfsson’s (2016) to build an econometric
• Industry sample size (numbers mentioned in parentheses) towards
model (see next page). This model provides an estimate of the potential
measuring the impact of technology combinations on market
improvement in top and bottom-line performance (captured through
capitalization while driving new experiences:
increase in market capitalization and reduction in cost-per-employee)
-- Electronics & Hi-Tech (47), Aerospace & Defense (55) resulting from improvement in the technology combination index
-- Automotive (45), Consumer Goods & Services (50), Industrial responsible for driving New Efficiencies and New Experiences.
Equipment (84), Life Sciences (78), Transportation (40), Medical
Technology (40)
-- Utilities (62), Natural Resources (58), Chemicals (67) and Oil & Gas
(47)

UNLOCKING THE POWER OF DIGITAL INDUSTRY X.0 17

FPit = c + ß1 Kit + ß2 Fit + ß3 ITit + ß4 Eit + ß5 Techit +
Where
• C= Constant
• Financial Performance indicators
= Market Capitalization or Cost
per Employee
• K = physical non-IT Capital
(property, plant and equipment)
• F = rest of non-IT Capital
represented on balance sheet
• IT = IT Spending
• E = Number of Employees
• Tech = technology combination
indices to drive New Experiences
or New Efficiencies
UNLOCKING THE POWER OF DIGITAL INDUSTRY X.0
it
Step six – Calculating the
incremental top-and bottom-line
gain:
The incremental gain mapped for each industry is the
Impact
financial benefit companies in respective industries can
• ß1 represents the impact in
derive if they were to apply the identified optimal
Financial Performance due to
technology combinations (in steps four and five), to drive
increasing the physical non-IT
New Experiences and New Efficiencies in relation to their
capital by 1 unit
“as is” state.
• ß2 represents the impact in
Financial Performance due to
increasing the other non-IT
capital by 1 unit
• ß3 represents the impact in
Financial Performance due to
increasing IT spending by 1 unit
• ß4 represents the impact in
Financial Performance due to
increasing number of employees
by 1 unit
• ß5 represents the impact in
Financial Performance of
enhancing Technology
Combination X by 1 unit
18
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UNLOCKING THE POWER OF DIGITAL INDUSTRY X.0 19
Authors Acknowledgements
DAVE ABOOD
Sanna Agduhr, Paul Barbagallo, Ajay Garg, Ana Ruiz Hernanz, Shalabh Kumar Singh, David
Senior Managing Director Growth &
Strategy Lead, Accenture Resources
Light, Giju Mathew, Udit Sabharwal, Anshul Sharma, Konrad Suchecki, Joanna Syczewska,
@DavidJAbood Praveen Tanguturi, Jeffery Wheless.

AIDAN QUILLIGAN About Accenture

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VINCENT CABANEL
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