Honeywell Chairman and CEO, Dave Cote, Discusses “Digital Darwinism” During Milken Institute's Global Conference
May 06, 2016
Shrinking technology life cycles are forcing companies to think ahead or risk falling behind. Cote discussed how Honeywell is leveraging software to stay competitive and the challenges of integrating new technology applications into a traditional industrial business. Honeywell is focused on blending its extensive expertise in physical product manufacturing with digital software solutions to evolve into a premier cyber industrial company.
Cote stated that technology at Honeywell is both a point of differentiation and commoditization. “We’re kind of going through the same era we did 20 years ago in terms of how people are thinking about things – the Internet of Things, in particular. I see businesses doing the same sort of thing they did 20 years ago, which was, if you were a CEO, you knew you had to ‘do internet.’ And you heard all this stuff about ‘here’s our idea, here’s how big our market is. If the market is only 50% of that, we’re going to make a fortune.’ Well, the crash came, and you find out the market is really 1% of what you thought it was, and the idea made no sense. I see a bunch of that going on again today. You’re also going to have to differentiate, just like you always did. And you got to use technology to do that. For us, a lot of that is going to come from software and the work that we do there.”
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