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Today, the Industrial Manufacturing sector faces significant challenges, including cost and margin challenges, supply-chain issues, pressure from competitors, evolving technology, and stricter regulatory guidelines. Though an initial response—to retrench, restructure through aggressive cost cuts, and consolidate through mergers and acquisitions—helped the industry in the last few years, these strategies in isolation may no longer create a sustainable path to future growth or profitability. Industrial Original Equipment Manufacturers (OEMs), especially from the Oil & Gas, Power Generation, Aviation, Mining, and Train industries, have explored for some time a deeper transformation of
their business models.