Drivers and trends
SKF’s strategy is developed and refined through an understanding of the external drivers and trends which impact, or have the potential to impact, the many markets, regions and industries in which we operates. These are some of the high level external drivers of relevance to SKF.
Economic power continues to shift, particularly towards the East but emerging also in the south. This calls for relocation of resources such as manufacturing, sales as well as technical knowledge to meet local demands.
Shifts economic activity between the regions of the world – leading to changes in customer needs in the different regions and new opportunities to develop suppliers and business partners.
Strengthening sales and marketing activities and bringing industry expertise close to customers. Establishing R&D in each major region and sales and engineering support close to customers. Balancing SKF’s overall manufacturing footprint to best support the Group’s customers around the world. Centralizing SKF’s global purchasing and establishing a global and regional supplier structure.
Population growth and increased wealth per capita
Industry levelSKF’s business is highly diversified from a regional and industry perspective. Specific analysis of these drivers and our detailed approach is only possible at the industry level. Please read more on SKF's customer industries here.
Sustainability? Triple bottom line? CSR? What does this mean? For SKF it starts and ends with SKF Care – including the dimensions of Business, Environment, Employees and Communities. Long-term success is about balancing these aspects properly. For SKF, all aspects needs to be considered in the decision making process.
Including stakeholder views
SKF works in different ways to interact with key stakeholder groups. This allows us to better understand different perspectives and concerns and can respond promptly to external trends. Read here on our stakeholder engagements and materiality process.