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.
Sustainability and digitization are two of the very high-level trends which we follow closely. There are several ways to categorize trends and below we present how we look at mega-trends in a bit more detailed way:
Digital transformation changes everything, how we build things, how we work, how we communicate, conduct business and generate revenues.
It affects all parts of the value chain, from design and manufacturing to purchasing, maintenance and how companies go to market. This means shorter lead-times, smaller inventories and reduced costs. Digital technology also presents great opportunity to more precisely maintain machinery and enables provides great opportunities for remanufacturing and other circular business models.
Bringing new capabilities and value to SKF’s customers by investing in the development and integration of electronic solutions and software. These are used to connect systems and things to predict maintenance and optimize design.
SKF's manufacturing, supply chain and other operations are expected to undergo significant productivity gains and higher levels of automation, which underlines the need for employee skill development.
Population growth and increased wealth per capita
Environmental constraints and impacts
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.