A CCO’s viewpoint on top enterprise priorities in 2022
The 2022 non-predictions guide to what your enterprise is working on starting this week
As Honeywell’s global chief commercial officer, I am privileged to have the vantage point of seeing the demands, challenges and dynamics that customers across the many sectors we cater to are experiencing and sharing.
This past year has brought upon all businesses and enterprises an unparalleled change and challenge. This was the case at Honeywell, for example, a company with a legacy in innovation and technology for over a century. When I joined the company just months before the pandemic hit we were already in the midst of an intense transformation under the leadership of CEO Darius Adamczyk. This transformation spanned our portfolio and business units. We were already actively working on products and solutions in advanced phases of rollouts that the world has shown a need and demand for pre-pandemic. Those included solutions in edge intelligence, remote operations, quantum computing, warehouse automation, building technologies, safety and health monitoring and of course ESG and climate tech which was based on our exceptional success over the previous decade.
And then the pandemic hit.
Honeywell’s Chief Commercial Officer Jeff Kimbell sits with Futurum’s Daniel Newman to talk through the world’s emerging trends in innovation, sustainability, tech and markets.
Everything we were gradually introducing to the markets was now in hot demand and everything was needed in the immediate time frame. Remote operations solutions were close to default as a mode of business continuity. Our Healthy Buildings portfolio met high demand from real estate operators and managers who wanted to see occupants return safely. Both airlines and airports requested help addressing the needs of the masses flowing through them. In ecommerce, where demand exploded to unparalleled levels, technology and innovation timelines moved up by a magnitude of years.
Here are some top priorities applicable to the variety of enterprises across our main domain areas in the installed customer base of aerospace, energy, connected edge, retail and supply chain, commercial buildings and venues.
- Sustainability: Following two years of carbon pledges, ambitious goals and noble cause setting for the brand, enterprises are now urgently developing plans and roadmaps to achieve and reach their goals.
- Quantum Computing: In 2021 the world was introduced to Quantinuum, created by merging Honeywell’s Quantum Solutions unit and Cambridge Quantum. With its status as the world’s first and largest full-stack integrated quantum company, it unveiled a flagship cybersecurity encryption key product, and enterprises are lining up to gain access and create in-house teams and capabilities.
- Industry Cloud: IT and software solutions providers have been waiting for their entry points into segments that have previously lagged in cloud migrations or OT/IT convergences. That entry point presented itself and has led to a slew of strategic partnerships throughout 2021, and the impact will be felt starting this year.
- Automation: From warehouse automation to supply chain to plant operations, automation is no longer only associated with manufacturing or logistics. It is a sophisticated yet comprehensive integration between robotics, IoT, data and security.
Beyond the strong sentiment driving young demographics to partner and associate themselves with cause-driven corporations and entities, ESG in general has seen its boom across boardrooms, media and capital flow. It’s one of the primary focus areas for investments, ETF categories and government call for action. Funding is expected to continue this year, with a boost from governments promoting energy transition, among the many initiatives. Investments going into battery storage, renewable green fuels, plastics’ circular economy and technologies targeting carbon emissions are estimated to reach $8 billion.
In late 2021, Quantinuum was introduced to the world. A result of the merger between Honeywell’s Quantum Solutions business unit and Cambridge Quantum, it is a culmination of our CEO’s vision for the next evolution of the emerging technology. Creating the world’s largest fully integrated quantum company, Quantinuum unveiled its flagship product, Quantum Origin – the world’s first commercial product to generate cryptographic keys using quantum computers. This is just one example of how this space — previously considered a “frontier tech” – is now in the mainstream with applicability and current practicality in cloud (access), AI and ML (algorithm development), data and security. An analysis by Ray Wang of Constellation Research found 241 companies in the Quantum Computing landscape, broken down in seven different categories, amounting to over $8.5 billion in investments, including Honeywell’s.
Data and edge have become two of the heaviest end-to-end touchpoints in cloud architecture. And there are no environments as “edge-proliferated” and data rich as the tangible industrial surroundings in our economy. It isn’t just manufacturing plants and production assembly lines. Industrials include non-residential environments: airports, stadium, office buildings, entertainment and convention halls, schools, hospitals and many many more spaces that can benefit from a more actionable access and use of data generated at the edge of every sensor, valve and control systems component.
Another area that has accelerated through the pandemic is automation. Society has raised its expectations for convenience and innovation across all physical and digital experiences. Retail, for example, has seen in-store sales surge by 15.4% in 2021, with brick-and-mortar maintaining a 83.9% share of all retail sales in 2021. Some key trends visible in the retail landscape are curbside pickup, ship-from-store and of course the reimagining of real estate vacant spaces as mini-DCs or other warehouse functions.
What does this mean for the enterprise?
Emerging technologies and changing needs of consumers and commercial organizations are creating significant challenges and opportunities for all enterprises. These challenges and opportunities will require companies to act quickly, creatively and with an appetite and a push for rapid adoption of new technologies. Innovation in the areas of ESG, digital transformation and advanced, connected analytics will be rapid and widespread across industry segments. Those companies who develop new offerings in a rapid, customer-driven way will gain a significant competitive advantage in the years to come. The future is what we make it!