ONEMAGNIFY
services , data-driven personalisation and limited-edition parts . Customers benefit from continually improving services , streamlined purchasing decisions and exclusive offers , without bearing the costs and responsibilities of ownership .
With the continuous innovation enabled by Industry 4.0 technologies , manufacturers having ownership of equipment , tools , and hardware today can even be a competitive disadvantage . For example , many manufacturers still rely on outdated equipment , struggling with the decision to either upgrade or retrofit due to high downtime costs . Leasing in an age of digital transformation provides customers and manufacturers greater agility and flexibility , benefitting the whole supply chain .
“ So there needs to be this question of : where can I plug into supply networks and lease and get value ?” Steve adds . “ More of a subscription model versus I ’ m ploughing a lot of capital into ownership . I think we see that as some of the driving forces of the changes .”
A big believer in the future of AI An almost-mythology has fused around artificial intelligence . Prophesied to have transformative potential , we ’ ve seen the growth of enthusiastic disciples and reverent denouncers .
AI is a true embodiment of datadriven experimentation , designed for continuous learning and selfimprovement . It ’ s no wonder therefore that Steve is a big believer in its future . “ I ’ m a big believer in the transformative power of AI and its ability to enhance
OneMagnify employees discussing a project
“ With the increasing pace of business and hypercompetitiveness , there needs to be a shift in the mindset from an ownership mindset to more of a value creation ”
STEVE FARR CHIEF DIGITAL OFFICER , ONEMAGNIFY
58 July 2024