A great deal of attention gets placed on the process behind thinking up new technology, and the experience of using that technology, but little consideration is afforded to what happens to it in between. Who brings innovative concepts to life? Companies like Siemens do, with technical know-how complemented by forward-thinking strategy.
Building New Ideas
At its core, Siemens is a massive manufacturing company. Their main focus areas are electrification, automation, and digitalization. This means that Siemens creates products like home appliances, renewable energy items, and even some software applications.
Siemens prioritizes current trends and the apparent direction of the future above all other pursuits, throwing their weight behind wholly modern industries, and contributing to those industries’ innovation in a very material way.
Humble Roots to High Earnings
Siemens began as a small workshop in Berlin in 1847; the three founders started out building electrical equipment like telegraph installations. Soon, its telegraph lines spread all over Germany, and even entered Russia and England as well. This brought about great growth, and the need to shift into mass production.
At the same time, the company was evolving to fit the needs of the industrial revolution with an expanding line of products. Siemens, like many German companies, made a number of missteps during World War II. Most of the company’s manufacturing plants were dissolved as a result of their involvement with the Third Reich, but Siemens eventually rebuilt.
Upon reaching the 21st century, the historic company had lived through some of history’s most tumultuous times, and come out on top. Now they build such wide-ranging products as hearing aids, radar for airfields, mass transit vehicles, and diagnostic imaging systems.
As the modern world continues to become more technologically advanced, so does Siemens, keeping pace to produce the globe’s newest innovations.
Competition Under the Radar
Since Siemens and companies like it largely perform services behind the scenes that consumers never even know about, you may be surprised to learn just how much competition Siemens has in the industrial manufacturing field.
Plus, since Siemens produces such a highly diverse line of products, it’s difficult to make a clear comparison. However, companies like Honeywell and General Electric produce similarly diverse products, so they’re likely the closest competition. These three companies are all more than 100 years old, and Honeywell edges out Siemens for the first place spot among them, but just barely.
B2B but Reaching Out to Customers
In 2016, Siemens broke with their business-to-business tradition and began producing ads targeted at consumers. The ads show how Siemens’ technology has impacted daily life, and is perhaps a recognition that businesses are just made up of individual consumers, so appealing to them can only increase success.
This campaign coincided with the 10 year anniversary of a major corruption scandal that rocked the company’s foundation. Siemens was found to have been bribing government officials all over the world, as a means of both gaining market share and driving up their prices.
Despite its depth, that scandal may be mostly forgotten by this point, especially considering the fact that Siemens still ranks at number 70 on the Fortune Global 500 for 2019.
With rising revenue and profits, this brand’s method of future focus may just prove a successful one in the technology-driven world where it now exists.