MIDEA GROUP RECOGNIZED AS A “LIGHTHOUSE” IN MANUFACTURING BY WORLD ECONOMIC FORUM’S GLOBAL LIGHTHOUSE NETWORK
(September 2020) The World Economic Forum released 10 new lighthouse factory members of its global lighthouse network, among which the Midea Group’s household air-conditioning factory located in Nansha, Guangzhou was selected. It is the first time Midea Group is selected to become a member of this esteemed network.
The Global Lighthouse Network is the world’s most influential platform that recognizes manufacturing advancement. Formed in collaboration between the World Economic Forum and McKinsey & Company in 2017, the network and its 54 factories enable manufacturers to develop, replicate and scale innovations, creating opportunities for cross-brand learnings and collaborations and for setting new benchmarks for the global manufacturing community.
According to the World Economic Forum, faced with intense appliance industry competition and increasing complexity and speed in e-commerce, Midea Group leveraged 4IR technologies to transform from an automated factory to an end-to-end connected value chain, improving labour efficiency by 28%, reducing unit cost by 14% and shortening order lead time by 56%.
The World Economic Forum also published a new report based on learnings from the Global Lighthouse Network. The Global Lighthouse Network: Four Durable Shifts for a Great Reset in Manufacturing report revealed four trends in the manufacturing and supply chain sector which includes agility and customer-centricity, supply chain resilience, speed and productivity and eco-efficiency. The report also added that these new trends would help to pave the way for the recovery of the manufacturing and supply chain industry from the COVID-19 crisis.
About Midea Group
Midea Group is a leading global high-technology company ranked #307 at 2020’s Global Fortune 500. Midea Group’s business goes beyond home appliances and comprises business pillars like HVAC, robotics & automation, smart home & IoT, as well as smart logistics and components. All businesses of Midea Group are striving for one credo: #HumanizingTechnology