engineering and product innovation in chinese market - ed...

Mumbai · November 18, 2009This document is confidential and is intended solely for the use and information of the client to whom it is addressed.

Engineering and Product Innovation in the Chinese Market

NASSCOM Global Engineering Leadership Summit 2009

Edward Tse, Chairman, Greater China

Booz & Company is a global management consulting firm, with over 90 years experience serving the senior agenda of our clients

Booz & Company is a global management consulting firm, with over 90 years experience serving the senior agenda of our clients

1

Booz & Company Profile

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Asia

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Australia/NZ

0%

2%

4%

6%

8%

10%

$0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000

China is the third largest economy, and together with India, areexpected to become economic superpowers in the next 3–4 decades

China is the third largest economy, and together with India, areexpected to become economic superpowers in the next 3–4 decades

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GDP Growth vs. GDP per Capita (2007–2015, 2050)

GDP Growth (2007–2015 and 2050)

GDP Per CapitaNote: Size of bubble is proportional to GDP of the economy

Source: EIU, Goldman Sachs BRIC Report 2003

UK (2007)

China (2050)

India (2050)

United States(2050)

United States(2007)

Brazil (2050)

Brazil(2007)

Russia(2007)

Russia(2050)

India (2007)

China (2007)

Role of emerging markets is transforming from marginal to dominant in the coming years

Role of emerging markets is transforming from marginal to dominant in the coming years

3

Contribution of Emerging Markets to World GDP

Total = $139 Trillion

1985 2007 2050



1) 2050 Emerging Economies are BRIC countries and Mature Economies are G6 countries, GDP is in $US 2005Source: Goldman Sachs BRIC Report; Economist Intelligence Unit; Booz & Company research; Booz & Company analysis

$17 Trillion

$4Trillion

$30 Trillion

$11Trillion

$54 Trillion

$84 Trillion

Mature Markets Emerging Markets

Ironically, the future might look a lot like the pastIronically, the future might look a lot like the past

4

Note: UK, US and W. European countries do not include GDP from colonies

Source: The World Economy-Historical Statistics; Goldman Sachs BRIC Report; Booz & Company research; Booz & Company analysis

-40%

-20%

0%

20%

40%

1800 1850 1900 1950 2000 2050

World Economy Contribution of China/India, US/UK/Western Europe(1800–2050 AD)

Percentage Deviation from Average

in Contribution to W

orld Economy

India & China

US, UK, W. Europe

India has been tracking China’s growthIndia has been tracking China’s growth

5

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

1 5 9 13 17 21 25

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

1 5 9 13 17 21 25

China – 1979 India – 1991

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

$90,000

1 5 9 13 17 21 25

In $ Mn

Years Since Liberalization

In $

In $ Bn

GDP Growth GDP per Capita Growth FDI Trends – India and China

Years Since Liberalization Years Since Liberalization

Source: EIU

Global and Indian companies are leveraging India for breakthrough innovative products

Global and Indian companies are leveraging India for breakthrough innovative products

6

GE MAC 400 Nokia 1100Locosto Chip for Ultra

Low-Cost (ULC) Handsets

Global Company Examples Products Designed for Local Markets

The “Chotukool” refrigerator for rural India

Tata NANO Pureit

Domestic Company Examples

While the Indian engineering base is using clean sheet approach to engineering…

While the Indian engineering base is using clean sheet approach to engineering…

7

Product Development Efficiency4Capital Efficiency 3

Value Chain Optimization2Low Cost Design and Target-Contenting

I. New Baseline Platform

II. Optimize customer interface features and eliminate non-value add features

III. Efficient design with low cost base

I. Utilize lowest laborcost in the region

II. Co-locate suppliers

III. Co-development of parts with suppliers

IV. Utilize non-traditional supply base

I. Manufacturing simplicity

II. Reduced capital through incentives

III. Optimal balancing of capital and labor costs

I. Lower factor costs

II. Organizational efficiency

III. Process efficiency

IV. Sharing Testing Costs

1

Frugal Engineering Design Principles

Tandberg’s small &

portable USB Webcam

…domestic Chinese companies have successfully adopted the Shan Zhai way for product development

…domestic Chinese companies have successfully adopted the Shan Zhai way for product development

8

Break through in Shan Zhai Way

Upgrade Core Capabilities

Invest for Future

� Target value-conscious yet trend-followers

� 100+ new models/year with large varieties

� Quickly became #1 Chinese handset maker

� Invested in product designand R&D

� Initiated brand building/increased marketing money

� Invested in 3G products

� F3 emulating Toyota Corolla but at half price

� Streamlined / localized production lines

� Built from scratch to 200+K units in 2008

� Invested heavily in R&D with 5000+ staff in research team

� Buffet’s $ making BYD more as a “real” major league player

� Significant breakthrough in car battery design; incorporated into China’s first electric hybrid car

� Developing all-electric vehicle, claiming to travel 300 KM per single charge

� Copied Coca-Cola’s packaging design

� Target rural market

� Vast distribution network

� Quickly became the 3rd

largest player in China CSD market

� Upgraded products/brand image

� Started to enter Tier 1 and 2 markets

� Entered Vitamin-C drink, Sports drink markets

Product engineering in India and China, although driven by some common principles, have some subtle yet important differences

Product engineering in India and China, although driven by some common principles, have some subtle yet important differences

9

Shan Zai Way –Chinese Companies

Frugal Engineering – Indian Companies

Focus on the domestic market initially

Products like Nano and portable GE ECG machine has been built specifically for the Indian consumer

Target mostly mass consumers

Products like the portable ECG machine and the “Chotukool” refrigerator has been designed keeping in mind consumers at the “bottom of the pyramid”

Tailor product features and functions specifically to local requirements

Products deigned for the rural masses typically have lower power requirements and easily replaceable parts

Strive for short cycle time on product introduction

Nano and ECG machine were developed in significantly shorter time periods compared to best in class products

Focus on low cost but often sacrifice quality

Quality with low cost is one of the most important principles while designing a product using frugal engineering principles

Focus on decontenting / copying existing global products and tailor them for domestic markets

Traditional methods of designing a product have been abandoned to design innovative breakthrough products—clean sheet approach has been taken for product development

Product Engineering Principles

We will discuss the “Shan Zhai” way of product development next

Product engineering in China – the Shan Zai wayProduct engineering in China – the Shan Zai way

China’s growth has been driven by the twin forces of liberalization...

China’s growth has been driven by the twin forces of liberalization...

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Regulatory Framework Changes

Product Market Degree of Freedom

Ownership Degree of Freedom

Restricted

Free

Restricted Free

Telecom Service

Hospitals

Agricultural Machinery

Pharma-ceuticals

Energy

Banks (Renminbibusiness)

Consumer Products

Media

Auto

Insurance

From mid-1990s to Today

From Today to 2015

TourismTypical Issues

� Overcapacity� Pricing pressures� Intensive competition

� Need best-in-class capabilities to succeed

Typical Issues� Restrictive regulations

� Interpretation of regulations can vary

� Positioning and guanxi relationship skills are critical for gaining entry, but are not guarantees for success

ILLUSTRATIVE

Retail & Distribution

…and global integration …and global integration

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Service Sales&

Distribution Marketing Manufacturing Sourcing

Product Development

R&D

Service Sales&


Product Development

R&D

Stage 1Circa early to mid 1990s

Stage 2Circa mid to late 90s

� Start a few, isolated production facilities

� Began to integrate production facilities within China

� Began to use China as a procurement source

� Built brand for the local market and local sales & distribution

Service Sales&


Product Development

R&D

Service Sales&


Product Development

R&D

Stage 3Early 2000s

Stage 4Present to 5–10 years hence

� Build R&D and PD centersin China

� Integrate China into globalmanufacturing network

� Integrate China into global sourcing network

� Transfer global best practice to China

� Integrate China into global value chain

The abundance of cheap labor, as well as heavy investment in R&D, helps China to become a manufacturing giant

The abundance of cheap labor, as well as heavy investment in R&D, helps China to become a manufacturing giant

13

122348

1316

21222328

34

Average Wage Comparison of Non-Technical Labor1

2007 (US$/Hour)

Switzerland

Germ

anyUK

Bangladesh

China

JapanFranceUS

GreeceTaiw

anBrazilThailand

India15,000

25,000

43,000

62,000

95,000100,000

India ChinaW. Europe E. EuropeMexicoUS

Average Wage Comparison of Experienced Engineers2

2008 (US$/Year)

1) Non-technical labor refers to those that do not process professional skills2) 2) Engineers with 5 to 10-year experienceSource: UN data, World Bank Data, Booz & Company research, Booz & Company analysis

Top 3 Countries’ GDP Expenditure on R&D2006 (US$ Bn)

130136

330

JapanChinaUS

Average annual growth of 17%, much higher than Japan or

US

The large population and the high consumption growth pave way for China to become the largest market for many industries

The large population and the high consumption growth pave way for China to become the largest market for many industries

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China’s PopulationIn Million, 2004-2008

Source: UN data, World Bank Data, Booz & Company analysis

52%

3%3%

5%

Rest of the World

BrazilIndonesia

US

India17%

China

20%

Private and Public Expenditure in ChinaIn Billion USD, 2008

+11%

Public

Private

2006

1,268

377

890

1997

549

135

414

1987

168

38

131

CAGR

12%

11%

China has already emerged as one of the biggest markets and manufacturers for many technology/R&D intensive industries

China has already emerged as one of the biggest markets and manufacturers for many technology/R&D intensive industries

15

Top High Technology/ R&D Intensive Industries

� Pharmaceutical

� Communication/ Telecom

� Software and Computer Services

� Aerospace

� Consumer Electronics/ Parts

� Semiconductors

� Automotives

� Robotics

China’s Position in Terms of Market Size

China’s Position as Manufacturer

Automotives • World’s largest auto market

• World’s second largest auto manufacturer

Computers and Consumer Electronics

• 2nd largest market of personal computer

• World’s largest mobile phone market

• World’s largest assembler of notebook and desktop computers, and manufacturing base of electronics

Construction and Machineries

• 2nd largest construction market

• World’s largest machine tool market

• 2nd largest machineries producers in the world

Semiconductor • World’s largest semiconductor market

• Relatively small, but growing at over 20% per year

China’s Position as Manufacturer and Market in Selected Industries

Source: Booz & Company research; Booz & Company analysis

Chinese government has implemented policies to support R&D, in order to develop its home-grown capabilities

Chinese government has implemented policies to support R&D, in order to develop its home-grown capabilities

16

Relevant Policies and Its Objectives

� Medium & Long-Term Plan for Science and Technology Development (2006-10)– From investment-oriented economy to innovation-oriented by 2020

– R&D expenditure from 1.23% of GDP in ’04 to 2% by ‘10 and over 2.5% by ‘20

� The 11th 5-year Plan (2006):– Encourage innovation in IT, advanced manufacturing, aeronautics, biotechnology

– Decrease reliance on foreign technology to be under 30%

– Become a top-5 country by patent numbers and scientific papers citations

� US$589 billion stimulus package (2009)– Spending plans in health care, environmental protection

– Schemes to promote technological innovation, transport and other infrastructure projects

Initiatives to Encourage R&D

� Tax incentives– Allow tax deductions for R&D expenditure– Tax reduction for VC providing capital to high-tech SMEs

� HR development– Support part-time R&D personnel in universities and research institutes

– Link researchers with industries– Promote the return of overseas Chinese students

� Direct Funding– Government directs and funds 16 megaprojects in engineering and science

– Inject funding to support R&D, e.g. USD$33mn in auto industry

� Intellectual Property Right Protection– Enforce law to protect IPC of advanced technology such as semiconductor patents


Leading Chinese companies and MNCs are both heavily investing in technology and R&D in China to gain competitive advantage

Leading Chinese companies and MNCs are both heavily investing in technology and R&D in China to gain competitive advantage

17

Chinese Companies

Examples of Investment in Technology, Engineering, and R&D

MNCs

� BYD, a pioneer in electric car, possess more than 6,000 R&D staff and plan to invest $220mn to build China’s largest vehicle testing center

� SAIC will invest $880mn to develop and manufacture clean-energy vehicles over the next two years

� Toyota plan to invest $330-440mn to build a R&D center in China

� GM invested ~$20mn to build a Pan-Asia R&D centre in Shanghai

Automotives

Construction and Machineries

� Caterpillar invested 20mn to establish a "multi-functional" R&D center in Wuxi, to serve China and Asia Pacific

� China’s leading construction machinery, XCMG, invests ~6% in R&D; invested ~$110mn to build a R&D centre and $65mn in 2009

Semi-Conductors

� Samsung will triple its R&D funding and double the number of researcher in China by 2010 —for developing R&D capabilities and engineering support

� Grace Semiconductor received investments of $140mn from foreign partners to jointly develop new products and technologies

Computers and Consumer Electronics

� Motorola invested US$800 mn in R&D in China, with 18 R&D centres in Beijing, Tianjin, Shanghai, Nanjing, Chengdu and Hangzhou

� Huawei invests ~10% of annual revenue into R&D (2008 R&D expenditure ~$2.3 billion)

� Haier invested $300mn to set up its Central Research Institute and manufacturing base in Qingdao

Many MNCs have built successful businesses in China, move beyond manufacturing and sourcing…

Many MNCs have built successful businesses in China, move beyond manufacturing and sourcing…

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Wal Mart

� Integrated China successfully within its global integrated supply chain model– US$9Bn of local sourcing in China (2008)

� Rapid growth in China over the last 15 years– 104 stores in 55 cities in China

Nokia

� Integrated China with its global supply chain as a major production centre

� China is also a major market for its products– Estimated 160 million customers, accounting for 13% of global sales

Kentucky Fried Chicken

� Entered China in 1987 and conducted aggressive growth strategy– More than 650 stores in more than 90 cities

� Built its own supply chain and localized menus to suit local tastes

Proctor and Gamble

� Adopted “world-class” skills in operations, marketing, sales and distribution but carried out extensive localization of products

� Invested in local talent, created markets


…and have adopted a Global Integration Model to leverage their positions in China

…and have adopted a Global Integration Model to leverage their positions in China

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1

3

2

2. China Sourcing

� China as the premiere Low Cost Country for both regional and global commodities

1. China Growth

� China as the key growth market —across channels, customer segments and geographies

3. China Volume

� Leverage manufacturing expertise / technology leadership and enhance capacity utilization through 3rd party contracts/ leasing capacity

4. China Export

� Establish China as the key source of finished or semi-finished goods to support global network

Additional scale creates global

cost leadership

Additional scale

creates regional

cost leadership

China Sourcing allows

regional competitiveness

China Sourcing

creates global

cost leadership

Global Integration Model

4

“Global integrators” enjoy higher margins then their competitors “Global integrators” enjoy higher margins then their competitors

20

Sourcing-centric

Sales-centric

100%

85%

100%6%

21%

Average

Gross Margin

Assessment

50%

36%

� Companies manufacture predominately for the domestic markets

� Not leveraging China Ops for the global network reduces profitability significantly

� Companies use China predominately for sourcing and manufacturing

� Not leveraging China domestic sales markets as volume creator diminishes profits

� Companies operate in “The Zone” of leveraging China on all dimensions

� High profitability

GlobalIntegrator

Source: China Competitiveness Study 2007–2008; Booz & Company analysis

Percentage of Products Manufacturedand Sold Locally in China

Likewise, Chinese companies originally focused on manufacturing has been expanding into different areas on the value-chain

Likewise, Chinese companies originally focused on manufacturing has been expanding into different areas on the value-chain

21

Capability in Development

Market-ingTestingManufacturi

ngR&D

Local Players’ Capabilities in Value-Chain

Industry Development in China

Automotive

Computers

Semi-Conductors

� Relies on foreign JV partners for product design and R&D

� Need to build up brand as quality players

� Depends on foreign investors for technologies (except for Lenovo); mainly as OEMs doing assembling

� Starting to build R&D capabilities, but majority still relies on imported technologies

� MNCs keep the core technologies at home

(More on Electric Car)

Construction and

Machineries

� Still lags in technology; yet there are recent breakthroughs in R&D and design

� Need to catch up in brand development

Consumer Electronics

� Except for large giants (e.g. Haier), most are still operating in low-tech processing and assembling

(NA)

Lacks Capability Full Capability

Source: OECD report; Booz & Company research; Booz & Company analysis

Major domestic Chinese companies have become increasingly profitable and innovative—and moving overseas

Major domestic Chinese companies have become increasingly profitable and innovative—and moving overseas

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� Driver of the Chinese 3G standard – TD-SCDMA

� Adopted by China Mobile

� Himin is a pioneering solar power company in China

� First automatic vacuum tube production line in the world

� Led China’s solar energy market development – 40 Mn households today

� One of most well-known Chinese brands internationally

� Known for product innovation and service responsiveness

� Present in key international markets, e.g. US, India, Mid East

� Internationally competitive telecom equipment products– 3G high-speed coverage on maglev trains– Softswitch core network to build the world's largest transit network for China Mobile

– NodeB solution that decreases issues of 3G network deployment

� Online market place for small and medium-size buyers and suppliers from around the world– Offers SME loans as an integrated service

– TradeManager Instant Messaging enables users to communicate in real time

� Broke through the monopoly of Japanese battery makers and becomes world No.2 in less than 10 years

� Achieves initial success in China low-end sedan market

� One of the pioneers in electric vehicle development


Chinese companies are on the path to become new global attractors

Chinese companies are on the path to become new global attractors

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Unknown Giant

� A company may be large at home

� It is an “Unknown Giant” when seen from overseas and lacks soft power

New-Comer

� It is starting to take first steps overseas

� These first moves can go badly wrong or, if well-chosen, provide a strong positive platform for future expansion

� This is a critical stage that can shape the direction and pace of future soft power and success

Global Corporate Citizen

� Most established multinationals fall into this category

� They understand how to operate effectively in many different countries with different stakeholders

� They do not, however, they neither shape their business environment nor project a distinctive influence on the world

Global Attractor

� Companies realize the full potential of soft power

� They are the true global leaders

� They set the agenda for future generations of services and propositions

Stage 1 Stage 3Stage 2 Stage 4

Stages for Development

Soft Power

The unique Chinese environment also enables the emergence of innovative companies which succeed without following the conventional wisdom

The unique Chinese environment also enables the emergence of innovative companies which succeed without following the conventional wisdom

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Common Characteristics of Shan Zhai Companies

Shan Zhai was originally used to refer to a bandit tronghold outside government control but now refers to

businesses based on fake or pirated products

Shan Zhai companies achieve and sustain success by developing competitive advantage through innovation

Focus on the domestic market initially

Target mostly mass consumers

Strive for short cycle time on product introduction

Focus on low cost but often sacrifice quality

Tailor product features and functions specifically to local

requirements

1

3

4

2

5

The Unique Chinese Environment Allowed the Development of Shan Zhai Phenomenon

Successful Shan Zhai companies increase market scale rapidly and reinvest profits into core capabilities

Examples of Successful Shan Zhai Companies

How did the Shan Zhai phenomena emerge?How did the Shan Zhai phenomena emerge?

25

Key Factors For Shan Zhai Phenomena In China

Culture

“SOFT”FACTORS

“HARD”FACTORS

Demand

Policy

Supply

� “Fearless Experimenter” mindset deeply rooted among Chinese

– Started from very low base/often could only start from emulation

– “Experimentalism” mentality very common in business world, even in major policy making

– Long-rooted Shan Zhai culture

� Relatively weak, inconsistent/non-transparent industry policy-making/regulation

– For example, the auto industry policy in past years

– Also still poor IP protection etc

– All these had given Shan Zhai folks room to play/grow

� Rapidly evolving /still relatively immature market

� Opportunities of major discontinuities in many industries

– Multi-segment (often very blurred segmentation)

– Multi-channel

– Multi-tier

� Under-served rural market & very sizable low/mid-class offer abundant opportunities to “Shan Zhai” players

– Substantial aggregate consumption power

– Price sensitive yet trend-following

� Incumbent’s irresponsiveness to market changes render opportunities for nimble locals to attack

– Slow / irresponsive to market changes

– Inadequate understanding of China market dynamics (esp. MNCs)

� Existence of tremendous supply capacity enables “Shan Zhai” players to be very flexible & efficient vendors

– Strong, often over-supplied manufacturing capacity with very developed value chain or ecosystems

Successful Shan Zhai companies share a common growth patternSuccessful Shan Zhai companies share a common growth pattern

26

Growth Pattern of Successful Shan Zhai Companies

Invest for Future

Upgrade Core CapabilitiesBreak through in Shan Zhai Way

In-depth understanding of local needs /

capturing window opportunities

Developing a responsive and

resilient business model

Scaling up quickly / raising the barriers of

entry

Upgrading core capabilities (esp. product design /

R&D)

Further moving up in the value

chain

Exploring next-wave growth opportunities

� Identify underserved market segments by incumbents

� Understand real sources of competitive advantages

� Rapid, flexible / localized products & operations

� Innovative channel / sales strategies

� Experiment-learn-adapt virtuous cycle

� Often start with mass segment to build up scale

� Raise entry barriers through advantages such as cost / pricing / supply chain stickiness

� After initial emulation stage, start to invest or acquire key know-how

� Move away from cheap copycat strategy to be more value-added or differentiated

� Enhance brand building efforts

� Move away from Shan Zhai image

� Even target to become industry trendsetters

� Identify new growth opportunities with potential to duplicate or exceed past Shan Zhai success

� Invest to build the foundation

� Enter in right stage in the S-curve

From “Copycat” to “Innovator”From “Disruptive” to “Sustainable”From “Marginal” to “Mainstream”

1 2 3

China is the world’s 3rd largest economy, with much higher GDP growth than all other major economies in the world

China is the world’s 3rd largest economy, with much higher GDP growth than all other major economies in the world

27

China’s GDPIn Billion RMB, 2004-2008

+11%

2008

11.337

2007

10.397

2006

9.200

2005

8.243

2004

7.466

Source: IMF data, Booz & Company analysis

GDP Growth of Top 5 Economies2004-2008

France

2%

Germany

2%

China

11%

Japan

1%

US

2%

ContactContact

Vikas Sehgal

Vice President

Booz & Company – India

Mobile +91 98-711-673-85

[email protected]

Edward Tse

Chairman & Senior Vice President

Booz & Company – China

[email protected]

29

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Mumbai401/402, Dalamal TowersNariman PointMumbai, MaharashtraIndia

30

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Greater China Offices

engineering and product innovation in chinese market - ed...

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