Chinese consumer electronics firm Haier is transforming its business model to centre on the Internet of Things (IoT). The company sees the IoT as a chance to become a provider of solutions, rather than just a manufacturer of appliances. Haier’s CEO Zhang Ruimin believes that companies must evolve to survive in the internet era, and has developed a strategy based on “rendanheyi,” which combines the interests of employees and users. Haier is now divided into 4,000 self-managed teams, each focused on solving a specific user problem. These teams are encouraged to act like start-ups, with their success determined by the market. The company also uses an online platform, COSMOPlat, to connect users, designers, and manufacturers, allowing for collaborative product development. Haier’s strategy has seen it achieve significant growth in recent years, with the company now the world’s largest white goods manufacturer.
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