How a 90-Year-Old Elevator Maker Survived the Connected Building Revolution

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How a 90-Year-Old Elevator Maker Survived the Connected Building Revolution

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Episode 95 of The Turnaround Podcast examines Otis Worldwide's transformation from a maintenance-driven elevator company to a data-centric service provider. Lucas and Luna explore how Otis navigated the shift to IoT-enabled predictive maintenance, the challenge of retrofitting 2 million existing units, and the strategic decision to build its own software platform rather than license from Big Tech. They discuss the 2021 cyberattack that exposed legacy vulnerabilities and the company's 2024 acquisition of a digital twin startup. Tied to recent market data showing the S&P 500 at 7,483 and a 2.1% real GDP growth rate, the episode considers whether old industrial firms can out-innovate tech-native competitors in the smart building race. #OtisWorldwide #IoT #PredictiveMaintenance #SmartBuildings #DigitalTransformation #IndustrialSoftware #Turnaround #Restructuring #LegacyTech #ConnectedElevators #Business #Podcast #FexingoBusiness #BusinessPodcast #Manufacturing #TechAdoption #DigitalTwin #CyberattackResilience Keep every episode free: buymeacoffee.com/fexingo

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