Honeywell –Focus on Innovation

Statement of DARIUS ADAMCZYK, Chairman and Chief Executive Officer, Honeywell

As has been the norm in recent years, 2022 offered its share of opportunities but also its share of unique challenges. In terms of the challenges, our primary focus was on effectively managing the continued supply chain constraints. We developed new skills and tools to manage these challenges, which have been added to our operating system: Accelerator. We demonstrated in 2022 that by leveraging our operating model we can deliver superior results — independent of market conditions. In the last six years, which includes the pandemic year, we have created nearly the same amount of value as we did in the previous 15 years.

ACCELERATOR & DIGITALISATION

Honeywell’s next evolution is the expansion of our operating system – Accelerator – and further advancement of Honeywell digitalisation, which has already brought significant gains in business operations over the last few years.

Within Accelerator, we are developing global design models across various business types (product, project, software, services, etc. to fully standardise how we operate them. This is inclusive of functional processes, IT backbone, and leadership skills to optimise performance. We are also refreshing all Accelerator content and educational instruments, tools, and templates to ensure it fully reflects our operating rhythm. Lastly, Accelerator is constantly expanding with additional processes and tools to enable further business performance enhancements.

Our digitalisation efforts have already generated significant gains in product-level inflation projection, value capture, manufacturing operations, digital finance, and more. Our next phase of the digital evolution is in spanning the value streams such as order-to-cash, budgeting to financial planning, and many others.

Strategy Update

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We made progress across many of our key objectives in 2022. In 2022, we also added a new strategic