ABB released the findings of a new global study of international business and technology on industrial transformation, looking at the intersection of digitalization and sustainability.
Key learnings from the study
- 71 percent of respondents reported greater priority given to sustainability objectives as a result of the pandemic
- 72 percent said they are “somewhat” or “significantly” increasing spending on Industrial IoT due to sustainability
- 94 percent of respondents agreed the Industrial IoT “enables better decisions, improving overall sustainability”
- 57 percent of respondents indicated the Industrial IoT has had a “significant positive effect” on operational decision-making
- Perceived cybersecurity vulnerabilities are the #1 barrier to improving sustainability through the Industrial IoT
The study, “Billions of better decisions: industrial transformation’s new imperative,” examines the current take-up of the Industrial Internet of Things (IoT) and its potential for improving energy efficiency, lowering greenhouse gas emissions and driving change.
Sustainability goals more and more are a crucial driver of business value and company reputation, and Industrial IoT solutions are playing an increasingly important role in helping enterprises achieve safe, smart and sustainable operations
said Peter Terwiesch, President of ABB’s Process Automation business area.
The study found that an organization’s “future competitiveness” is the single greatest factor in industrial companies’ increased focus on sustainability, as cited by 46% of respondents.
However, while 96% of global decision-makers view digitalization as “essential to sustainability,” only 35% of surveyed firms have implemented Industrial IoT solutions at scale.
“This gap shows that while many of today’s industrial leaders recognize the important relationship between digitalization and sustainability, the adoption of relevant digital solutions to enable better decisions and achieve sustainability goals needs to accelerate in sectors like manufacturing, energy, buildings and transport,” says ABB.
Win-win scenarios with the IoT
With 63% of executives surveyed strongly agreeing that sustainability is good for their company’s bottom line, and 58% also strongly agreeing it delivers immediate business value, sustainability and traditional priorities of Industry 4.0 efforts, such as speed, innovation, productivity, efficiency, customer-centricity, are increasingly intertwined, creating win-win scenarios for companies looking to drive efficiency and productivity while making strides on climate change.
If we are to reach climate objectives such as the UN’s Sustainable Development Goals and the Paris Agreement, industrial organizations need to implement digital solutions as part of their sustainability strategies
added Mr. Terwiesch.
