A new study released by technology firm ABB assesses the role Industrial Internet of Things (IIoT) technologies play in helping improve consumer energy efficiency and reducing greenhouse gas emissions.
Amongst the 765 decision-makers within the manufacturing, energy, buildings and transport sectors surveyed by ABB, up to 96% say they believe digitalisation is “essential to sustainability”.
However, just 35% of the surveyed leaders say their organisations have implemented IIoT solutions at scale.
To catch up with the rapidly growing need to ensure sustainability within operations, 72% of companies surveyed say they are increasing their investments in IIoT to address sustainability issues.
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Other key findings of the study include:
- 71% of respondents reported greater priority given to sustainability objectives as a result of the pandemic
- 94% of respondents agreed the Industrial IoT “enables better decisions, improving overall sustainability”
- 57% 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
- 63% of respondents agree that sustainability is good for their firm’s bottom line, whilst 57% say they strongly believe it delivers immediate business value
- Sustainability and Industry 4.0 efforts speed innovation, productivity, efficiency and customer centricity.
Peter Terwiesch, President of ABB’s Process Automation business area, said: “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.
“Unlocking insights hidden in operational data holds the key to enabling literally billions of better decisions throughout the industry and acting upon them, with significant gains in productivity, reduced energy consumption and lower environmental impact.
“The International Energy Agency estimates that industry accounts for more than 40 percent of global greenhouse gas emissions today. 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. Embracing these technologies at all levels – from the boardroom to the facility floor – is key, as every member of the industrial workforce can become a better decision-maker when it comes to sustainability.”
Find out more about the Billions of better decisions: industrial transformation’s new imperative report.