ABB conducted an international survey of business and technology leaders on industrial transformation and presented its findings in the “Billions of Better Decisions: Industrial Transformation’s New Imperative” study.
As per the study, 96% of the decision-makers consider digitalization as “essential to sustainability” but only 35% of the firms have implemented industrial IoT solutions.
The study examined the potential of industrial IoT in improving energy efficiency, driving change and reducing greenhouse gas emissions.
“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. “Unlocking insights hidden in operational data holds the key to enabling literally billions of better decisions throughout industry and acting upon them, with significant gains in productivity, reduced energy consumption and lower environmental impact.”
If industry is to achieve climate objections, companies need to implement digital solutions as part of their sustainability strategies, he added.
The study also found that 71% of the respondents had prioritized sustainability objectives as a result of the pandemic and 72% are “somewhat” or “significantly” increasing their spending on IoT as they aim to achieve sustainability.
A majority of the respondents (94%) agreed that Industrial IoT facilitates better decisions and improves sustainability and 57% of them said Industrial IoT can have a “significant positive effect” on operational decision making. Additionally, the study found perceived cybersecurity vulnerabilities are the top barrier to improving sustainability via Industrial IoT.
At ABB, the firm has already reduced GHG emissions from its operation by more than 25%. It aims to achieve carbon neutrality by the end of the decade. It also intends to support its global customers in decreasing annual CO2 emissions by at least 100 megatons by 2030.
