The industrial sector is demanding more accurate information to deal with the growing challenges of economic uncertainty, unstable geopolitical environment, historical labor shortages and disrupted supply chains.
LONDON, October 11, 2022 /PRNewswire/ — AVEVAa global leader in industrial software, today announced the results of a new global study that found more than 8 in 10 top executives say critical business decisions are made without complete data transparency and insights into their plants and assets. The “Connecting the Future” study was published in partnership with Wakefield Research and surveyed 650 executives in global companies with annual sales of at least $50 million in the chemical, manufacturing and energy industries North America, Europeand the middle East.
With no end in sight to global business disruptions, 87% of executives plan to increase their organization’s investments in industrial digital solutions over the 12 months as they need the kind of connected data that can make decisions needed to tackle the growing combined challenges are economic uncertainty, unstable geopolitical environment, historic labor shortages and disrupted supply chains.
Industry leaders in key industries such as oil and gas, energy, manufacturing, utilities and transportation also understand the need to embrace digital solutions now more than ever. The biggest investments to address supply chain complexity over the next 12 months will be in analytics and AI, industrial IoT, cloud computing and edge computing solutions.
“Industrial sectors face complex and ever-changing economic challenges, from rising costs and the need for decarbonization to supply chains and labor shortages. With accurate, reliable data, organizations can uncover actionable insights that enable them to address these challenges head-on.” said Kim CusteauExecutive Vice President of Portfolio, AVEVA. “Leading companies are investing in cloud-based software solutions enriched with industry-specific AI to connect their teams, drive closer collaboration, and build the industries of the future. This gives business leaders the agility, resilience and sustainability capability they need to thrive in today’s rapidly evolving industrial landscape.”
Other important findings are:
- Cloud, analytics and AI are driving the majority of investments to bridge the gap. Businesses are looking to a range of digital solutions to address the lack of insight into data, including cloud computing, data governance infrastructure, flexible working options, and analytics and AI. More than 3 in 5 top executives ranked cloud computing (63%) and analytics and AI (62%) among their priority areas for increased investment over the next 12 months, and almost all (98%) see an expansion of their existing industrial Engineering and operational workflows with cloud capabilities as essential.
- The US is a leader in industrial digital solutions: US executives are more likely than global executives to say their company’s investments will increase significantly over the next 12 months (35% compared to 27% globally).
- The chemical industry is prioritizing digital investments to drive a more sustainable future. In fact, 62% of top chemical companies have increased or accelerated their investments in industrial digital solutions in recent years – significantly more than the percentage that have done so in other industries. This could be in response to increasing environmental regulations and sustainability pressures, which a third of industry professionals (33%) see as the biggest challenge they will face over the next 12 months (compared to 23% across all industries).
- Historic labor shortages pose an urgent threat to industrial digital initiatives. Almost half of companies (46%) say it has been very or extremely difficult to find talent with the skills needed to support their industrial digital priorities. Almost half of companies in these industries (47%) will invest significantly over the next 12 months to support job opportunities outside of traditional locations and schedules, including factory floor workers and employees involved in operations and production.
- The exchange of information within and outside the business areas is of the utmost importance. Nearly half of executives (45%) rank enabling information sharing with trusted partners via an open and interoperable information sharing ecosystem among the top digital initiatives with the greatest potential to impact profitability and sustainability in their organization. In fact, executives report that the most common benefits of an open and agnostic information-sharing ecosystem are greater efficiency and innovation (48%), higher employee satisfaction (45%), and competitiveness versus other organizations (44%).
AVEVA is a global leader in industrial software, igniting ingenuity to advance stewardship of the world’s resources. The company’s secure industrial cloud platform and applications enable companies to unlock the potential of their information and improve collaboration with customers, suppliers and partners.
Over 20,000 companies in over 100 countries rely on AVEVA to help them deliver the things they need to live: safe and reliable energy, food, medicine, infrastructure and more. By connecting people with trusted information and AI-enriched insights, AVEVA enables teams to design efficiently and optimize operations to drive growth and sustainability.
Recognized as one of the most innovative companies in the world, AVEVA supports customers with open solutions and the expertise of more than 6,400 employees, 5,000 partners and 5,700 certified developers. We operate worldwide and are headquartered in Cambridge, UK and is listed on the FTSE 100 of the London Stock Exchange. Learn more at www.aveva.com.