Recruitment and training at every level in the corporate hierarchy may need a rethink, if companies are to reap the full benefits of industrial IoT, says a new report from Deloitte.
Senior business executives are optimistic about the potential offered by Industry 4.0, but lack confidence when it comes to investing in the industrial IoT.
That’s according to a new report from Deloitte, The Fourth Industrial Revolution is Here – Are You Ready? Released to coincide with the World Economic Forum this week in Davos, Switzerland, this explores the business world’s readiness to harness the opportunities offered by the Industry 4.0 trend that sees machines increasingly become connected and able to report on their status and performance, as well as the environment around them.
Sometimes referred to as ‘the fourth industrial revolution’, it is set to define the business world over the next few years, as technologies such as sensors, analytics, AI, cognitive computing are increasingly applied to industrial processes.
Deloitte Global, part of the management consultancy firm, surveyed 1,600 C-level executives from 19 countries for its report, quizzing them on their ability to leverage these technologies.
Lack of confidence
Almost nine out of ten respondents (87 percent) said that they expect Industry 4.0 to create social and economic equality and stability for their companies. But regardless of this, many firms feel that they’re not ready to harness these changes. Only one in three said they’re highly confident about stewarding their organisations in the connected world and just 14 percent said they were ready to implement Industry 4.0 technologies. Because of these attitudes, says Deloitte, businesses and executives risk falling behind.
At the same time, executives don’t feel that their organizations have the right talent to succeed in the fourth industrial revolution, either – but they’re trying their best to build more suitable teams. Again, more than four out five respondents (86 percent) said they’re working to hire people with the right skillsets for technologies such as artificial intelligence (AI) and IoT.
And companies that are already focused on Industry 4.0 are exploring roles that allow staff to leverage “greater innovation, alternative work environments and new approaches to learning and development”.
Overall, key decision-makers are aware that they must invest in technology to succeed in an increasingly connected world. But many of them are struggling to make a business case due to a lack of comprehensive strategies.
A unique opportunity
Punit Renjen, CEO of Deloitte Global, has claimed that the fourth industrial revolution will have huge impact on the world as a whole, and not just the workplace. “The rapidly advancing technologies driving Industry 4.0 are bringing about social and economic change rapidly in an environment of unparalleled global connectivity and demographic change,” he said.
“It’s a time of great opportunity, but also risk. We developed this research to better understand how executives are navigating the pervasive shift and to uncover areas where they can more effectively influence how the Fourth Industrial Revolution impacts their organisations and society.”
Our Internet of Manufacturing event is coming to London on 5 & 6 June 2018. Attendees will get the chance to learn more about how connected technologies open up new paths to increased productivity and profitability for industrial companies.