Forty-five percent of companies worldwide without a strategy for digitalization

A survey conducted by Industry of Things World of 1,124 decision-makers for Industrial Internet of Things in companies worldwide showed that only 26 percent of industrial companies have their own digital transformation strategy. The majority of companies are still opting for an approach between wait and watch: Forty-five percent of IIoT decision makers said that they have currently do not have any strategy for digital transformation. However, approx. 9 out of 10 respondents to the online survey, which was carried out between January and March 2017, believe that digitalization is a key to the future business success of their company.

About 60 percent of respondents said that they are aware of new technology related to “smart factories” and products. According to the survey, 53 percent prefer to wait and see how the industrial sector develops in relation to the digital transformation and then react to future trends.Three out of 10 companies use a basic strategy for introduction of the Industrial Internet of Things (29 percent) and have incorporated it in their daily work. Only four percent of the companies have both a vision as well as a corresponding implementation plan for digitalization. Thirty percent of respondents said they were satisfied with their corporate strategy for the Industrial Internet of Things. The majority (approx. 41 percent) has no opinion in one way or another. In comparison, only eight percent of respondents said that they are very satisfied.

No roadmaps available in the direction of digital transformation

One challenge, with which companies are inevitably confronted, is that there is no defined or realistic roadmap for the Industrial Internet of Things Only 16 percent of respondents said that their company had a comprehensive approach. A further 69 percent of respondents integrate a limited or less comprehensive roadmap with pilot situations, initial projects and a focus on learning more about the need for digital transformation.

The decision makers were also asked whether they believe that their company is among the industry leaders in terms of the Industrial Internet of Things or digital transformation. One in four respondents indicated their company was a pioneer in their opinion. However, 38 percent of IIoT decision-makers stated (assuming that their statements applied realistically to their company) that they were still learning about digital transformation. Their company is significantly behind for about 9 percent.

Massive influence of the Industrial Internet of Things imminent

Eighty-eight percent of the respondents believe that the Industrial Internet of Things is crucial for the future success of their company. According to the survey, the Industrial Internet of Things will have the greatest impact on new rates of return, business models and new products or services as well as for 66 percent of the area with the greatest probable impact, followed by improved customer experience (49 percent) and the creation of new markets or the growth of an existing one (48 percent).

Digital transformation potentially improves a number of key areas in the industrial sector. These areas include the possibility of making predictive analyzes, inventory optimization and stock management systems as well as the ability to pursue future-oriented sustainability goals.

Companies, which implement digital transformation to a great extent and because this is required, will probably increase their sales and improve business adjustment. In the long term, customers will be the ones who will benefit from streamlined, networked use by industrial companies.

Although the majority consider the development to digital as something that will happen automatically, it is still necessary to overcome widely known hurdles. The issue of security is at the forefront as a catchword for cybersecurity, data security and privacy, and confidentiality. Sixty-two percent consider this a permanent challenge. Other topics include a lack of industry standards for interconnectivity and interoperability (38 percent), management’s vision (37 per cent) and a risk-conscious corporate culture (33 percent).

Learn more about business models and processes in the course of digitalization, the possibilities of digital transformation for your company as well as current practical experiences with Industry 4.0, Smart Factory and Batch Size 1 at IT2Industry @productronica 2017 at Messe München, Hall B2, from November 14 to 17, 2017

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