A study commissioned by ABB examines the relationship between industrial IoT and achieving corporate environmental goals such as lowering greenhouse gas emissions and improving energy efficiency.

The study, “Billions of better decisions: industrial transformation’s new imperative,” surveyed company executives on policies and practice relating to the twin goals of sustainability and improving the bottom line.

According to the study’s findings, an organisation’s “future competitiveness” is the single greatest factor – cited by 46 percent of respondents – in industrial companies’ increased focus on sustainability.

63 percent of executives strongly agreed that sustainability improves the bottom line and 58 percent agreed it delivers immediate business value. Company executives also made the link between industrial IoT and delivering sustainability, with 96 percent of decision-makers viewing it as “essential to sustainability.” However, only 35 percent of surveyed firms have implemented Industrial IoT solutions at scale.

“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.”

The study also found:

• 71 percent of respondents reported greater priority given to sustainability objectives as a result of the pandemic
• 72 percent said they are “somewhat” or “significantly” increasing spending on Industrial IoT due to sustainability
• 94 percent of respondents agreed the Industrial IoT “enables better decisions, improving overall sustainability”
• 57 percent 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

“The International Energy Agency estimates that industry accounts for more than 40 percent of global greenhouse gas emissions today,” said Terwiesch. “If we are to reach climate objectives such as the UN’s Sustainable Development Goals and the Paris Agreement, industrial organisations 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.”