Companies are prioritizing digitalization investment in areas such as Environment, Health and Safety (EH&S), as well as Sustainability, and Cybersecurity
INVESTMENT IN SAFETY, SUSTAINABILITY AND CYBERSECURITY
Safety incidents remain an issue with key impacts quoted as:
1. SAFETY
According to the US Environmental Protection Agency, more than 20% of global greenhouse gas emissions are derived from the industrial sector. Digitalization can support a more efficient way of using raw materials, energy, water, and land.
2. SUSTAINABILITY
To mitigate the impact, companies are investing in the following technologies within the next 12 months
44%
damaged property /equipment
55%
days of employee off work or transferred
90%
digital training
79%
digital auditing
83%
digital workforce
57%
production downtime
The proportion of companies using EH&S enterprise-wide commercial system will more than DOUBLE over the next
3 years
Cybercrime cost US businesses an estimated $3.5 billion in 2019, according to the FBI.
However, challenges still faced as a result of having a robust cybersecurity solution include:
Impact experienced because of cyber attacks include:
3. CYBERSECURITY
Key drivers for investing in operational sustainability:
Investment in digitalization facilitates the implementation of sustainability technology
84%
63%
39%
of companies are currently investing or planning to invest in energy management software in the next 2 years
plan on introducing a plant energy and/or renewable energy system in the next 12-36 months
plan on introducing a smart grid energy system in the next 12-36 months
77%
Reduce energy consumption
61%
Reduce waste
64%
Improve workplace safety
57%
Reduce emissions
32%
of companies have been impacted by a cybersecurity incident within the last 3 years
32%
Loss of IP
88%
of companies have made a moderate/significant increase in focus on cyber security over the last three years
80%
of companies that have not implemented controlled access to electronic data and systems, plan to implement over the next three years
32%
Production efficiency
46%
Loss of sensitive data
CYBERSECURITY IS THE FACILITATOR THAT ENABLES DIGITAL TRANSFORMATION
59% limited cybersecurity awareness amongst employees
48% difficulty integrating separate security solutions
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However, major challenges need to be addressed to ensure successful transition, including:
90%
of companies are evaluating digitalization investment
78%
say investment in digitalization will increase over the next 24 months
57%
expect investment in digitalization to increase this year
21%
of companies expect significant increase (more than 20%) in digitalization over the next 24 months
67%
Legacy assets and infrastructure
62%
Competing priorities
58%
Culture change
56%
Upfront cost
The transition to digitalization is already taking place...
INTRODUCTION