Digital Industrial Transformation with IoT

How serious are industrial companies about moving forward with IoT and what do their IoT roadmaps look like? This study set out to explore how European industrial companies are approaching IoT initiatives from an investment, implementation and strategy perspective.

Ulrika Mann
Ulrika Mann,

Innovation has become an imperative for European industrial companies. Dealing with cost pressure tops the priority list for companies and technologies under the IoT umbrella can be powerful tools for addressing the major challenges in their internal operational performance. Companies are aware of this and the vast majority are planning to increase spending in this area.

Apart from improving operational efficiency, IoT solutions open the gates for innovation and put companies in a position to move up their value chains by offering better and connected products, and new services based on them, as well as to gather valuable customer data that can be monetized. The majority of companies are already running IoT initiatives in different phases of deployment, maturity and scale, which confirms that the IoT is perceived as a potential solution of multiple issues and as the key to unlocking the doors of wider digital transformation of both operational technology and information technology systems. This is why IoT gets a significant amount of the overall digital transformation budget.

On the road to innovation, IoT companies are usually guided by third parties and are engaged with a range of stakeholders, the most prominent of which are IT services companies and consulting firms. The pace of IoT adoption will depend on the internal organizations and decision-making rights in terms of IoT investments. Despite the fact that most companies make these decisions within the IT department, there is a significant amount of diversity as some companies lead initiatives from the lines of business or the boardroom. Integrating these departments and fostering collaboration will improve the chances of deployment of enterprise-wide solutions that could maximize the benefits to the business.

A major concern of most companies comes from a data security and privacy perspective which, due to growing cyber threats and burdening regulations, could slow down the overall adoption of IoT solutions. Supporting IoT initiatives requires investment not only in IoT solutions but also in the underlying infrastructure such as IoT and analytics platforms, which need to be integrated into companies’ IT systems. Results show that there is a solid number of companies making steps in this direction.

Want to know more about the status of IoT in European industrial companies? Fill out the form to download the report Digital Industrial Transformation with the Internet of Things.

Related Publications

Cloud eBook: Potential, pitfalls and best practices in the Nordics

Whether it’s migrating the entire core infrastructure to one or more cloud service providers, aka hyperscalers, or just simplifying a handful of processes using Software as a Service (SaaS) tools, the cloud represents the digital future. The pandemic has accelerated the ongoing cloud adoption and during 2021, 51% of Nordic organizations are predicted to reach IDC’s highest level of cloud maturity.

Crafting the Modern Manufacturing Enterprise

To get ahead in the industrial space amid the prolonged pandemic, manufacturers must embrace holistic agility and resilience, and democratize access to applications and data. This whitepaper provides a roadmap ahead.

e-Book: Covid-19, a Manufacturing Wakeup Call

Covid-19 served as a wake-up call to manufacturers – one that has accelerated the need for digitalization. To find out what technology investments will propel manufacturers forward, we conducted ESI ThoughtLab. Learn more in our e-Book.

eBook: AI in Large Nordic Enterprises

Artificial intelligence is a broad field that holds a great potential. It already impacts how businesses operate across industries. In this guide, we put AI in a Nordic context on basis of 975 leaders’ AI insights.

The HR of Tomorrow through Strategic Outsourcing

Global businesses are experiencing major disruptions driven by digitalization, and the HR departments are at the front line. What will HR of the future look like? Will operational tasks to be taken over by robots? How can outsourcing of HR processes empower a more strategic approach? Download our whitepaper with a focus on HR in the Nordics.

How Technology Reshapes the Digital Supply Chain

Given crises such as the ongoing pandemic, the merge of physical and digital worlds, and the ever-increasing customer expectations – the need to create a more holistic, responsive and better-connected ecosystem is pivotal.

How 7 Manufacturers Succeed in Industry 4.0

We’ve gathered seven case studies that show how manufacturers are laying the digital foundation to lower costs, boost revenues and enable market agility in the intelligent, connected era.