Deloitte Insights Industry 4.0 – are you ready?

Research by Deloitte Insights published in issue 22 of Deloitte Review will be of interest to enterprise decision makers as well as the industry as a whole. The title is “Industry 4.0 – are you ready?”

Deloitte’s survey finds executives optimistic about the potential impact of Industry 4.0, few are confident they are ready to lead its implementation.

Only 14 percent of CXOs are highly confident their organizations are ready to fully harness Industry 4.0’s changes.  Deloitte surveyed 1,600 C-level executives across 19 countries to explore a core question: How ready are the leaders of businesses and government agencies to harness the full potential of Industry 4.0 to benefit their clients, their people, their organization, their communities, and society more broadly?

Just 14 percent of respondents are highly confident their organizations are ready to fully harness the changes associated with Industry 4.0

Only a quarter of CXOs surveyed are highly confident they have the right workforce composition and skill sets needed for the future, despite 84 percent saying they are doing everything they can to create a workforce for Industry 4.0

CXOs overwhelmingly (87 percent) believe Industry 4.0 will lead to more equality and stability, and three-quarters say business will have much more influence than governments and other entities in shaping this future

Yet less than a quarter of those surveyed believe their own organizations hold much influence over critical factors such as education, sustainability, and social mobility

Deloitte’s research found that while CXOs see new business or delivery models as the biggest threat to their organizations, they are largely using Industry 4.0 technologies as a tool to make existing operations more efficient and cost-effective. That leaves untapped tremendous opportunities to pursue innovative business models that may not only drive value for direct and indirect stakeholders, but better protect them from disruption.

The report then goes on to share details of the four major areas of impact in more detail: society, strategy, talent and technology.

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