The disruptions wrought by COVID-19 have pressed a giant fast-forward button on how organizations build and use technology to refine strategy, define new markets, and boost employee productivity and well-being. Accenture’s 2021 Tech Vision offers critical insight into how industrial equipment manufacturers can navigate this change.
Accenture’s Technology Vision 2021 includes findings from a survey that was conducted among top executives of leading industrial equipment manufacturers in India.
Ninety nine percent of executives from the sector who responded to the survey say that COVID-19 has proved to be an unprecedented stress test, for their organizations. In particular, it had brought significant pressure to bear on four organizational aspects:
- Technology architecture
The study analyzes the industrial equipment manufacturing sector to define five key trends. Embracing these trends will help organizations shape new markets and stay resilient in the face of change.
The five trends
1. Stack strategically: Architecting a better future
Forty seven percent of executives from industrial equipment manufacturing report that their organizations have scaled-up Cloud, AI, and IoT/Smart Sensors technologies as a direct response to COVID-19. This is driven by the increasing alignment between tech and business goals in organizations across the sector.
Sixty seven percent of the executives agree that tech architecture has become critical to the current and future success of their organizations. Cloud is at the forefront of this trend with 73% of executives projecting that 60-80% of their business will be in Cloud over the next year.
This investment is based on the understanding that now organizations’ ability to scale will largely rely on the opportunities presented by their technology architectures.
2. Mirrored world: The power of massive, intelligent, Digital Twins
Digital twins have become fundamental to how organizations scale, collaborate in ecosystem partnerships, and stay resilient.
Accordingly, 80% of executives say that their organizations are set to increase their investments in Digital Twins over the next three years.
3. I, technologist: The democratization of technology
Democratization of technology is key to organizational agility. 93% of executives believe that in order to amplify digital transformation, it is critical to invest in training for each employee. These trainings, which will allow employees to customize solutions and think innovatively, must be designed with a focus on security and data governance.
Tech democratization will, in turn, accelerate solution implementation and improve interconnectivity – benefits that organizations must not fail to leverage.
VIEW ENLARGED GRAPH
4. Anywhere, everywhere: Bring your own environment
Due to COVID-19, leading organizations have made the transition from a Bring Your Own Device to a Bring Your Own Environment approach. 80% of executives from the industrial equipment manufacturing sector reported that 10-40% of their employees shifted to remote working last year. While that change was driven by a global health crisis, the remote work trend is here to stay. 80% of Industrial Equipment manufacturers agree that their organizations are shifting from BYOD to BYOE.
The move to virtual work will be effective when all employees have robust tech and IT skills. 83% of executives agree that a remote workforce opens up the market for difficult to find talent.
VIEW ENLARGED GRAPH
5. From me to we: A multiparty system’s path through chaos
Multiparty systems have emerged as desperately needed solutions given the supply chain disruptions faced by 90% of the industrial equipment manufacturing organizations who participated in this survey. 90% of executives say that multiparty systems are poised to become the center of commerce, supply chains, and all transactions between partners and customers.
Powered by blockchain, these systems will help bring resilience to supply chains, allow organizations to engage customers in new ways, offer transparency and accountability to stakeholders, and enable ecosystems to build more resilient foundations for growth.
VIEW ENLARGED GRAPH
Accenture’s Tech Vision 2021 offers relevant insights to leaders in the industrial equipment manufacturing sector in helping them navigate the constantly evolving interface between business and technology.