Honeywell’s new C-suite survey shows investment in IIoT is on the rise

Honeywell’s new C-suite survey shows investment in IIoT is on the rise
Published: 9 June 2019 - 5 a.m.
By: Martin Menachery
The Industrial Internet of Things (IIoT) is the future of industry. It leverages the technology and connectivity of the Internet of Things in major verticals like aerospace, manufacturing and oil and gas. And leaders are taking notice.

A new survey, conducted by KRC Research and sponsored by Honeywell, found that 81% of C-suite executives and senior decision-makers believe it is important to implement a holistic solution as companies look to digitise and better connect their operations.

That can be achieved with Honeywell’s new software solution – Honeywell Forge. Categorised as Enterprise Performance Management for Operations Technology, it will help industries collect, analyse and act on the data coming from all parts of their operations.

Honeywell Forge can provide leaders of complex businesses with the visibility they need to transform their operations quickly and efficiently, at every level and with minimum disruption, enabling users to focus resources on innovation and achieving macro business objectives,” said Que Dallara, president and chief executive officer of Honeywell Connected Enterprise.

The Honeywell thought leadership study polled 600 US business professionals in senior roles, including C-suite executives, senior vice presidents, vice presidents and directors.

Here are the takeaways: (i) Seventy percent invested ‘significant’ amounts in IIoT. And they want to invest even more. More than two thirds of those who have already invested a significant amount plan to increase their investment soon: within the next three years. Takeaway: IIoT is the future of industry. (ii) Half want to avoid making the wrong choice. “The sheer complexity of IIoT is hindering investment at many companies, where the fear of a wrong decision and the difficulty of implementation are daunting,” the survey said. In addition, about 42% of decision makers surveyed are concerned employees will not be able to adapt to IIoT. Takeaway: IIoT complexity and employee readiness are key concerns. (iii) Nine in 10 believe IIoT will pay for itself. The majority of decision makers have already seen improvements from the implementation of Industrial IoT and a subset are already earning a significant return on investment. According to the survey, 92% say IIoT will: make facilities safer and more secure; help manage the supply chain to be more efficient and profitable; create efficiency in use of resources. Takeaway: IIoT is a good investment, decision-makers say.

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