Technology in metals 2022 survey results Tomorrow is already here. Transform with confidence.
The future is Metals 4.0. Are you ready?
Industry 4.0 is here. Technologies such as cloud computing, artificial intelligence (AI), and machine learning (ML) can create efficiencies, improve customer experience, and help cut costs for forward-thinking companies. At Crowe, we call this transformation of the industry Metals 4.0.
Metals companies looking to grow see Metals 4.0 investments as necessary to build a more sustainable future, predict where new opportunities will arise, and stay ahead of the competition.
Key insights
For the 11th year, we asked executives across the metals industry about the technology investments they're using to shape their future.
According to our 2022 survey, here’s what they identified as their biggest opportunities and risks.
Connected manufacturing
40% of metals leaders are using the internet of things (IoT) and data science to improve efficiencies on the shop floor.
Cybersecurity
59% named cyberthreats the #1 IT-related risk.
Improved customer experience
When metals leaders consider making technology investments, this is the most important factor.
Adoption uncertainty
This is the biggest challenge companies face related to their digital transformation.
Connected manufacturing
40% of metals leaders are using the internet of things (IoT) and data science to improve efficiencies on the shop floor.
Cybersecurity
59% named cyberthreats the #1 IT-related risk.
Improved customer experience
When metals leaders consider making technology investments, this is the most important factor.
Adoption uncertainty
This is the biggest challenge companies face related to their digital transformation.
To build a sustainable future, metals companies need the right technology and a successful adoption plan that brings people to the center and equips them to succeed.
Metals technology survey results
This year’s results can give metals leaders the insights needed to maximize their technology investments and the confidence to bring people to the center of digital transformation.
Here are several topics you’ll find in the report.
1. What is your company’s current investment in enterprise technology and digital solutions as a percentage of annual revenue?
When considering companywide investments, your technology and digital solution investments must be on par with your traditional capital investments. Many metals companies will make these investments in tandem to allow capital investments like a new production line to be enhanced with advanced Metals 4.0 technologies.
2. What are the biggest challenges your company is facing related to digital transformation and technology?
Metals company leaders used different words to describe their biggest challenges, but several key themes emerged among the answers.
Metals companies that don’t have a clear adoption plan or have had adoption failures in the past lack confidence and are struggling with adoption uncertainty. Because of this reality, focus on the need for organizational change management is increasing.
3. What do you believe is your single most significant IT-related business risk in the next three years?
Cybersecurity is once again the number one concern for metals companies, and increased media attention amplifies customer expectations for secure data. The need to invest in technology to protect metals companies is a trend that likely will continue for the foreseeable future.
Receive the latest cybersecurity insights on identifying threats, managing risk, and strengthening your organization’s security posture with the Cybersecurity Watch blog.
4. Please rank the following factors in order from most important to least important when it comes to making decisions about technology investments.
Customer needs and requirements and employee experience ranked highest among the factors influencing internal technology investments. These factors speak to the growing importance of putting people (both internal and external) at the center of technology investments. Companies must strive to find the investments that enable their people to better deliver on customer needs.
5. Which of the following technologies and/or approaches are currently in use at your company?
As evidenced by this year’s survey responses, metals businesses are investing heavily in IoT and data science. These two types of investments often go together – IoT to capture more real-time data from machines and data science techniques to mine the data for insights. Many metals companies realize that such investments don’t need to break the bank. They are taking simple measures to connect existing devices and realize the benefits of using operational and business data to make informed decisions.
6. Do your company’s sustainability and environmental goals affect your plan for technology investments?
The reality is that no matter where your customers are operating from, they face increasing pressure from internal and external stakeholders to adhere to emerging environmental, social, and governance (ESG) guidelines. As these guidelines become more commonplace, metals company leaders should expect reporting and transparency requirements to continue flowing back through the entire metals supply chain.
Get the resources you need to help develop your ESG strategy.
The future is Metals 4.0 – let us guide you there.
Use this year’s report to apply industry-specific data to build a sustainable future.
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