Digitising manufacturing processes can deliver significant financial savings of up to 80 per cent in capital expenditure and 85 per cent in operational expenditure.
A new report from energy management and automation specialist Schneider Electric examines 230 customer projects from the last five years, and finds that digitisation saved them an average 24 per cent in energy consumption alone, while digitising engineering processes can save an average of 35 per cent in capital expenditure and time optimisation.
It can also reduce commissioning costs of new systems and assets by an average of 29 per cent, according to Neil Smith, VP of industry at Schneider Electric.
“In Industrial applications, digital transformation allows businesses to do more with less — more yield with less energy, fewer materials, and fewer labour hours.
“Increased productivity, up to 50%, results from energy management and automation efficiencies across the value chain, from IoT-enabled tracking to automated production lines,” he said.
Digitising both energy management and automation can deliver even greater value as the two work in concert, said Gareth O’Reilly, country president at Schneider Electric.
“Digital transformation is the only way of delivering consistency and efficiency across a company. Technologies such as the Internet of things (IoT), artificial intelligence and big data analytics are making companies more efficient and innovative, boosting their competitive advantage.
“This report indicates that many businesses and organisations need a trusted authority to manage this complexity to unlock the full potential of digital transformation,” he said.
The Digital Transformation Benefits report is available here.