Industry Insights: Sustainability Initiatives Report
While manufacturers recognize the advantages of sustainability, gaps exist in their current strategies. Hitachi Vantara and IndustryWeek surveyed over 100 manufacturing executives from companies with annual revenues of $100 million or more to take a closer look into sustainability initiatives and understand where gaps and opportunities may exist in their current processes.
Sustainability is no longer considered a regulatory burden for manufacturers. It's a competitive differentiator. Advancements in smart technologies, such as the internet of things (IoT) and artificial intelligence (AI) are enabling environmentally friendly practices are helping manufacturers become less wasteful and more productive. Fortunately, the technologies that help manufacturers track their carbon footprint are the same as those that enable end-to-end visibility and help them build more resilient supply chains.
More than half of large-size organizations and 38% of small to midsize firms will measure the success of their environmental programs by their ability to extend sustainability across the supply chain.
Forty three percent of manufacturers believe that at least half of their customers will base their buying decisions on the sustainability of their products and services or their environmental reputation.
Manufacturers plan to use more digital solutions to track and advance their environmental progress, with 18% selecting IoT as their second most important technology in the future for sustainable business practices.
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