Technology Record - Issue 28: Spring 2023

140 VIEWPOINT Most businesses are looking to increase their organisation’s investment in industrial digital solutions over the next 12 months, according to AVEVA’s Connecting the future report, which was published in 2022 in partnership with Wakefield Research. But they could be leaving money on the table if they fail to take full advantage of the technology. It isn’t enough just to digitise industrial operations; digital technologies must be deployed to their fullest extent to enable companies to reap the benefits, even in uncertain economies. As more data is collected than ever before, businesses can maximise its potential by ensuring interoperability at every level of the value chain. Breaking free of the silo mentality and connecting data internally and externally can drive new business opportunities. At the same time, cloud-connected networks can help overcome challenges around disrupted supply chains, labour shortages, unstable geopolitical situations and general economic uncertainty. This ability to pool data in context and share it in the cloud with strategic partners, suppliers and customers is fundamental to unlocking the next wave of industrial growth. We refer to this phenomenon as the Connected Industrial Economy. The widespread use of cloud computing means this data ecosystem will become the backbone of industrial value chains in the years to come. Synchronising operational value chains drives economies of scale, delivering benefits to each business along the chain while also benefiting society at large. Think of it as a kind of teamwork for the digital age. At AVEVA World 2022 in San Francisco, California, customers and partners from across the industrial ecosystem came together to share real-life case studies showcasing how data can be leveraged in new ways. More than 100 industry speakers from companies including Shell, Saudi Aramco and ExxonMobil, Nestle, Pfizer, Rio Tinto and Wood discussed the role of data in sparking industrial ingenuity at a time when businesses are under greater pressure than ever before. Çağlayan Arkan, vice president of global strategy and sales lead for manufacturing and supply chain at Microsoft, also laid out a big-picture view of how we can navigate the road ahead. “Our view is no company can go it alone, so it’s a time for partnerships,” he said during a panel discussion. He added that the breadth and depth of the challenges ahead for the industrial world – from the complexity of data to the skills gap – are too great for any single company to tackle independently. Dominion Energy demonstrates the power of the connected industrial economy in action. “Taking an aggressive position in the Connected Industrial Economy today is the only way for companies to safeguard their future” Redefining teamwork for the digital age ANDREW MCCLOSKEY: AVEVA Data partnerships will be essential for the Connected Industrial Economy because they will help businesses to address challenges around economic uncertainty, drive the industrial metaverse and safeguard future operations