Deloitte 2020 Readiness Report – UK cut

Deloitte’s 2020 Industry 4.0 Readiness Report, “The Fourth Industrial Revolution: At the intersection of readiness and responsibility,” has been published ahead of WEF Davos 2020.

Based on research of more than 2,000 C-suite executives across 19 countries, the report identifies an evolving form of capitalism in which business leaders are starting to prioritise their responsibilities to societal stakeholders alongside profitability.

Please see the following summary of the UK findings, based on responses from 204 UK C-suite executives:

• Society:

Safeguarding privacy (66%) and balancing profit and purpose (48%) are the two most important priorities among UK execs. Tackling climate change is only a priority for 36% of respondents, compared to a global average of 48%.

• Strategy:

31% of UK execs (3rd most of all countries) say they have comprehensive Industry 4.0 strategies in place, and 98% feel ready to lead their organisation in capitalising in this era, compared to 83% globally;

69% expect their Industry 4.0 strategies to deliver greater revenue for their organisation.

• Talent:

Investing in talent is a key focus for UK executives. 87% of UK execs are focused on training and developing their workforces, compared to 74% globally;

95% of UK execs say their organisation has created a company culture of lifelong learning, including ongoing training and development, compared to 82% globally.

• Technology:

Internet of Things (92%), Sensors (88%) and Cloud (86%) are the Industry 4.0 technologies that UK executives are most excited about.

Richard Houston, UK senior partner and chief executive, said: “Our research shows a growing understanding that business must have a purpose beyond profit. UK business leaders are increasingly trying to ensure purpose guides decision-making to improve sustainability in an increasingly competitive economy.

“Driven by growing pressure from both internal and external stakeholders, organisations must continue to re-evaluate the way they conduct their business to demonstrate a positive impact on society. Those organisations that have a strong grasp of the issues that matter to employees, clients and the public will be best-placed to compete and retain top-quality talent.”

Click here to download the full 2020 Industry 4.0 Readiness Report. Please click here for more information about Deloitte at the World Economic Forum in Davos 2020.

End

Notes to editors

About Deloitte
In this press release references to “Deloitte” are references to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”) a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity.

Please see deloitte.com/about for a detailed description of the legal structure of DTTL and its member firms.

Deloitte LLP is a subsidiary of Deloitte NSE LLP, which is a member firm of DTTL, and is among the UK's leading professional services firms.

The information contained in this press release is correct at the time of going to press.

For more information, please visit www.deloitte.co.uk

Member of Deloitte Touche Tohmatsu Limited