Industry 4.0 holds the promise of a new era of globalisation. Yet while our latest survey identifies companies successfully implementing Industry 4.0 technologies, many senior executives remain less prepared than they think they are.

A year ago, Deloitte’s inaugural survey assessing private and public sector readiness for the Fourth Industrial Revolution observed a “tension between hope and ambiguity.” We found while executives conceptually understood the profound business and societal changes Industry 4.0 may bring, they were less certain how they could take action to benefit.

The Fourth Industrial Revolution enables an increasingly globalized world, one in which advanced technologies can drive new opportunities, diverse ideas can be heard, and new forms of communication may come to the fore (for a detailed definition of Industry 4.0, see What is Industry 4.0?).

But how are leaders adjusting? Our new survey suggests many who think they are ready may still not be as prepared as they need to be. But the good news is leaders seem to be gaining a much deeper understanding of Industry 4.0, are increasingly aware of the challenges before them, and are viewing the actions needed to succeed more realistically.

Report by Deloitte