Global Corporate Survey 2021: Operational Excellence Budgets, Priorities & Tech Preferences

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Executive Summary

This report provides senior managers in operations, engineering, maintenance and process safety roles who are responsible for operational excellence with a benchmark of their peer group’s budgets, business priorities, technology preferences and COVID-19 responses. The data collected through the Verdantix survey also support strategic decision making and business planning by executives at technology vendors and service providers by helping them understand trends in customer requirements. Verdantix selected respondents 256 from 14 distinct industries, spanning 22 countries across 13 regions, with 95% of interviewees representing firms with revenues greater than $1 billion. Budgets for operational initiatives are looking healthy for 2022, with 98% of respondents reporting a planned increase in spending. Respondents provided insights into predicted spending changes and implementation plans for software and technology in 2022 and 2023.

Table of contents

Global Survey Of 256 Corporate Operational Excellence Decision-Makers From Diverse Industries 
Operational Excellence Programmes Are Coordinated Across Multiple Functions And Regions

Operational Excellence Budgets Are Bolstered As The Global Economy Recovers From COVID-19 
Spend On Operational Excellence Initiatives Will Grow In 2022  
Sustainability Trends Inform Operational Excellence Strategies In 2022 
Spend On Consultants For Asset Management Projects Remains Healthy For 2022

Industrial Firms Are Committed to Achieving Operational Excellence Through Digital Transformation 
Firms Invest In Software For Predictive Maintenance And Process Safety Management

Digital Innovations Supporting Remote Operations Will Maintain Their Growth Trajectory In 2022 
Rising Awareness Of Technology For Remote Operations Leads To Increased Adoption

Table of figures

Figure 1. Revenue of Survey Respondents’ Firms 
Figure 2. Survey Respondents’ Business Function 
Figure 3. Industry Breakdown Of Survey Respondents 
Figure 4. Geographic Location Of Respondents 
Figure 5. Change In Operational Excellence Spend Over The Past 12 Months 
Figure 6. Factors Shaping Operational Excellence Strategy 
Figure 7. Expected Changes In Operational Excellence Spend In 2022 
Figure 8. Operational Excellence Business Priorities In 2022 
Figure 9. ESG And Sustainability Trends Shaping Operational Excellence Strategies 
Figure 10. Expected Changes In Spend On Consultants In 2022 
Figure 11. Operational Excellence Consulting Projects: Expected Use Of Service Providers In 2022 
Figure 12. Level Of Digital Maturity For Asset Management 
Figure 13. Departmental Influence On Industrial Asset Management Investment 
Figure 14. Adoption Of Software 
Figure 15. Software Investment Plans For Asset Management In 2022
Figure 16. Drivers Of Investment On Asset Management Software In 2022 And 2023 
Figure 17. Software Investment Plans For Operational Risk Management Activities In 2022 
Figure 18. Evaluation Criteria Of Industrial Asset Management Software 
Figure 19. Awareness Of Digital Innovations For Operational Excellence 
Figure 20. Ranking Of Industrial Digital Twin Value Propositions 
Figure 21. Ranking Of Use Cases For Connected Worker Solutions 

About the authors

Harry He


Harry is an Analyst in the Verdantix Operational Excellence practice. His research agenda focuses on industrial asset and risk management technologies. He holds a joint degree in Economics and Mathematics from the University of Edinburgh.

Malavika Tohani

Research Director

Malavika leads the Verdantix Operational Excellence practice. Her current research agenda focuses on digital technologies for Operational Excellence including digital twins and software solutions for industrial risk and asset management. Malavika has over 15 years’ experience in research and strategy consulting. Malavika previously worked at Frost & Sullivan, managing and delivering advisory projects for clients involving expansion, acquisition, benchmarking and product development strategies. Malavika holds a MSc in Economics from Madras School of Economics.

Hugo Fuller

Industry Analyst

Hugo is an industry analyst in the Verdantix Operational Excellence practice. His research agenda explores the technologies within the extended reality and connected worker market, alongside enterprise asset management software. In advisory, his work includes go-to-market, growth strategy and long-term research partnerships.

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