In a recent blog, we looked at the results of a survey by global consulting firm PwC of 4,410 CEOs across 105 countries and territories (1). It confirmed that there are now four main areas of concern:
- Revenue & profitability
- Risks of climate change
- Global economic uncertainty
- Privacy of data & cybersecurity
In this blog, we’ll look take a closer look at revenue & profitability and the risks of climate change. We want to show how building automation technology can make a major difference in both areas.
The PwC report leaves no doubt that CEOs are more aware than ever that their companies must evolve. As you would expect, multiple factors are having an effect. They include changing customer preferences, an uncertain economy, and the impact of new technologies. This is not a minor concern, as we can see with the huge public debate around AI at the moment.
Companies ‘rise and fall’ more quickly these days. For those who want to stay in business and remain profitable, there is no room to be complacent. In addition, it’s clear that for a majority of businesses, staying ahead of new technology trends is essential.
At the same time, businesses are having to get to grips with climate change. The nature of the threat varies depending on location and sector. But all companies share a need to decarbonize. The PwC survey does have some good news – companies are definitely taking steps to reduce their carbon consumption. However, it also indicates that some current strategies have been developed without the necessary information or understanding.
Fortunately, this is something that can be addressed. As PwC remarks in an earlier text, “it’s easy to be overwhelmed by the challenge of climate change” (2). So the best way to move forward is for “leaders to break the climate challenge down into manageable chunks”.
Moreover, it’s an approach that can be applied successfully to so many areas – including the use of technology.
Tech that makes companies ‘future-ready’
As the PwC report – and many others – indicate, a review of company operations is a vital first step in business reinvention. This should cover every aspect of a company’s activities – from administration to employee travel. But it’s in the area of technology where companies can have the most rapid impact.
In particular, using the latest building technologies can play a huge role in business reinvention. That’s because next-generation heating, cooling, ventilation and other ‘core’ systems deliver improvements on many fronts. For a start, they consume significantly less energy – a benefit that no one should underestimate at a time of soaring energy prices. Making the move to ‘next-gen’ tech offers a big win in economic and environmental terms.
But the technology that can really take things to another level is an intelligent building control system. This allows companies to take full control of all the individual systems and ensure that they are being used as needed. By providing huge amounts of data – much of it in real-time, they also enable customers to identify areas where energy is being wasted. With energy prices being so high, building control systems offer quick returns on the initial investment.
The fact that so many building control systems now use the cloud is another factor to consider. This means systems can be monitored and managed remotely – so no need for technical call-outs. It also allows systems to be updated easily – including with the latest security improvements. So that will also help reduce CEO worries about cybersecurity and data protection.
Priva is an acknowledged leader in intelligent building controls, and suite of Priva Digital Services is a class-leading (and robust) cloud-based platform. In our next blog, we’ll take a closer look at the benefits of a move the cloud.