Businesses can achieve average energy consumption savings of as much as 24% as a result of digitisation.

That’s the verdict from Schneider Electric, energy management and automation specialist, which has published a study revealing that digitisation and Internet of Things technologies can be used to significantly boost efficiency, reliability, safety and sustainability.

The firm suggests in turn, this can slash operational expenditure and allow businesses to increase output while using less energy, fewer materials and fewer labor hours.

Its report shows this can increase productivity by up to 50% and reduce capital expenditure costs by an average of 35%.

Further, Schneider Electric claims digitisation can see commissioning costs of new systems and assets fall by an average of 29%.

Jean-Pascal Tricoire, Chairman and CEO of Schneider Electric, said: “Digital transformation is the only way of delivering consistency and efficiency across a company.

“Technologies such as the Internet of Things, artificial intelligence and big data analytics are making companies more efficient and innovative, boosting their competitive advantage.”