Report presents insights from U.S.-based manufacturing companies on their current and future state of AI
ARLINGTON, VA / ACCESSWIRE / June 18, 2024 / Manufacturers Alliance Foundation released "Manufacturing Intelligence: Exploring the Spectrum of AI Use Cases" showcasing the strong appetite the manufacturing industry has for artificial intelligence. Many manufacturing companies have AI use cases operational today, with a significant focus on strategic business gain-based initiatives. Ninety-three percent of those surveyed have added new AI initiatives within the last 12 months, and another 6% are preparing to launch such initiatives. Manufacturers expect AI to deliver bottom-line improvements in productivity, throughput, and quality. And in time, significant topline benefits.
The survey collected direct insights from dozens of manufacturing leaders across various functions and over 200 leaders from primarily U.S. based mid-cap to large-cap manufacturing companies.
"AI implementation is a natural evolution of manufacturing. Adding language-based models to already tried and tested machine learning and industrial AI, allows the industry to accelerate an advanced pace," notes Manufacturers Alliance Foundation President Stephen Gold. "The industry is at the crux of transforming fiction into a key component of technology that improves operations and business functionality."
Finding new and sophisticated use cases of generative AI creates more opportunities for manufacturers to embrace change for the long game. Fifty-five percent are prioritizing AI initiatives to strategic business objectives, and an additional 24% are focused on the potential cost savings. At the same time, revenue growth is the top-ranking ROI expectation across those surveyed (51%, followed by improved uptime and product quality, both at 44%.
Manufacturers have been adding AI to the value stream in departments including:
- Supply chain management
- Design and engineering
- Production and maintenance
- Quality
- Information systems and cybersecurity
- Warehousing and inventory
- Aftermarket and customer services
Despite the learning curve for every manufacturer - and company - organizations are discovering early on that AI helps solve existing problems more efficiently. Those surveyed coupled technical adaptations with the need for human acceptance too. AI can leverage upskilling and change the value-add for employees. Leaders stressed the importance of communicating clearly across the organization the role of AI and what it impacts.
This was made possible by the support from: Advanced Technology Services (ATS), AdvanSix, AMETEK Foundation, Fortinet, JELD-WEN, Microsoft, Moog, MSA Safety, Nordson, Roland Berger, S&C Electric Company, Siemens, TouchPoint, Trane Technologies, Trinity Industries, Victaulic, and Watts Water Technologies.
About Manufacturers Alliance Foundation
Manufacturers Alliance Foundation is the 501(c)(3) partner of Manufacturers Alliance. The Alliance Foundation provides educational opportunities for the manufacturing community and its stakeholders through insights, events, and tools for today's most critical business decisions. The Alliance Foundation focuses on talent, technology, digital transformation, and competitiveness. Learn more about the Alliance Foundation: manufacturersalliance.org/foundation.
Contact Information:
Kristin Graybill
VP, Commercial Strategy
kgraybill@manufacturersalliance.org
(703) 841-9000
SOURCE: Manufacturers Alliance Foundation
View the original press release on newswire.com.
