AI Gaining Traction

Artificial intelligence (AI) is a fascinating beast because it offers something for everyone from technology lovers to fear mongers.

In the manufacturing world, it offers considerable difference-making promise at just about all levels. The question is, how to jump into the game and realize real, long-term value for the investment.

A couple of studies have come to my inbox in the past month that indicate there is plenty of AI action/interest in the manufacturing world. Results from those studies are at different points on the spectrum. Combined, they suggest we’re in a gray/transitional phase when it comes to investing in and implementing the technology, with a clear trend toward the positive.

One study is AI Adoption: The Race to Implementation, from Fluke Reliability, Everett, WA (reliability.fluke.com). It tells us, “manufacturers are leading the charge in AI adoption, with 61% predicting to achieve AI goals in 11 months. For 93% of the respondents, AI will be a high business priority in the coming 12 months. At an organizational level, 90% of senior decision makers label AI as a priority and more than 80% of maintenance managers concur.

“Regarding the role of AI in predictive maintenance, only 8% of those surveyed are currently operating a predictive-maintenance strategy. However, a massive 76.5% want to shift to predictive/proactive maintenance in the future and AI implementation is viewed as a tool to achieve that goal.”

“Predictive maintenance is becoming a need, not a want, especially as skilled labor is hard to come by and retain,” stated Ankush Malhotra, president, Fluke Reliability. “AI offers a clear pathway and there is a strong belief within the industry that manufacturers who don’t adapt to the benefits are likely to be left behind. The results of this survey show that, while many industries are talking about AI implementation, manufacturers are walking the talk.” For more about implementing AI, see the article from Fluke Reliability’s Michael DeMaria.

The new study from Lucidworks, San Francisco (lucidworks.com), tempers things a bit but still paints a rather positive picture. This is the second year of the research firm’s Generative AI Global Benchmark Study. The results from this study indicate manufacturers are slowing implementation while realizing benefits. According to the study, 58% of manufacturers plan to increase AI spending in 2024, compared to 93% in 2023. “Despite a slower-than-anticipated rollout, nearly half (48%) of manufacturers already report cost benefits from AI initiatives.” Also telling is that 30% worry they are falling behind their competition.

According to Lucidworks CEO Mike Sinoway, “Above-average reported cost benefits in 2024 could make [manufacturers] more bullish in the coming year. B2B companies and manufacturers have much to gain if they can balance cost and risk to improve efficiency, enhance the buyer experience, and reduce operational costs using generative AI.”

As with any new technology, it’s critical that you do your homework, gather input from all levels of your organization, and start small to give yourself the best chance for victories that can lead to successful scaled implementation. EP

gparr@efficientplantmag.com