More than 60% of manufacturers expect to achieve AI goals in less than a year

61% of manufacturers expect to achieve their artificial intelligence (AI) goals in just 11 months, according to survey results released June 5 by Fluke Reliability. 

 

Conducted by Censuswide, the survey includes responses from more than 600 senior decision-makers and maintenance professionals in the U.S., U.K. and Germany. While only 9% report completing their AI, machine learning (ML), cloud computing and digitalization goals, 93% agree that AI will be a high business priority during the next 12 months. That sentiment is echoed at an organizational level, with nine of 10 senior decision-makers and more than four of five maintenance managers agreeing AI is their priority.

 

Likewise, only 8% of respondents are presently operating a predictive maintenance program, but 76.5% want to perform predictive/proactive maintenance in the future, and they view AI as a way to implementation it.

 

“Predictive maintenance is becoming a need, not a want, especially as skilled labor is hard to find and retain,” says Ankush Malhotra, president at 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.” 

 

On average, the respondents intend to invest 44% of their 2024 technology budgets on AI, while 30% plan to invest 51-75% of their technology budget on AI this year.

 

Of those looking to invest in the next 12 months, adoption is largely driven by AI’s benefits, including:

 

• Ability to develop new products and services (35%)
• Provide a new way to address data processing and analysis requirements (35%)
• A means to improve to customer service (35%)
• Meet demand for improved efficiency and productivity (34%)
• Compensate for the skilled labor shortage (31%).

 

“It’s no surprise that manufacturers are bullish in their adoption of AI,” adds Aaron Merkin, CTO at Fluke Reliability. “We know it works and have customers who have seen value in as little as three months.”