Only 17% of AI decision makers around the world have fully implemented their initial AI plans, but more than nine in 10 say they are uncovering unexpected new use cases whether they are in the prototyping, launch, or scaling stages of implementation.
This is from a Honeywell report based on a survey by Wakefield Research that involved 1,600 executives in 12 global markets. Respondents were from the United States, Brazil, Canada, China, France, Germany, India, Japan Mexico, United Kingdom, Kingdom of Saudi Arabia and United Arab Emirates.
The research also finds that enthusiasm for a deeper commitment to AI investment is nearly universal, with 94% of those surveyed saying they have plans to expand their use of AI.
“With the advent of generative AI and more sources of data from advanced analytics, Industrial AI is poised to grow exponentially, and the possibilities are endless for revenue growth and employee satisfaction,” said Kevin Dehoff, Honeywell’s Chief Strategy Officer.
When asked for their thoughts on the impact of AI on industrials, nearly two-thirds (64%) of AI leaders cited efficiency and productivity gains among the most promising benefits.
Three in every five respondents say improved cybersecurity and threat detection result from AI and 59% report better decision making due to real-time data generation.
Several other benefits of AI for workers were also cited by respondents, including increased work flexibility (49%), greater job satisfaction (45%), more time for skills development and creative thinking (44%), increased workplace safety (39%).
Skills development is crucial in today’s economy with Baby Boomers retiring and fewer replacements entering the workforce. Through AI, employers can more quickly upskill and reskill workers.
AI will transform industrials as it enables workers to perform jobs at higher levels, providing greater job satisfaction while increasing productivity and addressing the skills shortage.
“There can be tens of thousands of instruments, equipment and valves needed to process and manufacture a product and many of the parts we supply manufacturers require highly experienced technicians for operation and maintenance — and there are fewer and fewer of those experienced technicians available,” said Lucian Boldea, president and CEO of Honeywell Industrial Automation.
“With AI training and AI as a ‘co-pilot’ the skills of a less experienced technicians can more quickly be upgraded, turning them into more elite experts that perform tasks based on enterprise knowledge and best practices. In turn, plants operations can run more safely and reliably by dramatically reducing human error,” said Boldea.
But while the enthusiasm for AI to expand is palpable, there are still some challenges in the way of full adoption. More than a third of survey respondents (37%) feel that their C-Suite fully doesn’t understand how AI works and almost half (48%) say they are having to continually justify, or request resources needed to implement AI plans.
