Artificial Intelligence (AI) implementation is expected to play a crucial role in manufacturing operations as part of companies’ Industry 5.0 initiatives, according to a new research report from Fluke Reliability, a supplier of hardware, software and services to optimize asset performance. The term Industry 5.0 refers to the increase in humans and robots working together as well as higher levels of human interaction with Industrial Internet of Things (IIoT) devices.
Based on results of the Fluke Reliability survey, conducted by Censuswide, which surveyed more than 600 senior decision-makers and maintenance professionals in the U.S., the U.K. and Germany, many manufacturers expected to soon be at the forefront of implementing AI technologies into day-to-day operations. To clarify, when AI is referenced in this survey, it relates to predictive maintenance and related machine learning activities.
The survey results show that:
- AI will be a high business priority for companies over the next 12 months according to 93% of survey respondents. This sentiment is echoed at an organizational level, with 9 in 10 senior decision makers agreeing AI is the priority and more than 80% of maintenance managers saying the same.
- Regarding the role of AI in predictive maintenance, only 8% of those surveyed are currently operating a predictive maintenance strategy. However, 76.5% want to shift to predictive/proactive maintenance in the future and AI implementation is viewed as a tool to achieve that goal.
- Respondents said they intend to invest 44% of their technology budgets on AI in 2024 alone. In fact, 30% of those surveyed plan to invest 51-75% of their technology budget on AI this year.
- While only 9% of manufacturers agree that they have completed their Industry 5.0 goals to date, the majority (61%) expect to achieve their AI goals in just 11 months.
“Predictive maintenance is becoming a need, not a want, especially as skilled labor is hard to come by and retain,” said Ankush Malhotra, president of 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.”
Of those looking to invest in the next 12 months, the need for AI adoption was largely driven by such perceived benefits as:
- The ability to develop new products and services, cited by 35% of respondents.
- Provide a new way to address data processing and analysis requirements, cited by 35% of respondents.
- A means to address the call for improvements to customer service, cited by 35% of respondents.
- The demand for improved efficiency and productivity, cited by 34% of respondents.
- Ways to compensate for the skilled labor shortage, cited by 31% of respondents.
“It’s no surprise that manufacturers are bullish in their adoption of AI,” said Aaron Merkin, chief technology officer at Fluke Reliability. “We know it works and have customers who have seen value [from it] in as little as three months.”
Access the full report from Fluke Reliability.
