Global Survey Finds That 93% of Manufacturing Decision Makers Plan to Increase Generative AI Investments
The most common expected impact of Gen AI in manufacturing is business opportunities improvement, followed by automation and efficiency gains.
Posted: October 2, 2023
Lucidworks, the leading search solutions provider, shared results from the largest, global generative AI benchmark study that gathered input from over 6,000 employees involved in AI technology decision-making. The study includes respondents from nearly 400 manufacturing and B2B companies worldwide. Read the full study here for the complete analysis of results and the 80 identified generative AI Best Practices.
The study shows that 93% of companies across industries plan to increase their investments in AI within the next twelve months. The manufacturing industry is aligned with the same percent planning to boost generative AI investments. However, the survey found differences depending on location. 100% of Chinese and Australian manufacturing respondents said they plan to increase investment, compared to only 92% of United States participants.
Views on generative AI are overwhelmingly positive among the industry’s executives and managers and only 12% have a negative view of generative AI. Although 42% of respondents have a positive view of AI, one of the biggest concerns that remains is security. This concern is common across all industries surveyed, followed by the accuracy of AI-generated outputs, transparency in understanding how AI-based decisions are made, job displacement, and ensuring responsiveness in terms of timeliness and tone.
“This is the opportune time to leverage the power of generative AI,” said Mike Sinoway, CEO, Lucidworks. “These new technologies have significant implications for enhanced automation, supply chain management, and data-driven decision-making in B2B commerce and manufacturing. We already have clients testing new applications for AI both in knowledge management and buyer experience. Those who can swiftly adapt their strategies stand the chance to gain a competitive edge.”
The benchmark study also includes the following findings:
- 37% of manufacturing participants that do not plan to increase spend have a negative sentiment compared to only 9% among participants planning to increase spend.
- The most common expected impact of generative AI in manufacturing is Business Ops Improvement (32%), followed by Automation and Efficiency Gains (14%).
- Companies in the entertainment, technology and consumer products industries are frontrunners in plans to increase generative AI spending, followed closely by construction / real estate, financial services, and transportation.
- Global business leaders across all industries surveyed are predominantly directing their investments in AI toward three key areas: Improved Customer Experience, Automation and Efficiency, and overall Business Operations.
Lucidworks’ global benchmark study also offers valuable insights for businesses planning to invest in generative AI. Through a comprehensive assessment of Launched, Planned, and Desired Best Practices, the study enables companies across all industries to construct a tailored generative AI roadmap. Lucidworks has plotted industries based on four distinct phases of progression along the investment and deployment journey—Trailblazer, Leader, Challenger, Rookie—to help companies gauge their level of maturity in generative AI adoption, identify potential challenges and opportunities, and strategize their efforts accordingly.
Read the full benchmark study here
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