Implementing artificial intelligence into every facet of daily personal and professional life seems to be the talk of U.S. society these days. And manufacturing companies and the CEOs that run them are no exception.
Manufacturing and AI
The number of manufacturing CEOs who say they are investing in artificial intelligence has increased, with 80% of CEOs planning to deploy AI technologies within their operations over the next two years, according to the latest American Manufacturing Resurgence survey by Forbes and manufacturing services marketplace Xometry.
The survey of 150 manufacturing companies also reveals that 70% of the CEOs who have already implemented AI have seen a near-immediate return on their investment primarily by using the technology for supply chain management and manufacturing procurement.
“American manufacturers continue to embrace digital tools and technologies such as automation, robotics and cloud-based workflow systems to modernize shops and compete better on a global scale,” says Xometry CEO Randy Altschuler.
Other survey findings include:
- 48% of CEOs have “re-shored,” or moved all or some of their facilities back to the U.S.
- 73% of CEOs agree that American manufacturing can address supply chains for the entire world.
- 71% of manufacturing leaders are optimistic about the future of the economy. But inflationary pressures remain, with 75% of CEOs still concerned with lingering high prices.
- Nine in 10 manufacturing executives say they will raise prices in the next six months. Half said they believe the Fed should continue to hike interest rates.
“The trends that stick out most are the extent to which AI has rapidly proliferated within companies of all sizes, the degree to which reshoring is occurring, and the sustained optimistic outlook despite continuous global headwinds,” said Jeremy Zogby, managing partner of Zogby Strategies, which conducted the survey.
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