The global manufacturing industry continues to be buffeted by the shockwaves from the pandemic and other disruptive global events. Supply chains for components such as semiconductors have still not recovered and the war in Ukraine is impacting a range of other value chains, particularly energy prices, which is having a knock-on effect on manufacturers.
These additional pressures are creating a need for manufacturers to “go beyond the traditional means of driving productivity to uncover the next wave of value for businesses, the workforce and the environment.” That’s a key finding from a December 2022 report by the Türkiye Centre for the Fourth Industrial Revolution in partnership with the World Economic Forum’s Network for Global Technology Governance.
The report, Unlocking Value from Artificial Intelligence in Manufacturing, finds that: “In principle, AI could unlock more than $13 trillion in the global economy and boost GDP by 2% per year. However, companies struggle to tap into the value that AI applications can create.”
And that’s not because manufacturers can’t see the value-creation potential of AI. In a global survey of 3,000 companies, 70% understood how AI can generate business value, 59% have an AI strategy in place and 57% of respondents said their organization was already piloting AI. Despite these findings, only 1 in 10 said AI was generating significant financial benefits.
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