New research has revealed that industrial companies see artificial intelligence (AI) not as a job killer but as a key enabler for profitable growth through increasing efficiency, flexibility and differentiation though a lack of AI expertise and insufficient data are the challenges that need to be overcome to allow for broader AI adoption.
Hewlett Packard Enterprise (HPE) and Europe's leading Industrial IoT conference, Industry of Things World surveyed 858 European professionals and executives in the industrial sector to better understand their views on AI.
Vice President Global Manufacturing, Automotive and IoT at Hewlett Packard Enterprise, Volkhard Bregulla offered further details on the results of the survey, saying:
“AI is at the heart of the fourth industrial revolution, a key enabler to take the step from automation to autonomy, create growth and competitive advantage. Our survey shows that the European industrial sector has clearly understood and embraced the strategic power of AI – but it also reveals that it will be essential we close the data and skills gap to fully unleash its potential.”
Respondents expect to grow their revenues by 11.6 per cent by 2030 as a result of AI adoption while simultaneously increasing margins by 10.4 per cent.
AI is expected to produce benefits in almost all activities along the industrial value chain as well as creating differentiation for companies' products and services. This expectation is fuelled by the high success rates of completed AI projects with 95 per cent of respondents who have implemented AI in their company saying they have achieved, overachieved or significantly overachieved their goals.
Survey participants on average plan to invest .48 per cent of their revenue in AI during the next 12 months and two thirds of respondents expect that new jobs created by AI will balance or outweigh the number of jobs made redundant by AI.
Image Credit: Geralt / Pixabay