For Thomas Insights
American manufacturing is on the cutting edge of technology, leading the United States into a new era of revitalization hallmarked by reshoring. In fact, a new American Manufacturing Resurgence survey, conducted by Xometry, Forbes, and John Zogby Strategies, indicates that manufacturing CEOs are racing to implement the latest technological tools.
The survey reveals that the majority of today’s American manufacturing CEOs are rapidly embracing artificial intelligence (AI) to enhance their businesses.
“For the first time in our polling, AI has pulled even with automation as the #1 investment CEOs are making to drive efficiency, strengthen supply chains, and get goods to market faster,” said Xometry CEO Randy Altschuler.
70% of CEOs Report Immediate ROI on AI Investment
As the world becomes increasingly digitized, the manufacturing sector is turning to artificial intelligence to gain a competitive advantage. AI utilizes computer science and datasets to help businesses solve problems and make better-informed decisions.
The June 2023 American Manufacturing Resurgence survey indicates that 80% of CEOs plan to deploy artificial intelligence technologies in their businesses within the next two years. Already, 61% of CEOs have or are actively embracing artificial intelligence.
AI is proving itself to be an invaluable tool for the Fourth Industrial Revolution, Industry 4.0. Nearly 70% of CEOs who have deployed artificial intelligence report an almost immediate return on investment (ROI).
With these results, it’s not surprising that the number of manufacturing companies embracing AI is increasing at a rapid rate. In April 2023, only about half of CEOs actively embraced this technology. Just two months later, new poll results indicate that the number has jumped a full 10% with 61% of CEOs now embracing AI.