Press release
INDUSTRIAL AI UPTAKE IS JUST GETTING STARTED BUT MAJORITY OF SECTOR IS UNCOVERING NEW USE CASES, FINDS HONEYWELL RESEARCH
Workforce productivity, flexibility, and safety are cited as key gains from AI applications along with its potential to address the industrial skills shortage
About this update from Honeywell International Inc.
[{"type":"text","content":"Workforce productivity, flexibility, and safety are cited as key gains from AI applications along with its potential to address the industrial skills shortage\nCHARLOTTE, N.C., July 23, 2024 /PRNewswire/ -- Honeywell (Nasdaq: HON) today released the findings of its Industrial AI Insights global research study, which captures the state of Artificial Intelligence (AI) in the sector. While only 17% of AI decision makers around the world have fully implemented their initial AI plans, more than 9 in 10 say they are uncovering unexpected new use cases whether they are in the prototyping, launch, or scaling stages of AI implementation.\nThe research also finds AI leaders are \"sold\" on AI for industrial applications. The enthusiasm for a deeper commitment to AI investment is nearly universal, with 94% of those surveyed saying they have plans to expand their utilization of AI.\n\"There is no question that AI is currently at a pivotal moment,\" said Kevin Dehoff, Honeywell's Chief Strategy Officer. \"With the advent of Gen AI and more sources of data from advanced analytics, Industrial AI is poised to grow exponentially, and the possibilities are endless for revenue growth and employee satisfaction.\"\nAI Unlocks Workplace BenefitsWhen asked for their thoughts on the impact of AI on industrials, nearly two-thirds (64%) of AI leaders cited efficiency and productivity gains among the most promising benefits. Sixty percent say improved cybersecurity and threat detection result from AI and 59% report better decision making due to real-time data generation.\n\nSeveral other benefits of AI for workers were also cited by respondents, including:\nIncreased work flexibility (49%)Greater job satisfaction (45%)More time for skills development and creative thinking (44%)Increased workplace safety (39%)Skills development is crucial in today's economy with baby boomers retiring and fewer replacements entering the workforce. Through AI, employers can more quickly upskill and reskill workers. AI will transform industrials as it enables workers to perform jobs at higher levels, providing greater job satisfaction while increasing productivity and addressing the skills shortage.\nLucian Boldea, President and CEO of Honeywell Industrial Automation, offered one direct example: \"There can be tens of thousands of instruments, equipment, and valves needed to ...