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Manufacturing, B2B ready for AI overhaul

Most companies plan to increase their investment in artificial intelligence technologies over the next 12 months, survey finds.

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Supply Chain Quarterly Staff
By Supply Chain Quarterly StaffSep 21, 2023
Supply Chain Quarterly Staff
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The artificial intelligence (AI) movement continues, as most companies around the world say they plan to increase their investment in the technology over the next year. That’s according to a global survey of more than 6,000 employees involved in AI technology decision-making, published by search solutions provider Lucidworks earlier this month.

The study included responses from nearly 400 professionals at manufacturing and business-to-business (B2B) companies, with 93% of them saying they plan to increase their AI investments over the next 12 months, primarily as a way to improve business operations. Those results are in line with the broader survey, which included respondents from a variety of other industries, such as entertainment, real estate, financial services, and transportation.

The study focused on investments in generative AI, which is technology that can produce content such as images, video, music, speech, text, software code, and product designs. More than 40% of respondents said they have a positive view of the technology, citing security as one of their biggest concerns. Other concerns include the accuracy of AI-generated outputs, transparency in understanding how AI-based decisions are made, job displacement, and ensuring responsiveness in terms of timeliness and tone.

Despite those issues, the researchers said the fast pace of AI investment indicates that most companies are open to figuring out how generative AI can help improve their business.

“This is the opportune time to leverage the power of generative AI,” Mike Sinoway, Lucidworks CEO, said in a statement announcing the survey results. “These new technologies have significant implications for enhanced automation, supply chain management, and data-driven decision-making in B2B commerce and manufacturing. We already have clients testing new applications for AI both in knowledge management and buyer experience. Those who can swiftly adapt their strategies stand the chance to gain a competitive edge.”

The leaders in generative AI spending include entertainment, technology, and consumer products industries, followed by construction and real estate, financial services, and transportation. All of those surveyed said they are directing their AI investments toward three main areas: improved customer experience, automation and efficiency, and overall business operations.
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