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New Report: Manufacturing Companies Struggling with AI Implementation, Reevaluating Strategy

January 23, 2020 GMT
New Report: Manufacturing Companies Struggling with AI Implementation, Reevaluating Strategy
New Report: Manufacturing Companies Struggling with AI Implementation, Reevaluating Strategy

PALO ALTO, Calif.--(BUSINESS WIRE)--Jan 23, 2020--

While manufacturing companies see the value in implementing Artificial Intelligence (AI) solutions, many are struggling to deliver clear results and are reevaluating their strategy, according to a new report. The report was commissioned by Plutoshift, the leader in automated performance monitoring for industrial workflows.

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The findings revealed that almost two-thirds (61%) of manufacturing companies said they need to reevaluate the way they implement AI projects.

The report, titled “Breaking Ground on Implementing AI,” uncovered that while companies are making progress with their AI initiatives, many planning and implementation struggles remain, from defining realistic outcomes, to data collection and maturity, to managing budget scope, and more.

To gauge the progress and process of how manufacturing companies are implementing AI and whether or not they are satisfied with their AI initiatives, Plutoshift surveyed 250 manufacturing professionals in October 2019 with visibility into their company’s AI programs.

A major reason companies are rethinking their AI implementation plans is a lack of data infrastructure needed to fully utilize AI. Eighty-four percent of respondents say their company cannot automatically and continuously act on their data intelligence.

The report uncovered further foundational challenges with successful AI implementation, including that 72 percent of manufacturing companies said it took more time than anticipated for their company to implement the technical/data collection infrastructure needed to take advantage of the benefits of AI.

“Companies are forging ahead with the adoption of AI at an enterprise level,” said Prateek Joshi, CEO and Founder of Plutoshift. “But despite the progress that some companies are making with their AI implementations, the reality that’s often underreported is that AI initiatives are loosely defined. Companies in the middle of this transformation usually lack the proper technology and data infrastructure. In the end, these implementations can fail to meet expectations. The insights in this report show us that companies would strongly benefit by taking a more measured and grounded approach toward implementing AI.”

Other key findings include:

To download a full copy of the report, click here.

About Plutoshift:

Prateek Joshi launched Plutoshift in late 2017 with the vision of connecting the constantly changing realities of the physical world with the monitoring power of intelligent software. This effort resulted in helping industrial operators harness the power of existing plant data related to operations, finances, and maintenance spread across different systems. Plutoshift is the leader in data intelligence for industrial processes.

Their cloud-based solution monitors the performance of industrial processes in an automated way for manufacturing businesses. Plutoshift’s GROUNDED AI™ technology transforms passive legacy monitoring systems to active performance monitoring in industries like water, food, beverage, brewing, chemicals, and energy. This enables operators to automatically monitor critical processes and have access to actionable information in real-time. Plutoshift has offices in Palo Alto and Denver.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200123005107/en/

CONTACT: Laura Kubitz

104 West Partners for Plutoshift

laura.kubitz@104west.com

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: OTHER MANUFACTURING TECHNOLOGY ENGINEERING CHEMICALS/PLASTICS AUTOMOTIVE MANUFACTURING AEROSPACE SOFTWARE MANUFACTURING NETWORKS DATA MANAGEMENT

SOURCE: Plutoshift

Copyright Business Wire 2020.

PUB: 01/23/2020 08:00 AM/DISC: 01/23/2020 08:01 AM

http://www.businesswire.com/news/home/20200123005107/en