84% of organisations across Europe and North America say that industrial AI has played a major or significant role in their broader digital transformation journey over the last three years. Yet nearly all (98%) are struggling with at least one industrial data challenge. These were among the key findings of a recent survey commissioned by Aspen Technology, Inc. a global leader in asset optimisation software.
While 80% of companies believe developing a strategy around industrial AI is ‘critical’ or ‘very important’ and 84% recognise that this would give them a competitive advantage, only 35% have fully implemented this so far.
Adi Pendyala, Senior Director, Market Strategy, Aspen Technology, said: ”The results demonstrate that organisations have a clear understanding of the importance of industrial AI though are finding it difficult to overcome operational barriers to develop and implement a strategy.”
There is an urgency behind finding a solution, highlighted by respondents identifying several key pitfalls. Productivity losses came top of the list, referenced by 47% of the sample. Next came increased downtime (44%) and cost inefficiencies (41%).
Nearly four in ten of the survey sample (39%) recognised security concerns as being among the main barriers to their organisation creating/rolling out industrial AI. This was followed by budget restrictions (38%); a lack of understanding around the benefits/use cases (37%) and a lack of AI skills (35%).
“Organisation’s that are neglecting industrial AI are finding that it is impacting their bottom line and their competitiveness,” added Pendyala. “In putting this right, they are often hampered by a lack of awareness of the benefits and a lack of AI skills. That’s where technology partners and the expert consultancy they can deliver can be critical in helping them put in place an effective strategy to drive industrial AI success.”
