They’re “sold” on AI for Industrial Applications Says Honeywell!

According to the Industrial AI Insights global research report findings, 29% of Indian companies have already completely implemented an AI strategy

Almost everyone is in favor of a more substantial investment in AI, as seen by the 94% of respondents who stated they want to increase their use of the technology. Whether they are in the prototype, launch, or scaling stages of AI implementation, more than 90% of AI decision makers worldwide claim they are discovering unexpected new use cases, despite the fact that just 17% of them have completed their initial AI plans.

These revelations were recently made in the The Industrial AI Insights global research report study, conducted by Honeywell.

They’re “sold” on AI for industrial applications, the report also reveals.

The results of Honeywell’s global research study, Industrial AI Insights, which summarizes the state of artificial intelligence (AI) in the industry, were made public. Even while just 17% of global AI decision makers have finished implementing their original intentions, more than 90% of them report that during the prototype, launch, or scaling phases of AI implementation, they are discovering novel and unanticipated use cases.

Nearly all respondents (94%) expressed a desire for a greater investment in artificial intelligence (AI), with many expressing plans to increase their use of the technology.
“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.”

AI Adoption in India

According to the Industrial AI Insights global research report findings, 29% of Indian companies have already completely implemented an AI strategy, and 27% regard data as their most valuable resource. Seventy-nine percent of respondents believe that increased productivity and efficiency, as well as the availability of data to support decision-making, are the most promising applications of artificial intelligence (AI). The research also shows that nearly all Indian businesses—nearly 90% of them—expect to pay a premium in order to draw in the best AI engineering expertise.

AI Unlocks Workplace Benefits

Almost two-thirds (64%) of AI executives who were questioned about the potential benefits of AI for the industrial sector said that increased productivity and efficiency were the most attractive outcomes. Sixty percent of respondents said AI improves cybersecurity and threat detection, while fifty-nine percent think real-time data creation improves decision-making.

The latest Industrial AI Insights global research report is developed to summarize the current state of artificial intelligence (AI) in the industry.

Several other benefits of AI for workers were also cited by respondents, including:

• Increased work flexibility (49%)
• Greater job satisfaction (45%)
• More time for skills development and creative thinking (44%)
• Increased workplace safety (39%)

In the current economy, when baby boomers are retiring and fewer successors are joining the workforce, skill development is essential. Employers can reskill and upskill employees more rapidly thanks to AI. AI will revolutionize the industrial sector by enabling people to perform at better levels, resulting in increased job satisfaction, productivity gains, and a solution to the skills deficit, affirms the Industrial AI Insights global research report.

Lucian 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 process and manufacture a product and many of the parts we supply manufacturers require highly experienced technicians for operation and maintenance — and there are fewer and fewer of those experienced technicians available. With AI training and AI as a “co-pilot” the skills of a less experienced technicians can more quickly be upgraded, turning them into more elite experts that perform tasks based on enterprise knowledge and best practices. In turn, plants operations can run more safely and reliably by dramatically reducing human error.”

What’s Next for AI

Although there is a clear desire for AI to grow, many obstacles remain before it can be fully embraced. More than a third of poll participants (37%) believe that the C-Suite is completely ignorant of how artificial intelligence operates, and nearly half (48%) say they are constantly having to defend or seek the resources required to put AI plans into action.

“Businesses of all types recognize that AI is transforming our world and creating new possibilities. For building operations – such as hospitals, campuses, and offices – it is clearly the future. As AI orchestrates controls that regulate HVAC, lighting and electricity usage, it helps to improve safety, operational and sustainability outcomes,” said Billal Hammoud, President and CEO of Honeywell Building Automation.

All of this implies that compelling use cases that can be quantified in terms of increased business performance will be what accelerates change. AI adoption will soar as new solutions show unmistakable benefits to worker productivity, safety, and dependability. AI has the capacity to completely change industrial applications.

For Further survey results and Honeywell’s work in AI and automation: CLICK HERE