AI and Machine learning set to boost Industry’s automation push

18 December, 2023

This is part of a wider push by companies to investment in automation with more than three quarters of companies (76%) having already done so while almost six in ten companies (59%) plan to increase their expenditure compared to the previous twelve months. Furthermore, one in five companies plan to automate between a quarter and half of their processes in the next two years while a quarter plan to automate between 10% and a quarter of their processes.

These investments are largely in improving manufacturing processes (65% of companies) and product design & development (49% of companies). And companies are seeing significant benefits as a result in improving productivity (60%) improved labour efficiency (49%) and a similar number seeing improved quality.

However, despite this positive picture and increased investment plans significant barriers to the adoption of automation remain in the form of a lack of technical skills by almost half of companies (46%) integration and data challenges (41%). More than a third of companies are also citing high costs and workplace culture (38% and 36% respectively) as barriers.

In addition, the survey shows a clear mismatch between policy incentives designed to boost investment and the expected return on investment (ROI) for companies. More than eight in ten companies expect up to five years for a positive impact of investment. In contrast, more than half of companies (56.4%) believe Government investment policy is not sensitive to the time to see a ROI.

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