Manufacturers slow Gen AI rollout on rising accuracy concerns, says study

 

July 10 (Reuters) - Manufacturers are deploying planned Generative AI initiatives at a slower-than-anticipated pace on concerns around accuracy, Lucidworks said in a study on Wednesday.

The study surveyed over 2,500 leaders worldwide involved in AI technology decision-making and found that 58% of manufacturing leaders plan to increase spending on AI in 2024. This is lower than the global consensus of 63% and U.S. consensus of 69%.

In 2023, 93% of all leaders and 93% of manufacturing leaders planned to increase spending on AI.

WHY IT’S IMPORTANT

PitchBook data from last week showed a quarterly jump in U.S. venture capital funding, largely driven by significant investments in AI companies.

Investors are betting on startups with the hope that revenue from AI adoption will yield significant returns. Nearly 50% of manufacturers worldwide reported increased cost savings this year after adopting AI initiatives, according to Lucidworks' study. (...)