The UK manufacturing industry is falling behind other European businesses with regards to artificial intelligence, according to field service management company Oneserve.
The sector is failing to invest in – and therefore properly harness – AI, creating a potential loss of £151,000 to each company.
The fastest growth in AI, recorded in May this year, came from Germany, followed by Austria and the Netherlands. The UK came in fifth.
British manufacturers who have employed AI-enabled systems typically gain 50 hours of enhanced productivity in the workplace due to increased machine and workforce efficiency. Oneserve, in partnership with various leading UK manufacturers, found that most companies waste around £120,000 maintaining legacy machines. Up to £31,000 is lost every year through machine downtime.
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93% of senior business leaders surveyed said that their workforce would be more productive as a direct result of moving towards AI-enabled systems. 72% said that AI is valuable to the industry’s future, but 67% said the benefits to business are unclear.
Oneserve says it is essential that the manufacturing industry works harder on harnessing AI, especially with the government reporting that £360bn could be unlocked for the economy in this way when the UK needs this boost most. The implementation of AI would create a smart manufacturing workforce, resulting in improvements across the board. Manufacturers who choose not to be a part of this risk being left behind.
Chris Proctor, CEO of Oneserve commented on the findings:
“It’s very worrying to see such disconnect between those leading the manufacturing industry – especially when it comes to artificial intelligence which could have such a positive and dramatic impact on the industry as a whole. AI-enabled systems must become the norm if the UK is to stay at the top of the manufacturing league.”