Study: The industry is expecting a significant boost in productivity with AI and the like / Digitalization enables rational, data-supported decision-making
May 14, 2024
Köngen, Mai 14, 2024 – According to the latest “Performance Drivers 2024” study, eight out of ten industrial companies expect that integrating new technologies such as artificial intelligence will ensure a boost in productivity in their organizations. Huge potential is seen in data analysis in particular, which they feel can help them quickly identify shortcomings and achieve improvements in performance. For the study, the Staufen management consultant firm surveyed more than 200 industrial organizations in Germany, Austria, and Switzerland.
After many years of experimenting and investing, the time has now come for a boom in productivity. The promise of greater efficiency and cost benefits in industry can now be fully realized through digitalization,” says Dr. Michael Feldmeth, Head of the Digital & Industry 4.0 Practice Unit at Staufen. The new digital analysis capabilities now enable deep insights into the processes – including the ability to regulate them in real time. “This establishes the foundation for large-scale and continuously adaptable optimization measures that can be used as drivers for operational excellence within the organization,” says the industry expert.
As an experienced consultant and project manager in the fields of operational excellence and Lean Management, Dr. Michael Feldmeth holds a doctorate in engineering and is a trainer at Staufen Academy. He specializes in mechanical and plant engineering, automotive and vehicle construction, and medical technology. He has extensive expertise in plant development, factory design and in optimizing direct and indirect business processes.
Michael has experience of restructuring in the areas of production (manufacturing and assembly), logistics and order fulfillment, practical Shop Floor experience and a sound technical understanding of production processes.
Staufen study shows enormous potential of Industry 4.0
With the use of these new technologies such as artificial intelligence (AI), 73 percent of the companies surveyed within the Germany-speaking region of Germany, Austria and Switzerland see “an enormous economic potential for our industry”. As many as 81 percent of the companies even expect a significant boost in productivity for their own organization. According to the Staufen consultant Feldmeth, the industry is currently going through an upheaval: “84 percent of respondents expect a fast-paced change in the industrial working environment as a result of these technological developments. This close interaction between the employee and intelligent systems will soon dominate day-to-day work.”
Data analysis to achieve improved results has plenty of potential
Networked machines and automatically controlled supply chains lead to a growing jungle of data within organizations. However, more and more, this data is being used productively. A full 83 percent of companies anticipate that data analysis can be used to quickly identify weaknesses and improve results. However, 86 percent do admit: “We can make much better use of the potential of data analysis to improve our results
Despite this, he still sees potential for improvement in the changes achieved thus far: “Decision-making processes have only become faster in 39 percent of organizations and only 18 percent have reduced hierarchies. For organizations to unleash the full potential of digitalization, they must also embrace a new way of working together to consistently align their processes with value creation and operational excellence. The objective is to ensure a harmonious and a perfectly coordinated overall system.“
Digitalization projects do not occur in a vacuum, but instead are generally accompanied by process improvements. The success of this approach: as a result of increased digitalization efforts, two thirds of respondents are already making their decisions on the basis of data and less as a gut response. At the same time, six out of ten organizations have established that access to data has significantly improved.
Dr. Michael Feldmeth Digital & Industry 4.0, Staufen AG
About the “Performance Drivers 2024” study
For the “Performance Drivers 2024” study, Staufen AG surveyed more than 209 industrial organizations in Germany, Austria, and Switzerland early this year. You can request a copy of the complete study results here.
BestPractice Day 2024: Operational Excellence – Next Level
Save the Date
For the past 15 years, the Staufen AG BestPractice Day has been a must-attend event for anyone who recognizes one primary goal for themselves and their company: operational excellence. On June 25th, the BestPractice Day 2024 will once again offer a full day of expert knowledge, insights and opportunities to network. How do global market leaders manage to improve their performance even in times of crisis? What steps do we need to take to unleash the potential of digitalization and artificial intelligence? What does leadership need to look like in the future? If you would like answers to these questions, please register here directly: https://www.best-practice-day.com/
Intelligent Industry 4.0 production processes can be applied to accomplish a variety of objectives. These include achieving greater productivity and efficiency, fulfilling consumer specifications faster and more expediently, and developing brand-new industrial products and business models. Small and mid-sized companies often have a particular need for this kind of consulting and guidance.
The Staufen study “Digitalization 2024” shows how difficult it is to exploit the full potential of data. The study underlines the need for a data-driven strategy and professional data analysis and points to a lack of expertise, resources and a data-centric corporate culture.
Ostrich tactics have outlived their usefulness. The wheel of change is turning much too quickly in the age of digitalization for the new challenges to be sat out or put on the back burner.
