- 70% Of The CEOs Who Have Deployed AI Have Seen An Immediate ROI
- 73% Of CEOs, A Record High, Agree That American Manufacturing Can Address The World’s Supply Chain Crisis
- 48% of CEOs Have Reshored Some Or All Of Their Operations, A Dramatic Jump From 35% Last Quarter
NORTH BETHESDA, Md., June 20, 2023 (GLOBE NEWSWIRE) -- The number of manufacturing CEOs who say they are investing in Artificial Intelligence has surged, with 80% of CEOs planning to deploy AI technologies within their operations over the next two years, according to the latest American Manufacturing Resurgence survey by Forbes, Xometry and veteran polling firm John Zogby Strategies.
The quarterly poll, which tracks CEO and decision-maker sentiment at more than 150 leading companies nationally, finds that 61% of CEOs have or are actively embracing AI, up noticeably from 51% in the previous survey. AI has now tied Automation as the most-significant tool CEOs are using to drive efficiency and productivity within their organizations and to compete on a global scale.
Nearly 70% of the CEOs who have already implemented AI have seen a near-immediate return on their investment. Most of the CEOs are using or plan to use AI for supply chain management and manufacturing procurement, the survey found.
As they race to embrace AI, nearly 90% of CEOs surveyed say they believe white-collar jobs are secure over the next few years, while nearly all those CEOs (86%) said they would support federal regulations to govern the use of AI within broader society. Eighty-three percent support the creation of a presidential task force to study and recommend regulations.
“American manufacturers continue to embrace digital tools and technologies such as automation, robotics and cloud-based workflow systems to modernize shops and compete better on a global scale,” said Randy Altschuler, CEO of Xometry. “For the first time in our polling, AI has pulled even with automation as the #1 investment CEOs are making to drive efficiency, strengthen supply chains and get goods to market faster. As they race to implement AI in their shops, a record number of American CEOs have reshored or are planning to reshore their operations to protect against future supply chain shocks.”
The survey also found:
- 48% of CEOs have reshored all or some of their facilities, a dramatic jump from 35% last quarter.
- 73% agree that American manufacturing can address supply chains for the entire world, up significantly since January;
- 71% are optimistic about the future of the economy, up significantly from 62% last quarter. Inflationary pressures remain, however, with 75% of CEOs, a new high, saying they plan to increase wages, up from 58% last quarter. Nine in ten manufacturing executives say they will likely raise prices in the next six months, and nearly half said they believe the Fed should continue to hike interest rates.
CEOs are evenly split as to whether Democrats or Republicans are best for industry while nearly 8 in 10 respondents said the current federal policy on manufacturing helps the sector.
“Having tracked this over four quarters, the trends that stick out most are the extent to which AI has rapidly proliferated within companies of all sizes, the degree to which reshoring is occurring, and the sustained optimistic outlook despite continuous global headwinds,” said Jeremy Zogby, Managing Partner of Zogby Strategies. “The latter two in particular appear to be fueling the optimism within industry.”
Xometry’s two-sided marketplace plays a vital role in the rapid digital transformation of the manufacturing industry, connecting enterprise buyers with manufacturers who build the big ideas that fuel the global economy. Xometry’s AI-driven instant quoting engine, cloud-based software and digital sourcing tools are deeply embedded with procurement managers, buyers and engineers on one side and thousands of manufacturers on the other side. Xometry’s proprietary technology shortens development cycles, drives efficiencies within corporate environments and helps stabilize supply chains to make them more resilient.
About John Zogby Strategies
A full suite veteran survey research company known for accuracy, quick turnaround and vast experience polling in 80+ countries covering a wide sector including politics, market research, branding, and trendspotting. Learn more at www.johnzogbystrategies.com.
About Xometry
Xometry (NASDAQ: XMTR) powers the industries of today and tomorrow by connecting the people with big ideas to the manufacturers who can bring them to life. Xometry’s digital marketplace gives manufacturers the critical resources they need to grow their business while also making it easy for engineers and purchasers at small and large enterprise companies to tap into global manufacturing capacity and create locally resilient supply chains.
Press contacts:
Illume PR for Xometry
xometry@illumepr.com
Matthew Hutchison
Global Head of Corporate Communications for Xometry
matthew.hutchison@Xometry.com
