Honeywell research finds applications of AI in the industrial sector-amikonpower.com

Honeywell research finds applications of AI in the industrial sector

September 02,2024

Honeywell research finds applications of AI in the industrial sector

Charlotte, North Carolina, USA, July 29, 2024 - Honeywell (NASDAQ: HON) today released the results of its Industrial AI Insights global survey, revealing the state of artificial intelligence (AI). While only 17 percent of global decision makers have fully implemented their initial AI initiatives, more than 90 percent of respondents said they are finding more unexpected new use cases, whether in the prototyping, start-up, or scale-up phases of AI implementations.
AI unlocks workplace advantages

When it comes to the impact of AI on the workplace, nearly two-thirds (64%) of respondents cite increased efficiency and productivity as one of the top advantages. 60% of respondents said AI improves cybersecurity and threat detection. 59% of respondents said they generate real-time data to optimize decisions.
But many also mentioned a few other advantages they considered, including:
Increased flexibility (49%)
Increase job satisfaction (45%)
More time for skills development and creative thinking (44%)
Improving workplace safety (39%)
With a wave of retirements looming and a shortage of young workers, skills development is critical to today's economy. AI can help employers promote and retrain employees faster. AI will drive industrial change, enabling employees to perform higher levels of work and have higher job satisfaction, while increasing productivity and addressing skills shortages.

The future direction of AI
Despite the enthusiasm for AI applications, several challenges remain on the road to full adoption. More than a third of respondents (37%) believe that their company's senior management does not understand how AI works at all. Nearly half (48%) of respondents say they need to continually demonstrate the importance of AI or apply for the resources needed to implement AI initiatives.
"Businesses of all types recognize that AI is transforming our world and creating new possibilities. For building operations such as hospitals, campuses and offices, this is clearly the future. AI's ability to coordinate and control the use of HVAC, lighting and electricity helps improve the safety, operational capability and sustainability of buildings, "said Billal Hammoud, president and CEO of Honeywell Smart Building Technologies.

All of this suggests that the pace of transformation can only be accelerated by providing compelling use cases and measurable improvements in business performance. As new solutions demonstrate clear benefits in terms of productivity, safety and reliability, AI adoption will increase dramatically and has the potential to transform industrial operations.

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