The Vast Majority Of Manufacturing CEOs Say AI Is Delivering Strong ROI As Reshoring Continues To Accelerate, According To Latest Quarterly ‘American Manufacturing Resilience’ Poll With Forbes, Xometry And John Zogby Strategies
Q4 2023 American Manufacturing Resilience Survey The Vast Majority Of Manufacturing CEOs Say AI Is Delivering Strong ROI As Reshoring Continues To Accelerate, According To Latest Quarterly ‘American Manufacturing Resilience’ Poll With Forbes, Xometry And John Zogby Strategies 70% of Manufacturing CEOs Have Seen Immediate ROI On Their AI Investments CEOs Using AI To Strengthen Supply Chains, Simplify Procurement, Increase Quality Control And Accelerate Automation Three Quarters Of CEOs Have Reshored Some Or All Of Their Operations, Up From 48% Last Quarter Zogby-Q423-Survey-Graphic NORTH BETHESDA, Md., Oct. 25, 2023 (GLOBE NEWSWIRE) — Nearly 70% of manufacturing CEOs who have invested in AI technologies within the last year have seen a significant ROI in key areas such as supply chain management, quality control and procurement, according to the latest American Manufacturing Resilience quarterly survey by Forbes, Xometry and veteran polling firm John Zogby Strategies. The poll, which tracks CEO and decision-maker sentiment at more than 150 leading companies nationally, shows CEOs are deploying AI in multiple areas across their organization. The overwhelming majority (76%) said they are deploying AI in supply chain management, followed by procurement (71%), quality control (47%) and automation (37%). Nearly all CEOs surveyed said AI will play a role in their company in the next one to two years. Those CEOs who have yet to see a return on their investment in AI are unanimous in their confidence that AI will deliver much-needed financial, workflow and other benefits in the near future. The rapid rise in AI adoption coincides with continued accelerating reshoring efforts, the survey finds. Three-quarters (76%) of CEOs have successfully reshored some or all of their overseas facilities or are in the process of doing so. That figure is up significantly from the 48% of CEOs in Q3 who said they are in the process of reshoring and up from 35% in Q2. Eighty-three percent of CEOs say the health of American manufacturing depends on reshoring. “Our latest quarterly survey shows us that AI and reshoring go hand-in-hand,” said Randy Altschuler, Xometry CEO. “As reshoring continues to accelerate, CEOs are using AI to create locally resilient supply chains, simplify procurement and streamline their operations. This reinforces the fact that American manufacturing increasingly is the new high-tech industry, requiring sophisticated tools and talent as companies look to bolster industry here at home.” As American manufacturing becomes more high tech, CEOs remain worried about attracting highly skilled talent. More than half (56%) of CEOs said they struggle finding qualified employees in today’s tight labor market. Additionally, nearly half (47%) of CEOs said they plan to hire additional employees in the near future with the other half (51%) maintaining existing staffing levels.
