REPEAT - 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
26 October 2023 - 5:42AM
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.
Despite geopolitical, inflationary and other threats, CEOs
remain optimistic. Nearly three-fourths (70%) said they are on
track to beat last year’s sales, and nearly two-thirds (65%) said
the future remains bright. Still, executives are concerned about
‘black swan’ events, including international conflict, banking
instability and other unforeseen events, such as another pandemic.
Inflation remains persistent, as well: Ninety percent say they are
likely to raise prices again before the end of the year, on top of
the 80% who have already done so this year.
To download a summary of the survey, please visit
https://www.xometry.com/resources/blog/manufacturing-resilience-q4-ceo/.
Xometry’s two-sided marketplace is playing 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 proprietary
technology shortens development cycles, drives efficiencies within
corporate environments and helps stabilize supply chains to make
them more resilient. Xometry’s product portfolio includes its
industry leading digital marketplace, popular Thomasnet.com
industrial sourcing platform and cloud-based tools, including
Workcenter, a manufacturing execution system that helps small and
medium manufacturers digitize every aspect of their shop.
About XometryXometry’s (NASDAQ:XMTR) AI-powered
marketplace, popular Thomasnet industrial sourcing platform and
suite of cloud-based services are rapidly digitizing the $2.4
trillion manufacturing industry. Xometry provides manufacturers the
critical resources they need to grow their business and makes it
easy for buyers to access global manufacturing capacity and create
locally resilient supply chains. The Xometry Instant Quoting
Engine® leverages millions of pieces of data to quickly and
effectively analyze complex parts in real-time, match buyers with
the right suppliers globally and provide accurate pricing and lead
times. Through its extensible marketplace, Xometry continuously
scales its offerings, delivering an ever-expanding menu of
manufacturing capabilities. Learn more at www.xometry.com or follow
@xometry.
Media Contacts:Matthew HutchisonVP, Global
Corporate CommunicationsMatthew.Hutchison@Xometry.comIllumePR for
Xometryxometry@illumepr.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b076a60e-47f1-408e-aceb-c76558d42042
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