According to a recent study, leaders in automotive, aerospace, and industrial engineering in both the United States and Europe have been exploring how AI can be used in product development.(Shutter stock: Photo Contributor metamorworks)
The survey of automotive, aerospace, and industrial engineering leaders is said to be the first-ever study on the use of AI in product development.
Monolith, a provider of artificial intelligence (AI) software to top engineering teams, announced that the study commissioned by Forrester Consulting found that 67% of engineering leaders feel pressure to adopt AI.
The study titled “The State of AI in Engineering” surveyed 163 senior engineering leaders at multinational automotive, aerospace, and industrial/manufacturing enterprises in the US and Europe.
It revealed that engineering leaders who adopted AI are more likely to achieve increased revenue, profitability, and competitiveness for their employers.
The study sheds light on the challenges and priorities that engineering leaders face in the validation and verification stage of the development workflow, and how intelligent AI solutions can support them in achieving better results quickly.
The data also shows that 71% of surveyed engineering leaders need to find ways to accelerate product development to stay competitive, but 55% of them lack the required tools, and existing virtual validation and simulation tools are insufficient.
Furthermore, 82% of respondents noted that a one-month delay in product launch costs their business millions, or even billions, of US dollars.
Engineering leaders who have already implemented AI are 43% more likely to see an increase in revenue, profitability, and competitiveness than those who haven’t. Monolith is helping to democratize AI for engineering with its SaaS platform that uses no-code, machine-learning software, giving domain experts the power to leverage existing, valuable testing datasets for their product development.
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