“Spotlight on the Future 2024” Report Indicates PLM Users are Better Positioned for AI Integration

Andover, Mass. - April 9, 2024 - Aras, a leader in product lifecycle management (PLM) and digital thread solutions, announced today findings from its report, "Spotlight on the Future 2024," highlighting that nearly 80% of industrial companies lack the knowledge or capacity to successfully use artificial intelligence (AI).

Despite this unpreparedness, 84% of companies expect AI to provide new or better services, while 82% expect an increase in quality. These findings come from Aras' recent global industry study in which 835 executive-level experts across the United States, Europe, and Japan were surveyed.

"Adapting and modernizing the existing IT landscape can remove barriers and enable companies to reap the benefits of AI," said Roque Martin, CEO of Aras. Current gaps in the industry according to Aras' global study, include capacity bottlenecks 79%, lack of knowledge 77%, reliance on isolated IT applications 75%, and existing data quality concerns 70%.

The findings from the report suggest that augmenting product lifecycle management (PLM) with AI leads to improved effectiveness. Some 75% of respondents noted AI's influences on their PLM strategy, while 2/3 of respondents said that their current PLM platform and data infrastructure is well-prepared for AI technologies.

Martin added, "Companies that are already using a flexible and modern PLM are much better prepared for the challenges of new, data-intensive technologies, leveraging AI to their benefit."

The Role of Data Quality in Maximizing AI Effectiveness
Study participants rely primarily on datasets such as product data, quality control data, production data, or customer data. Many survey respondents acknowledge their data quality is not enough to achieve their company's goals. As a result, 51% of respondents are intensifying their efforts to improve production, while 46% are looking at services data, and 45 percent are paying special attention to research and development datasets. These findings show a growing recognition of the important role that high-quality data plays in driving successful AI use within enterprises.

Martin said, "A more proactive and company-wide AI integration, from development to production to sales is what is required." The majority 84% of participants predict additional or advanced services using AI, while 82% expect higher quality and reliability, highlighting opportunities and benefits for companies and customers."

About the study
The "Spotlight on the Future 2024" study, conducted in December 2023, surveyed 835 executives from Europe, the United States, and Japan. The survey participants are from companies with a minimum turnover of $43 million in the automotive, aerospace & defense, mechanical engineering, medical technology, chemical, pharmaceutical and food industries. The study is available for download here.

About Aras
Aras is a leading provider of product lifecycle management and digital thread solutions. Its technology enables the rapid delivery of flexible solutions built on a powerful digital thread backbone and a low-code development platform. Aras' platform and product lifecycle management applications connect users in all disciplines and functions to critical product data and processes across the lifecycle and throughout the extended supply chain. Visit www.aras.com to learn more and follow us on YouTube, X, Facebook, and LinkedIn.