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Industrial executives must clarify their ambitions for cognitive and ML technologies
HFS’ 2019 State of Industry survey results portray total confusion surrounding cognitive technologies and machine learning (ML) in the “industrial” space of manufacturing and energy (including oil and gas):
- The C-suite is investing in and paying attention to cognitive and ML technologies, but it’s not prioritizing them when pitted against other incentives like reducing operating costs; in fact, cognitive and ML technologies are the bottom priority for most.
- The technologies are clearly nudging their way up the list for executives, who want to invest even in the midst of their confusion.
- Our survey also highlights that uncertainty surrounding financial investments is a major barrier to the industrial sector achieving digital transformation outcomes, which is unsurprising considering the confusing aura surrounding cognitive and ML.
It’s time to give these technologies a dedicated place at the industrial C-suite’s table and in firms’ holistic strategies, or else risk failed projects, sunk investments, and falling behind the industry’s pioneers.
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