In an era that has been dominated by the rise of the Internet of Things (IoT) and predictive analytics technology, it was also surprising to find that only 15% of 250 managers polled placed predictive engineering as a business priority for the next five years, said HSO.
Furthermore, a quarter of respondents believed that a lack of integrated technology across different departments was the main reason for not implementing predictive engineering.
However, the study did reveal that more than four-in-10 managers felt that the rise of IoT technologies was crucial to driving predictive engineering, with artificial intelligence and machine learning also being rated as important factors.
The rise of IoT technologies
More than half (56%) of those using predictive engineering to help make their processes more efficient stated that they were benefitting from significant cost reductions, while 45% were seeing an increase in the speed of product development.
“It is surprising to find that a large majority of managers within the manufacturing industry feel that their firms [are] failing to successfully implement predictive engineering technology,” said Mark Breeden, senior account manager at HSO.
“The research indicates that this is a missed opportunity for businesses with many respondents that use predictive engineering revealing significant cost reductions and increased product development.”