- Quality Magazine’s 23rd Annual Spending Study, conducted by Clear Seas Research, found that companies are spending more on artificial intelligence (AI) and automation.
- The top concerns among quality professionals were the current economy/inflation, skilled labor shortages, and supply chain interruptions.
- The spending on software is also expected to rise, with 43% of companies budgeting less than $20,000 for software applications in 2023, but 54% anticipating an increase in 2024.
Quality Magazine’s 23rd Annual Spending Study, conducted by Clear Seas Research, found that companies are spending more on artificial intelligence (AI) and automation. According to the survey, there is a notable increase in spending on AI, with 55% of companies planning to raise their investment in 2024. Additionally, 46% of companies currently use automation, while 8% use AI. The survey also included respondents from various manufacturing operations, predominantly in assembly (67%) and machining (59%), and from locations across the U.S. Most respondents were from companies with fewer than 250 employees at their location.
The top concerns among quality professionals were the current economy/inflation, skilled labor shortages, and supply chain interruptions. Business stability, goals, and issues like employee attendance and IT cybersecurity with remote employees were also significant concerns.
Regarding the importance of quality, 48% of respondents felt it had increased in the past year, while 49% said it remained the same. The accuracy of budget projections was also assessed, with 63% reporting their actual spending matched their projected spending.
Looking at specific purchase plans, 66% of respondents intended to buy general-use test/measurement/inspection equipment, and 65% planned to purchase gages and gaging systems in fiscal 2024. Other significant purchase categories included product testing equipment, software, automation, consulting and training services, and optical inspection and measurement equipment.
The article provides detailed insights into the budgeting and spending expectations for various equipment categories, highlighting the stable demand for specific items and the anticipated increases in others. For example, budgets for gages and gaging systems, optical inspection and measurement equipment, and color and coatings thickness equipment are expected to remain steady or increase slightly.
The spending on software is also expected to rise, with 43% of companies budgeting less than $20,000 for software applications in 2023, but 54% anticipating an increase in 2024. The survey also touching upon the importance of consulting and training services, with a majority expecting their spending to remain the same, though some anticipate an increase.
Leave a Reply
You must be logged in to post a comment.