Published on April 9, 2024, 12:33 am

Australian Manufacturers Embrace Generative Ai To Boost Productivity Levels

Australian manufacturers are increasingly turning to Generative AI, or GenAI, to enhance productivity levels. While the focus on AI has primarily been within creative and tech spheres, its integration into various sectors is gaining momentum.

Research by Rockwell Automation highlights that Australian manufacturers are embracing GenAI with growing enthusiasm. GenAI offers advantages such as creating new product designs, optimizing business processes, and facilitating product development and testing in a virtual setting. The incorporation of Causal AI, which learns cause-and-effect relationships to enhance GenAI models, presents significant potential for boosting productivity in companies.

According to Rockwell Automation’s 2024 State of Smart Manufacturing Report (SoSM), a substantial 89% of Australian manufacturers have either already adopted or plan to integrate GenAI within the next two years. This trend signifies a notable shift towards the adoption of advanced technologies in the manufacturing sector.

Anthony Wong, the regional director for South Pacific at Rockwell Automation, notes that Australian companies are swiftly adopting GenAI and Causal AI, with further expansion anticipated in the near future.

The Tech Council of Australia suggests that the implementation of GenAI could result in economic value ranging from $45 billion to $115 billion by 2030. This forecast becomes crucial given the demographic changes affecting the workforce.

A study by McKinsey indicates that integrating Generative AI could potentially increase Australian labor productivity annually between 0.1% and 1.1% through 2030. The implications of this technology on productivity growth underscore its significance for the future landscape of manufacturing in Australia and beyond.

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