Monolith, provider of artificial intelligence (AI) software to the world’s leading engineering teams, today announced that a new study commissioned by Forrester Consulting found that a majority of engineering leaders (67%) feel pressured to adopt AI. are more likely to achieve higher revenue, profitability and competitiveness for their employers who have them.
The new study, titled The State of AI in Engineering, represents a comprehensive and eye-opening deep dive into the current state and ideas of AI in engineering product development. United States and Europe. The study is the first of its kind in the field of engineering product development and highlights the key challenges and priorities that engineering leaders face in the validation and verification phase of development workflows, and how intelligent AI solutions can help them achieve better can do. Result. , faster.
“The perfect storm is brewing in engineering as market trends around sustainability and digitization are creating even more complex physical problems that current verification and test methods cannot solve,” said Dr. Richard Ahlfeld, CEO and Founder of Monolith Are.” “As the data from this study shows, engineering leaders are at a fork in the road to innovate in new ways as the pressure mounts to remain profitable and competitive.”
In an industry where rapid development of innovative and effective solutions is paramount, engineers feel pressure to get products to market quickly; In fact, data from this new study shows that 71% of engineering leaders surveyed indicated they needed to find ways to accelerate product development to remain competitive.
Adding to the challenge, new data shows that many engineering leaders feel unprepared to make changes, with more than half (55%) of respondents saying they lack the tools they need and that simulation and verification tools are not available. Virtual is insufficient.
The severity of the impact of these deficiencies on business success is clear to engineering decision makers, with 82% of respondents saying that a one-month product launch delay costs their business millions, or even billions, of US dollars.
While existing simulation and physical test methods do not meet the needs of engineers to get product designs through validation, industry leaders are increasingly focusing their efforts on AI to create highly responsive solutions that are effective for the market and achieve commercial success. Ideal position to take advantage of. According to research, engineering leaders who have already implemented AI are 43% more likely to see increased revenue, profitability, and competitiveness than those who have not.
Despite the power of AI to deliver significant results for companies in the engineering industry, many engineering organizations are missing out on the full potential of advanced AI technology; Less than 19% of engineering leaders reported using unsupervised learning algorithms to analyze current or historical test data, and less than half used any of their engineering test data.
Monolith is democratizing AI for engineering with its SaaS platform because it uses no-code machine learning software, empowering domain experts to leverage valuable existing test data sets for their product development. The platform analyzes and learns from this information, using it to generate accurate and reliable predictions that help engineering teams reduce costly, time-consuming prototyping programs and develop high-quality products in half the time. make capable.
Dr. Ahlfeld added: “With AI, engineering domain experts can quickly understand complex physics and make predictions quickly, allowing them to test less, learn more, and get to market much faster. Forrester The new insights we uncovered through the study underscore just how important the widespread implementation of technologies such as AI has become. The industry needs to take the necessary steps now to prepare for a data-driven future. “