AI Drives Austrian Industry Profits, EU Steps In With New Regulations
AI, also known as artificial intelligence, is transforming Austrian industries, with manufacturing companies and startups reaping significant profits. However, global challenges persist, and the EU is stepping in with new regulations.
At the VDMA Austria AI practice day, hosted by KEBA Group in Linz, Austrian manufacturers showcased AI's potential. Mittelstand companies, in particular, are seeing high profits from AI-based production optimization and operational technology security.
Meanwhile, 95% of companies worldwide have invested in AI, but only 21% primarily use it for innovation. Instead, most focus on efficiency gains, resource optimization, and improved customer service. This shift is evident in Europe, where 56% of companies report positive financial effects, with an average of 6.24 million euros in additional profits or savings.
However, the 'People Readiness Report' by Kyndryl reveals a gap in workforce readiness, with 71% of leaders acknowledging their teams are not fully prepared to harness AI's potential. Data protection concerns, ethical questions, and job displacement are major hurdles in AI adoption.
Companies that involve employees in their AI strategy gain a competitive edge. In Austria, 47% of companies have seen increased profits or reduced costs through AI, up from 34% last year. The EU AI Act aims to create uniform regulations, with 61% of respondents expecting positive effects on their companies.
AI is driving profitability in Austrian industries, with manufacturing and startups leading the way. While challenges persist, the EU's AI Act promises to streamline regulations, potentially boosting AI's positive impact on companies.
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