AI isn't just about making technicians more productive. It unlocks the skilled labor shortage and enables companies to drive growth. More ramped technicians means more revenue!
AI presents a revenue generating opportunity in industrial companies. Honeywell’s CEO Vimal Kapur nails it in this CNBC interview. Why? For service businesses the biggest constraint to growth is recruiting, ramping and retaining skilled labor. “The AI opportunity for Honeywell is creating a new labor pool that can learn and work alongside AI and accumulate and deploy institutional knowledge much faster. He said the 15 years of experience traditionally required for a human to handle a complex role can be accomplished at the same level by someone with five years of experience working with two AI co-pilots.” Faster ramp times unlock revenue and growth. But there’s a bigger point here. AI in the mainstream consciousness is about providing documented information back to skilled labor so they spend less time looking for it. But I think, an industrial company's institutional knowledge is the most valuable asset they have. It is their intellectual property. This is data or information that hasn’t been documented for the past century. And the hard reality is that institutional knowledge is lost when experts retire. . Kapur referenced the decline in birth rates impacting the labor shortage. An even more pressing issue is the decline of baby boomers in the industrial workforce due to retirement. These experts with 15 years of expertise are what these businesses are built upon. Our customers have tried everything to capture this knowledge from mentorship programs to video crews following around their experts explaining things. However, these traditional methods are largely analog. AI-powered tools now offer a far more user-friendly solution, allowing companies to not only capture but also analyze, organize, and scale their institutional knowledge with unprecedented efficiency. By leveraging AI, businesses can transform the way they preserve expertise, ensuring that critical insights are accessible, actionable, and continuously evolving even as experienced technicians move on.