AI-powered marketplace Xometry (Nasdaq: XMTR) announced today that it will extend its Xometry Instant Quoting Engine to include instant quoting of inserts, multi-part assemblies, and an expanded range of sheet-cutting processes. The upgraded features will offer instant pricing and lead times on various manufacturing services, thereby speeding up Xometry’s assembly production.
The global marketplace, which connects enterprise buyers with manufacturing service suppliers, has AI technology at its core. This enables the evaluation, creation, and implementation of new features continuously. Furthermore, the recent introduction of auto-generated quotes for parts with multiple finishes demonstrates this commitment to innovation.
Commenting on the latest announcement, CEO Randy Altschuler said, “Our machine-learning algorithms give us unique insight into 3D design data and other important variables. As a result, we’re able to continuously evaluate, build, and roll out new features, including for assemblies. We’re driving a fundamental paradigm shift in manufacturing, and our AI-driven quoting engine is fueling it.”
The newly expanded features will allow buyers to auto-quote CNC, sheet metal, and sheet-cut parts with standard inserts. Additionally, it will enable buyers to isolate and specify individual parts on multi-part files or assemblies. Expanded sheet-cutting options will include a broader array of metal, composite, and rubber materials.
In the context of this digital transformation, Xometry’s AI-driven Instant Quoting Engine, cloud-based software, and digital sourcing tools are fundamental components of the manufacturing industry’s digital transformation. These tools connect enterprise buyers with manufacturers, says Xometry, driving efficiency and stabilizing supply chains.
In line with these technological advancements, a recent American Manufacturing Resurgence survey by Xometry in partnership with Forbes and veteran polling firm John Zogby Strategies revealed that 80% of CEOs plan to incorporate AI into their operations within two years. This statistic underscores the sector’s rapid digitization and the evolving role of AI in enhancing business operations.
The survey also highlighted that American manufacturing CEOs are rapidly adopting AI, with a significant 61% having already deployed or actively incorporated this transformative technology. Remarkably, almost 70% of these CEOs reported an almost immediate return on investment (ROI) on their AI initiatives. This swift ROI realization likely underpins the accelerated adoption observed over the past months; in the previous survey, only 51% of CEOs were actively utilizing AI. However, by the time of this survey, this figure had jumped noticeably to 61%.
According to the survey, the benefits of AI adoption go beyond immediate financial returns. AI allows manufacturers to analyze large volumes of data, identifying patterns and trends to manage logistics better and meet customer needs. The June 2023 American Manufacturing Resurgence survey discovered that most CEOs plan to leverage AI primarily for procurement and supply chain management. This trend aligns with Xometry’s AI-powered marketplace, which uses machine learning to provide instant, data-driven quotes, bolstering supply chain efficiency and transforming the procurement process.
“For the first time in our polling, AI has pulled even with automation as the #1 investment CEOs are making to drive efficiency, strengthen supply chains, and get goods to market faster,” added Altschuler. This reflects the growing dependence on AI in the manufacturing sector and fortifies Xometry’s position at the forefront of this technological revolution, accurately described as Industry 4.0.
However, despite these technological advancements, the industry faces economic challenges. The same poll also revealed that 91% of manufacturers plan to raise prices in the second half of 2023, indicating potential inflation as the U.S. economy enters the latter part of the year.
In the political spectrum, ahead of the upcoming U.S. presidential elections, 78% of the poll respondents backed current federal policy on manufacturing and President Joe Biden’s manufacturing policies. This feedback indicates clear support within the manufacturing sector for the incumbent administration. If anything, these survey results highlight the manufacturing industry’s complex landscape, characterized by technological advancement, economic fluctuations, and political dynamics.
The synergy between Xometry’s latest expansion and the survey results paints a vivid picture of the evolving manufacturing landscape. As Xometry’s AI-powered marketplace expands its offerings, it addresses the increasing demand revealed by the polls for more automated, efficient, and AI-integrated solutions. Furthermore, the survey indicates that the prospect of an “industry-wide price hike” emphasizes the value of Xometry’s automated, instant pricing mechanism. This feature not only provides manufacturers with the tools needed to navigate potential inflationary tendencies but also helps them to adapt and stay competitive in a rapidly digitizing sector.
At the same time, the positive attitude towards government regulations expressed in the survey signals a supportive environment for AI-driven marketplaces like Xometry to thrive. Xometry is well-positioned to lead the way toward a more connected, efficient, and resilient manufacturing industry. Moreover, the combination of these trends shows Xometry’s key role in helping shape the future of manufacturing—an exciting future driven by innovation and, most importantly, backed by AI technology.
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