Impending Benefits of Artificial Intelligence in Manufacturing

Impending Benefits of Artificial Intelligence in Manufacturing

By Manufacturing Technology Insights | Wednesday, May 27, 2020

 Benefits of Artificial Intelligence in ManufacturingAI-powered agents and machines will be more favored over humans for such jobs. Manufacturing systems are an instance that can make use of this benefit.

FREMONT, CA: Alternatives to modern Artificial Intelligence (AI) approaches comprising machine learning include manual labor and rule-based systems. AI systems can outshine both alternatives in terms of speed, cost, and effectiveness in most areas.

Rule-based systems are superior to modern AI solutions, where it is probable to devise a fixed set of rules to solve a problem or make the optimal choice. Manual labor is more preferred to modern AI solutions as they do not yield ample Return on Investment (ROI). This is likely to occur in cases where:

• Humans have a lower error rate, and mistakes are expensive.

• Process completion pace is not essential.

• Process expenses are so low that AI investment does not make sense.

In business, three metrics are essential—cost, speed, and effectiveness, which help in classifying the following advantages.

Faster process completion

Speed is crucial, particularly in customer-facing processes. Machines facilitate faster processes by completing tasks faster and by working 24/7.

Continuous Work

Unlike humans, machines can work without any breaks. Hence, for tasks that need long working hours, the agents can continuously work to finish their tasks. AI-powered agents and machines will be more favored over humans for such jobs. Manufacturing systems are an instance that can make use of this benefit. Fully automated smart factories would speed up and offer continuous production.

Cost Reduction

Most AI models are free to run once they are manufactured and are more economical than manual labor at scale. Regardless of low cost to function, AI systems can be expensive where they introduce more mistakes than alternatives and where the cost of errors is high. Also, in most business processes, errors already subsist and are endured, making AI-powered systems economically reasonable.

Personalization

Individuals can make accurate, personalized suggestions, but manual propositions are expensive and time-consuming. AI-powered alternatives are more cost-effective and faster, and AI agents can collect the users’ data to serve them individually. Firms can track their customers’ preferences and make precise recommendations for more transactions. These proposals bring more profit and enhance customer satisfaction, as most users enjoy a personalized experience.

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