Artificial Intelligence (AI) is by no means an alien concept. It has been around for a while now. With the potential to enhance human capabilities, AI can streamline the somewhat anarchic business arena. Recent developments made in the technology horizon like big data, cloud computing and improved machine learning algorithms has thrust AI into the mainstream. Insights in real time and AI driven reasoning have assisted businesses with revenue growth and surge in market shares faster than their contemporaries in diverse sectors like finance, healthcare, ecommerce, and utilities. According to a survey in a reputed magazine, 92% of senior executives believe that AI can help in increasing productivity and can enable the employees to work smarter.
These days, manufacturers are banking heavily on IoT to create new products and services that can significantly lower down production costs in the long run. However, IoT deliverance is just one step towards manufacturing excellence. The full potential of IoT can only be realized when AI is combined with data collected from connected devices, to enable smart manufacturing.
AI’s existence strives to make our lives better and easier. There are numerous benefits of artificial intelligence offered to a manufacturing organization.
• Informed decisions at every step
Given the right inputs, AI can make several informed decisions at different stages of production in real time
• Spotting defects in the production line
Any defect in the production line can be identified immediately by sensors. The data collected by the sensors is fed to the cloud which verifies the defect and the defective part is removed from the line
• Cost-effective solution
As the issues would be resolved as and when they occur, it would save millions of dollars that could have resulted from repairs, recalls and lost businesses
• Future rewards
With the evolution of use cases, AI would be the driving factor in all areas of a company. This can increase productivity, reduce time and costs for the customers.
The aforementioned intelligent insights would transform into long term tangible outcomes. Smart Manufacturing has come a long way and requires the assistance of AI to survive. As technology rises to an all time high, manufacturers would need to invest in AI for successful business sustainability.
See Also: The Manufacturing Outlook