Artificial intelligence, the technology that refers to smart machines capable of human-like intelligence and executing tasks that would generally necessitate human involvement, has enjoyed quite a bit of popularity in the world off late. Don’t get us wrong — all of it is indeed warranted. So much so, that it is now hard to think of an industry that is not using artificial intelligence to its benefit. Yep, even a traditionally manual sector such as manufacturing has also found an excellent use for artificial intelligence and data science. The conventionally technology-forward industry has been so enthusiastic about artificial intelligence that experts believe its share in the manufacturing industry will grow to $17.2 billion by 2025 from a meager $1 billion in 2018.
Staggering potential, isn’t it? But at the risk of sounding repetitive — none of this is without reason. Accenture’s recent study believes that by 2035, artificial intelligence-driven tools and solutions will help companies achieve a 40 percent increase in employee productivity. In the context of the manufacturing sector, this would mean reduced design times, automation of quality assurance, better quality control, and so much more. Now let’s take a closer look at some of the other benefits the manufacturing stands to gain with artificial intelligence.
Predictive maintenance: Did you know that machine downtime can cost manufacturing companies across the globe as much as $467 billion every year? There is a great need for better maintenance of machines, which is achieved via AI-driven predictive maintenance. This means that companies can determine precisely which device needs service & maintenance and when. It involves analyzing machine sensor data, data about the weather, maintenance records, etc. to decide when the machine will require service.
Improved quality assurance: Of course, top quality remains a crucial concern for manufacturing companies. This squarely focuses on quality assurance, another part of operations that artificial intelligence can help with. With help from data, images, and other relevant input, AI can identify patterns, even the most minute flaws, and other such factors that affect the product’s quality. It can also help understand why these quality issues are happening and what can be done to address said issues.
Better supply chain: Yet another critical aspect of a manufacturing company is the supply chain. Of course, AI can help with that too, allowing companies to ensure optimal supply chain management, sales volumes predictions, risk management, etc. The insights gained from the close analysis of data from all viable sources allow companies to optimize their supply chain according to the market demand, fine tune business strategies, etc.
It is clear to see that artificial intelligence has much to offer to this sector in particular. And suppose you too want to take advantage of this technology. In that case, we recommend you find a trusted technology partner and get started with your custom manufacturing software development project right away.