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If you are a major manufacturer in 2020 and you have employed the likes of Deloitte, McKinsey or PWC, it is safe to assume that they have advised you to invest big in artificial intelligence and machine learning. According to reports by Deloitte and McKinsey, machine learning improves product quality and has the potential to double cash flow. Let's take a look at three global manufacturers who are already on board. SEE ALSO: Introduction to machine learning in Node.js Siemens is the largest industrial manufacturer in Europe, and whether they are putting together planes, trains or automobiles, their goal is to solve production challenges efficiently and sustainably.

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All rights reserved • PwC refers to PricewaterhouseCoopers Consulting (Australia) Pty Limited, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. The content on this site is provided by PwC for general information purposes only. It is not advice and should not be used as a substitute for consultation with professional advisers.

Artificial Intelligence (AI) also known as machine learning has come a long way in the recent few years. Instead of being a subject of discussion, it has become a reality. There has been ready integration of AI across a large number of industries. This has given rise to several AI development companies across the world. These AI consulting firms offer services to their clients and help with the integration of AI in their operations.

Perhaps you've embarked on a pilot program that applies technologies and techniques such as machine learning, natural language processing and computational intelligence to solve a specific business challenge. Over time, if the pilot yields solid results, you'll want to continue the initiative. The key is to determine what's next--how to expand the value--and that requires successfully scaling the AI effort. What does it mean to scale AI? Basically, it's extending an AI capability from an initial pilot program to the widest strategic scope and impact, bringing the most value to an organization. But at too many companies, AI initiatives hit major roadblocks after the proof of concept, even as executives recognize that scaling AI is a major priority.

Artificial intelligence is one of the hottest topics in the business world, and speculations about its potential effects abound. Professional services giant PwC claims AI could add nearly $16 trillion to the world economy by 2030. The consultancy group McKinsey predicts $13 trillion in the same time frame. Quibble over a few trillion dollars if you'd like, but the fact remains that AI is going to be an important technological advancement that businesses will need to incorporate to stay competitive. The investment into AI technology is enormous.

Innovation in compliance can come in many forms. One such form was described by Vincent M. Walden, Managing Director at Alvarez and Marsal Holdings, LLC (A&M), in his article entitled "Profit & Loss-of-One"(P&L-of-One). In it, Walden detailed how he and his then colleagues at Ernest & Young (EY) worked in conjunction with the General Electric (GE) compliance function to "improve compliance by using forensic data analytics to provide behavioral insights to their compliance program." They did this through the innovative use of "digital twins" which Walden described as "digital replicas of physical assets that organizations can use for multiple purposes such as the maintenance of power generation equipment, jet engines and heavy machinery." In a more expansive definition, the consulting firm Gartner, Inc. described "digital twins" as dynamic software models of physical things or systems.

Artificial intelligence is one of the hottest topics in the business world, and speculations about its potential effects abound. Professional services giant PwC claims AI could add nearly $16 trillion to the world economy by 2030. The consultancy group McKinsey predicts $13 trillion in the same time frame. Quibble over a few trillion dollars if you'd like, but the fact remains that AI is going to be an important technological advancement that businesses will need to incorporate to stay competitive. The investment into AI technology is enormous.