The Role Of Artificial Intelligence In Manufacturing - AI Summary

Beyond hypes and fads, AI works because it amasses significant benefits for the manufacturing sector, such as enabling smart production, developing predictive and preventative maintenance, offering supply chain optimisation, improved safety, product development, and optimisation, facilitating AR/VR (Augmented and Virtual Reality), cost reduction, quality assurance and enabling green operations (energy management), to name a few. Manufacturing companies are adopting AI and ML with such speed because by using these cognitive computing technologies, organisations can optimise their analytics capabilities, make better forecasts and decrease inventory costs. We see that scaling AI implementations beyond a proof-of-concept (POC) level remains one of the biggest challenges in manufacturing, as well as other industries including but not limited to logistics, healthcare, insurance, finance and audit. For instance, even when people are aware that the inventory recommendations for raw materials or deliverables are accurate, they feel more comfortable holding a little extra stock or to be a little protective in the supply chain. Digital twins work by essentially evolving profiles of past and current behaviours of physical objects or processes that can be effectively analysed to optimise business performance.