Artificial Intelligence is benefiting to various industries including healthcare, education and manufacturing. But what is Artificial intelligence (AI)? In Layman language, a simulator of human intelligence, which makes the decision after analyzing various data utilizing a collection of different intelligent technologies including machine and deep learning, analytics and computer vision. The fourth industrial revolution is employing AI to enhance its overall efficiency. The technology is not only helping to reduce manufacturing cost as well as it is improving productivity and quality. Manufacturing is a capital-intensive process, and once a plant is a set-up, replacing, removing or renovating is exorbitantly expensive. New machines improve performance; reduce redundancies, while improving overall quality metrics. AI is proving an alternative route to achieve all this and at extremely competitive price points. Instead of now replacing machines, manufacturers are adding AI/ML tools to pre-inspect raw materials identify defects, perform quality evaluations, and a lot more.
Artificial Intelligence improves business capabilities in various ways. Adnan Masood, PhD., Chief Architect – AI / ML at UST, explains how AI is utilised in the manufacturing industry and the benefits it brings to organisations such as transforming operations and reducing costs. What benefits does AI bring to manufacturing? As a collective and sometimes rather omniscient term, Artificial Intelligence (AI) includes the capabilities of learning systems that are perceived as intelligent by humans. AI and Machine Learning (ML) technologies have become top priorities in manufacturing since they allow firms to alter business models, invent operational paradigms to support those models, and monetise information to achieve higher levels of productivity.
Manufacturing plays a big role in today's society. With the impact of the recent pandemic, the industry has shifted to a digital transformation and the oncoming of the industrial revolution 4.0. With the application of AI, companies have gained operational efficiency and increased production quality while reducing risk and improving safety. If I say the word "manufacturing," would it capture your attention? What if I mention Apple and their "California Streaming" event from a couple days ago?
Manufacturers are frequently facing different challenges such as unexpected machinery failure or defective product delivery. Leveraging AI and machine learning, manufacturers can improve operational efficiency, launch new products, customize product designs and plan future financial actions to progress on their AI transformation. A recent MIT survey revealed that 60% of manufacturers are using AI to improve product quality, achieve greater speed and visibility across supply chain, and optimize inventory management. Implementing AI in manufacturing facilities is getting popular among manufacturers. According to Capgemini's research, more than half of the European manufacturers (51%) are implementing AI solutions, with Japan (30%) and the US (28%) following in second and third.