Artificial Intelligence in Manufacturing
McKinsey forecasts that “smart factories” will generate as much as $3.7 trillion in value by 2025. How can AI solutions help you grow and expand your business in the manufacturing sector? What kind of cost and time optimization can Machine Learning solutions create for your business and help you get the edge over the competition?
You can see how valuable the application of AI solutions in manufacturing can be through the example of Amazon. As a McKinsey Report says: “Amazon has achieved impressive results from its $775 million acquisition of Kiva, a robotics company that automates picking and packing”, according to the McKinsey study. “Click to ship” cycle time, which ranged from 60 to 75 minutes with humans, fell to 15 minutes with Kiva, while inventory capacity increased by 50%. Operating costs fell an estimated 20%, giving a return of close to 40% on the original investment.
AI solutions create endless opportunities in every industry starting from healthcare, finance, education, retail, telecoms, gas & oil and transportation to militaries, governments and manufacturing. Stanford University professor Andrew Ng says that “Factories Are AI’s Next Frontier.” Let’s go deeper into the business opportunities that AI creates in manufacturing.
Innovation and Revenue
AI solutions can save companies millions every year. For example, they can provide savings to steel companies through the reduction of the use of expensive materials like ferroalloys and the prevention of “mill scaling” – the unwanted oxidation of steel. This can be achieved through the deployment of AI-powered sensors.
AI solutions can help you in maximizing efficiency by using predictive analysis via dozens or millions of sensors, components and specialty tools that are involved in business processes. Finding correlations between each part in such complex processes, preventing unwanted situations like costly machine breakdowns, reducing waste, preventing mistakes and boosting industrial output – this is only the tip of the iceberg when it comes to the opportunities for your business. Other types of AI solutions like self-driving vehicles and industrial robotics, analysis of large datasets and predictive maintenance will have a huge positive impact on your business growth. You can also improve work safety by replacing humans with robots in unsafe environments or make them play a positive role in human-robot cooperation. AI systems that are constantly learning and flexible can boost profits too.
Predictive Maintenance & Assets Utilization
“If you don’t have the right sensors and the right data, you can’t even begin to get on this journey…this is where the insight is going to come from, and you cannot build a brilliant factory without insight”, said Bill Ruh, CEO of GE Digital ($6 billion unit of General Electric). AI solutions are far more effective in finding microscopic defects in products like circuit boards at resolutions well beyond the limits of human vision. Detecting inefficiencies, finding possible issues before they emerge and anticipating delays and breakdowns are valuable to manufacturing processes. AI solutions also bring down labor costs, increase production speed, improve transition times and more.
An example is a system created by DeepMind for Google: “Using a self-managing system, dozens of thousands of servers in the server rooms now have direct, up to date access to the settings of cooling and energy supplies provided by the system. The solution reduced the amount of energy used for cooling by 40%, as well as electrical losses and other non-cooling inefficiencies by 15%.”
Supply Chain and Logistics
According to research from TrendForce, the market for smart manufacturing tools is expected to hit $250 billion by 2018. Examples of companies using AI solutions include Siemens, GE, Procter & Gamble and Amazon. “There’s nothing for us that could be more strategic to the company than to really drive better efficiencies and a better end-to-end operation in our supply chain,” said Jim Fortner, P&G’s Vice President for Information Technology and Services. Applying AI solutions not only allows your business to survive, but it can also help you in finding new markets and leave your competitors behind. AI solution that track every part of the process starting from design, engineering, manufacturing, supply chain, distribution to services and creating intelligent systems will help you stand out in the market, find new business opportunities and speed up your growth.
Employee Productivity Improvements
You may have heard about how Google Now, Siri, Alexa or other personal assistants created by tech giants like Google, Apple, Amazon, Microsoft and Facebook can help you in everyday life. But going deeper and creating more advanced assistants to support your employees and optimize their time can be especially useful in sales departments and in product development. Our Assistant helps you to boost employee productivity, which means that you reach your goals and strategic plans faster. This solution helps your employees to create the results you want faster and these kinds of solutions are very easy to use. Finding correlations between the best experts in your company also helps you in the hiring process by supplying knowledge about the patterns and which candidates are suitable for a position.
As we mentioned before, you don’t need to be an AI expert to benefit from this field – that’s what we are for. Let’s talk about your needs and plans so we can create complex, complete and easy-to-use solutions that you will love to use. AI solutions like ours also help in a variety of automation processes. It will also help in making better strategic decisions and resources management. This leads to an improvement in efficiency, cost and time reductions.
Enhanced Customer and Citizen Experience
Learning your clients’ needs and behaviors as well as gaining a better understanding of upcoming trends through AI Solutions will help you to find new financial opportunities.
Delivering the proper recommendations for campaigns to your target group and creating better descriptions of your clients’ needs will gain their loyalty and create satisfaction. A happy client will always return and Machine Learning models can help you to identify the products most likely to convert. It can learn the right patterns and non-trivial insights from successful and unsuccessful decisions to unleash the power of the analysis of huge amounts of data. And finding the best key words, sentences and or phrases that are reflections of your clients’ needs or upcoming trends is another part of how Machine Learning solutions will help your business to grow.
Reaching New Markets
Automation of processes in manufacturing, cost and time optimization, reaching maximum efficiency from data, finding non-trivial corrections and patterns and improving employee efficiency will also open opportunities for reaching new markets. Technology allows manufacturing to be more flexible starting with creating mass marketing products for less. For example, in the future in order to create a limited number of clothes or shoes sizes, it will allow for custom-fitting, manufacturing and shipping within a few hours of the order being placed. It makes it possible to personalize things like lamps, clocks, books and other devices. It’s now possible to learn and respond to customer needs in real time.
We’ve highlighted just a few of the many possibilities that can turbocharge your growth. You don’t have to be an AI expert to start to benefit from them, you just need to talk with us. Let’s talk about your needs and plans and how we can reach the results you want by finding new markets and optimizing costs and time while you leave the competition behind.