Data does not lie, and artificial intelligence creates transparency!
Change begins with an idea, and a change agent can make or break an idea or turn it towards becoming the next innovation.
That has always been true, but now more than ever before. The innovations that are changing the world are happening at lightning speed. Companies can launch an idea, iterate on it with customers, and scale it globally in the blink of an eye. We are talking about artificial intelligence, robotics, virtual reality, advanced materials, 3D printing, and more.
The Fourth Industrial Revolution is reshaping the world. New capabilities are getting rolled out daily. But are we thinking ahead of the curve or are we resisting the drivers of change? At the core of Industry 4.0 are transformational technologies such as Machine learning (ML) and artificial intelligence (AI), backed by Big Data — change agents that gave a solid foundation to the biggest revolution in innovation. Are you wondering why and how your business will get impacted? If you think this is another fad that people will eventually forget, here is our $0.02.
Let’s face it! Manufacturing success can be rare to come by. Even for the biggest and best manufacturers, it is a constant struggle to compete in a global economy. There are two perpetual goals of any manufacturing business — two qualitative and quantitative goals — increased output and improved efficiency, which fetch the ultimate goal of Golden ROI.
For starters, there is a lot that AI can do for optimized manufacturing. The best way to understand that is by breaking down each word:
• Output: AI can pinpoint where your company is experiencing loss in productivity and recommend ways to correct your processes. It could begin with detecting bottlenecks that cause WIP and also do as much as providing real-time guided production models that enable end-to-end synchronized production planning.
• Efficiency: Close at the heel of increased output comes efficiency through AI. The more efficient the workflow and production processes, the better revenue generated for the company. And that can also translate into increased investments in applications that can bring further growth. By utilizing this fantastic catalyst or change agent of business success called AI, companies can ensure optimized manufacturing.
And what is fueling those recommendations and insights from your AI applications? That which tells you where and how your processes are flawed? Big Data is the massive collection of information that gets analyzed by AI applications. It is from Big Data that companies can extract meaningful business insights. And that can help them optimize manufacturing, improve customer experience and satisfaction, and thus eventually gain an edge over market competition.
The demand for data-driven decision-making is growing as businesses enter the 4th industrial revolution (IR4.0). For some time, manufacturers have been looking for new ways to boost production while saving costs. Many turned to the internet of things (IoT), but data analytics with AI applications came as game-changers.
The power duo creates clarity out of complexity. Human perceptions and biases from experiences can obstruct the optimization of manufacturing. Whereas data does not lie, and data analytics give unbiased observations. It helps distill facts and creates transparency in operations. Artificial intelligence applications can provide integrated analytics and actionable insights in real-time. Manufacturers can achieve optimized quality production through timely informed decisions.
The report published by PwC based on their study conducted regarding Exploiting the AI Revolution says that AI could contribute up to $15.7 trillion to the global economy by 2030. Of this, $6.6 trillion is likely to come from increased productivity. Research has also suggested that 45% of total economic gains by 2030 will come from product enhancements, stimulating consumer demand. That is because AI will drive greater product variety, with increased personalization, while also reducing production costs considerably (PricewaterhouseCoopers, 2016).
So, understand, invest and embrace. Don’t just resist and reject. Informed and progressive decisions today will lead you to success in the future. And see if you can borrow some artificial intelligence to do that!