The Importance of Artificial Intelligence in Manufacturing Industry
Companies are in a race to adopt and make the best use of digital technologies like Artificial Intelligence, Machine Learning, and more. These technologies are the enablers of Industry 4.0 and empower manufacturing companies. The manufacturing industry is facing a range of challenges and a growing talent shortage. According to Deloitte’s study, by 2025 the manufacturing skills gap will get wider, creating the need for 3.4 million skilled workers with 2 million of those roles going unfulfilled. During this, there will be 2.7 million workers who will leave the industry or retire by 2025, in addition to the roughly 700.000 jobs that will be created by the industry growth. For that matter, companies need to implement a digital infrastructure that positions them to fully embrace the knowledge and skills of their resources.
The manufacturing industry relies on automation these days just as much as people. More than 80% of C-suite executives believe that they must leverage AI in order to achieve their growth objectives. The rapid growth of the electronics goods market shows that there is little to no room for errors or time wastage while embracing AI in manufacturing. Delivering the required product to customers on time and within the budget is of utmost importance in manufacturing and supply chain management. AI plays a prime role to drive impact in this regard.
Benefits of AI in Manufacturing Industry
Manufacturing companies adopting and implementing AI are more likely to get the biggest benefits and competitive edge in the manufacturing industry. Some benefits are as follows,
- Refine product inspection and quality control
- Augment human capabilities
- Enable preventative maintenance
Right now, AI is fueling huge upgrades for the manufacturing industry from remotely monitoring machinery to reducing wastage in the supply chain so that they can predict the products their customers want and make sure those products are ready for sale without any delays. Many manufacturing companies are helping their customers by implementing AI into their operations. Artificial Intelligence provides users the opportunity to screen through all the unstructured, unconnected data and make sense of it. In the next step, by analyzing the specific data points like capacity utilization rates or electricity consumption, manufacturers can drive a leaner operation, increasing performance while decreasing the costs and carbon footprint.
Imagination is never-ending, and so are AI capabilities. It brings productivity and efficiency in the operations and makes processes smoother. The future possibilities of AI’s impact in the manufacturing industry are endless.
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October 18, 2021
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