With all the obstacles and challenges manufacturers are dealing with in their day-to-day operations, implementing artificial intelligence (AI) is an opportunity that could bring exponential benefits. Streamlining operations, driving growth, preventing defects/human error, and avoiding inefficiencies are a few of the potential advantages AI can bring to the industry.
Benefits of employing AI to enhance controls in monitoring output and equipment maintenance include decreases in scrap materials, less rework due to errors or ineffectiveness in the production line, and the visibility to employ continuous upkeep and supervision of machinery. Implementation of AI drives costs down while increasing margins and efficiency.
AI also has advantages beyond the production line. Companies have applied AI capabilities to accounting and finance departments, resulting in greater accuracy in forecasting, more effective analysis of data and trends, and increased precision in the application of accounting estimates. The technology also has applications in the training and development of employees.
Since the outbreak of the coronavirus pandemic, the implementation of AI in the manufacturing industry has only become more rapid. More than ever, manufacturers are facing more obstacles regarding workforce shortages, government shutdowns, and a host of unknowns still facing businesses each day. AI mitigates these concerns by managing risks and delivering results, all while optimizing costs.
Recent industry studies and surveys have documented the successes and advances AI has brought to industrial manufacturing thus far, the most key of which are driving growth and optimizing costs. Trends have shown that it’s not just the large players bringing AI into the arena; more and more small and middle-sized firms are looking at AI as an opportunity to stay competitive.
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