The industries are undergoing transition, businesses are transforming digitally, and companies are leveraging on the benefits of digital transformation, which not only leads to increased productivity and efficiency but also results in a paradigm shift that allows businesses to shift to all-new digitized ways of carting out business processes.
Call it the repercussions of the COVID-19 pandemic or the opportunities that came along with it. Still, nothing denies the fact that digitization of business processes has created an all-new business environment in Industry 4.0.
Emerging technologies such as IoT, RPA, AI, and ML have been transforming the face of manufacturing with the rising advent of digital transformation.
At times, AI and ML are used interchangeably, as ML is a subset of AI and varies from each other.
Simply put, AI refers to a technology that utilizes a broader concept of using computers and machines to simulate human thinking. In contrast, machine learning is the application of AI that enables computers and machines to learn without being explicitly programmed by humans and deliver automated services.
Research, too, suggests that AI and ML play a vital role in transforming the manufacturing industry in unimaginable ways.
According to recently conducted research, as many as 50% of companies that embrace the applications of AI and ML over the next five years have the potential to double their revenues and cash flow due to their heavy reliance on data.
The below-discussed pointers talk about the significance ML holds for manufacturing industries and how it is changing the face of manufacturing.
Machine learning lets organizations drive predictive maintenance by predicting equipment failures before they even occur, scheduling timely maintenance, and reducing unnecessary downtime, thereby providing resilience to machines, equipment, and the manufacturing industry overall.
Manufacturers usually spend too much time fixing breakdowns and allocating resources for planned maintenance.
Machine learning algorithms help them predict equipment failure with an accuracy of 92%, allowing businesses to plan their maintenance schedules more effectively, and improving asset reliability and product quality by delivering overall equipment.
The manufacturing industry deals with logistics and inventory massively and requires extensive logistics capabilities to run the production process efficiently.
Machine learning-based solutions help organizations automate several logistics-related tasks, boost efficiencies, and reduce costs for manual, time-consuming tasks such as logistics and production-related paperwork, thereby providing companies with digital solutions.
Machine learning solutions utilize networks, data, and technology platforms and function effectively, and play a significant role by regulating access to valuable digital platforms and information.
Machine learning streamlines individual users and accesses sensitive data, which help companies protect their digital assets by detecting anomalies quickly and instantly, triggering corrective action.
Moreover, Machine Learning and AI add value across the entire value chain of manufacturing by delivering automated, streamlined, and resilient manufacturing processes, which hold massive potential not only in today’s time but in the future as well.
Like any other emerging technology, AI and ML transform manufacturing processes by delivering hassle-free automation to the entire manufacturing value chain.ML not only eases the supply chain but also helps organizations automate their logistics processes in digitally driven ways.
The world has changed, and so have the ways of doing business. Since the emergence of the COVID-19 pandemic, we have seen an unprecedented shift in how organizations carry out their business processes.
It’s a world of emerging technologies, and organizations across industries are adopting them quickly. Supply chain operations, too, hold a significant share among organizations and businesses utilizing such technologies for their operations.
The times have changed, organizations have transformed their ways of doing business, and companies are shifting to an all-new digitized way of doing business.