The world is rapidly changing and technology is advancing at a rapid pace. Artificial intelligence (AI) is one of the most important technologies of our time, and it has the potential to revolutionize the manufacturing industry. AI can be used to improve fault prediction and maintenance planning, resulting in less expensive maintenance for production lines. AI can also be used for more accurate demand forecasting and less material waste.
AI has come a long way over the years, and it can now be applied to many different industries. Machine learning provides the data that must be analyzed, followed by critical information, and it has an enormous impact on the manufacturing industry. AI is also being used to develop vaccines and therapies against COVID-19. The benefits of AI in manufacturing depend on the problem that a manufacturer wants to solve. AI can be used to receive notifications about any issues related to the quality of products or services.
It can also be used to detect any major or minor failures in the early stages, and create new production possibilities. A McKinsey analysis projects a significant gap between companies that adopt and absorb AI in the first five to seven years and those that follow it or are left behind. KPMG's survey found that the implementation of AI skyrocketed in all sectors over the past year, but particularly in industrial manufacturing (IM). This new era will be the era of connected intelligent machines, where humans will complement their work environment with intelligent cobots.
Business owners who understand the processes involved in manufacturing and production are familiar with how each affected parameter and factor will influence the outcome of the AI algorithm. For example, Dutch railway company ProRail had the challenge of finding the right model to effectively predict faults in railway switches in order to monitor and plan the overall maintenance process well without affecting daily traffic. The ultimate goal of AI is to make processes more effective not by replacing people, but by filling the gaps in people's abilities.