Soon, the manufacturing as we knew may cease to exist – thanks to Industry 4.0. Huge amount of shop-floor data clubbed with technologies such as AI and ML will completely transform manufacturing. The sector has been one of the firsts to embrace digital transformation and therefore, global AI implementation in manufacturing is expected to rise at a CAGR of 55% by 2025.
The manufacturing sector – the backbone of any industry – constantly tries to cut down costs, improve quality, and enhance productivity. Thus, the use of data science to analyze performance, adapt to dynamic markets, and continuously upgrade production systems has become paramount.
Data science has the power to propel manufacturers onto the next level of productivity and profitability. AI and ML can integrate data from various sources and process it to derive meaningful insights for effective decision-making.
Predict machine failure in advance, avoid unplanned downtime, and save costs using Machine Intelligence.
Using closed-loop AI, you can reduce the cost of initial ML deployment with continuous improvement in insights leading to real benefits in productivity and flexible supply chains.
The proper utilization and analysis of data from warranty claims enable manufacturers to improve existing products, develop more efficient products, and increase profit margins.
Demand forecasting is used to gauge optimal supply rate and allocate resources accordingly to optimize expenses, thus integrating sales and production.
Robotic automation helps manufacturing companies save on costs, enhance production, and have the much-needed competitive edge in the market.
Pricing optimization software uses AI to measure price flexibility and predict the outcomes of various pricing strategies to optimize prices and maximize profits.