What is the objective of every asset-based manufacturing company?
All factors remaining constant, all manufacturers who want to say in business are always looking for better ways to reduce production costs and increase production efficiency in order to enjoy larger profit margins… of course at the safety of workers.
But for this dream to become a reality, company machinery, and equipment, among other key components like manpower, need to function flawlessly and at their optimum.
However, this is not always the case.
One of the main challenges manufacturers face is unplanned downtime caused by machinery. It is even estimated that this kind of downtime costs manufacturers $USD 50 billion annually.
In this article, we are going to look at the top 10 uses and applications of AI in manufacturing that have been used to curb a number of challenges that manufacturing companies face, including unplanned downtime, which 42 percent of the time is the result of asset failure.
If you didn’t know it yet, AI applications have taken the manufacturing sector hostage and are now transforming every aspect of it… including replacing humans with robots.
But this wave is not only sweeping the manufacturer, check out this other article where I outlined the other top trending industries where AI is heavily in use today.
This article was originally posted here.
In support of positive AI development for a world society with smart manufacturing, the Michael Dukakis Institute for Leadership and Innovation (MDI) and Boston Global Forum (BGF) established the Artificial Intelligence World Society (AIWS.net) in 2018. According to AIWS.net, AI can be an important tool for helping people achieve well-being and happiness, relieve them of resource constraints and arbitrary/inflexible rules and processes. In this effort, Michael Dukakis Institute for Leadership and Innovation (MDI) invites participation and collaboration with think tanks, universities, non-profits, firms, and other entities that share its commitment to the constructive and development of full-scale AI for world society.