How AI is Revolutionizing Manufacturing
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We are now on the precipice of the fourth industrial revolution. A report that was published recently by the World Economic Forum made that bold statement in relation to the fact that the convergence of several technological trends — Artificial Intelligence, Robotics, Machine Learning, Additive Manufacturing, and Internet of Things — has made the manufacturing industry ripe for disruption.
The aforementioned report found that 80% of all manufacturing companies feel hopeful about this AI-driven manufacturing industry as it’s likely to cut down cost of production by 17.6% while simultaneously increasing revenue by 22.6%.
In fact, the manufacturing industry has already started incorporating various elements of artificial intelligence into their processes. As such, they’re able to reduce equipment downtime, identify defects during production, shorten the design process, and improve the supply-chain management process.
Robots and AI today can perform tasks that any human can do, and accomplish it at a fraction of the time with greater efficiency. One such human tasks that robots can now do more efficiently is microscopic precise assembly.
However, there are a couple of factors preventing companies from embracing AI in full spade:
- There is a lack of personnel, data, and correct usage standards.
- While many of these robots can perform set tasks efficiently, they cannot deal with unforeseen circumstances and can only perform a limited range of tasks.
- Robots also posit a safety risk and thus can’t work in close proximity to humans, and some even have to be regulated or physically restricted.
As such, the world of AI is yet to blossom fully and evolve past its growing pains. However, once these chinks are taken care of, AI has the potential to completely transform the manufacturing industry and all businesses are likely to profit from them. The following are some of the major ways in which AI is revolutionizing the manufacturing industry.