Manufacturing companies are focusing on growth during these perilous times. One of the primary objectives of manufacturing units is to enhance shop floor productivity by leveraging robust Machine Learning platforms.
These trailblazing platforms provide insights into various business processes that can be used by organizations to seamlessly improve product yields as well as product quality. Another focus point of manufacturing companies is to leverage machine learning capabilities to streamline all the product phases i.e., quality of suppliers to manufacturing scheduling & fulfilment.
So, how did machine learning transform the manufacturing sector? Read on to find out!
3 Ways Machine Learning Is Revolutionizing Manufacturing in 2021
According to a leading survey, the adoption of Machine learning by manufacturing companies has led to various benefits like:
- 20-30% reduction in unplanned machinery downtime
- 20% increase in production throughput
- 30% reduction in maintenance costs
- 35% increase in product quality
But this is just the tip of the iceberg! Here are 4 ways through which machine learning is bringing about radical yet profitable changes in the Manufacturing industry:
AI Solutions Have Potential to create Huge Value
Leading Analysts state that predictive maintenance based on Ai has the potential to deliver a whopping USD 6 Trillion to 7 Trillion worth of value to manufacturers. How is this made possible?
Ai possesses the ability to process huge troves of data including video & audio. This results in quick identification of errors/anomalies across various sectors & timely breakdown prevention.
Manufacturing Industry is Becoming More Sustainable
Ever heard of Symphony AI? This innovative AI & Machine Learning platform is enabling process manufacturers to seamlessly deploy predictive equipment models like compressors, heat exchangers, pumps & more.
The predictive models enable manufacturing companies to predict/forecast process trips or upsets. This will help organizations to create sustainable equipment models.
The Use of Artificial Intelligence is Resulting in Higher Productivity
A leading consulting group has stated that the use of AI & Machine Learning in Manufacturing Industry is resulting in reduced conversion costs (20%) & improved sales. How?
By leveraging AI/ML manufacturers can seamlessly produce customized products as per the client’s business needs. This leads to accelerated delivery times & improved customer satisfaction. AI/ML is also resulting in higher workforce productivity& around 70% reduction in costs due to the use of efficient manufacturing techniques.
These are 3 ways through which Machine Learning is revolutionizing Manufacturing in 2021.