In 2016, more than 40% of the businesses have adopted the technology, and the number is increasing at a fast rate. The technology is taking over all the headlines of business. The adoption rate is the proof. The increase in the research and development of the technology is projected to change the workforce. The power of Artificial Intelligence is projected to boost the productivity of the business by 40% by the year 2035. If we talk about the Compound Annual Growth Rate of AI, it is expected to be 52% from 2017 to 2025.
Here, the manufacturing industry is the one to be revolutionized by the technology. The companies, if adopt the technology, will be subject to significant cost process-related savings, and time savings by integrating AI into communications systems and legal information. Intelligent automation, innovation diffusion and the labor and capital augmentation are the ways in which the technology enhances the performance of the manufacturing industry. Yes, the technology also works in warning the potential problems in the system. It is empowered to propose the solutions as well. The advantages to the manufacturing companies lead to the increase in the profitability of the business by 38% by the year 2035. Before moving forward, read 7 Must-Have Gadgets for a Tech Geek and learn more about the products that such technologies have enabled.
How AI raise the level of productivity
Business has some trapped values, and AI helps in unlocking those. The technology and the automation help in comprehending a billion pieces of data in just a few seconds allowing you to make the best decision. The neural networks based on the machines constantly update the data which clearly signifies that your machine learning models will be updated too. The other benefits of Artificial Intelligence are-
- Speed up decision making- Knowing the sequence of fixing the parts of the manufacturing plant is important, and AI helps in knowing it by automating and prioritizing routine decision-making processes. The maintenance team will now be able to fix and make decisions with more confidence.
- Protection of the sensitive data- Human error can lead to loss of data, but AI works to mitigate those risks and to improve the quality of the output as well as strengthening the cybersecurity.
- Access big data- AI has the ability to identify and understand the Big Data patterns which the humans cannot do accurately. Moreover, the technology can also predict the future opportunities and recommend the actions to be taken based on the opportunities.
- Perform automated testing- Machine learning when combined with the features of Artificial Intelligence let the systems to be precise in analyzing the various production mathematical models as well as outcome possibilities. You would be surprised to know that around 20-50% of the overall inventory can be reduced.
- Reduction of operating time- The task which a human is able to perform within 30 days can be completed in only 24 hours with the help of drones. Moreover, it can also check for the misplaced items from the store by scanning all of them.
- Personalization to the next-level- AI tends to change the face of the manufacturing industry by introducing hyper-personalization of the products and the services making everything relevant to the individual consumers. Nowadays, the customers are into paying more for customized services and products.
The industries which the technology can disrupt are increasing in number, therefore, introducing a revolution in the modern era.