March 21, 2024
2:00 PM ET / 1:00 PM CT / 11:00 AM PT / 7:00 PM GMT
Duration: 1 hour
Sponsor: SparkCognition
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Summary
The movement toward “Industry 4.0”, the fourth industrial revolution, relies heavily on artificial intelligence (AI). This evolution takes the emphasis on digital technology from previous decades to an entirely different level through interconnectivity with AI, IoT, access to real-time data, and more. Industry 4.0 offers a more comprehensive, interlinked, and holistic approach to manufacturing, providing more insights to business managers into every aspect of their operation.
The market for AI in manufacturing is projected to see the largest growth year over year of any market, rising at a compound annual growth rate of 33.5%. This means manufacturers are starting to understand the value AI can provide in efficiency, cost savings, downtime, output, quality, and more. The top three manufacturing sectors deploying AI currently are Automotive/OEMs, Automotive Suppliers, and Heavy Machinery, with the rest of the industry catching up quickly.
The quick growth in the implementation of AI in facilities and factories is due to its ability to increase efficiency and allow for precise quality management, handle massive volumes of data in real-time, make choices instantly, and automate procedures. According to a recent Deloitte survey, 85% of companies think AI has made or will make a visible impact on their organization. Among these, 27% believe AI has already brought value to their operations, and 56% believe AI will bring value in the next 1-5 years. AI is solving some of the top challenges in the manufacturing domain, and here are what the top trends look like as we head into 2024:
- AI’s usage will grow quickly as it’s being used to automate manufacturing processes: Many factories are already reducing production costs, improving work safety, and boosting productivity because of AI.
- Predictive analytics will be at the forefront of operating managers’ minds: The ability to accurately forecast outcomes is still the top priority. Anticipating when the running machinery could break and preparing the necessary repairs in advance enables manufacturers to avoid future problems and can save millions of dollars. This improves plant safety while increasing productivity by reducing unplanned downtime.
- AI is accelerating progress toward the Sustainable Development Goals: BCG found that AI may save between $1.3 trillion and $2.6 trillion in income and cost reductions while reducing greenhouse gas emissions by 2.6 to 5.3 gigatonnes of CO2. AI and analytics will be used by businesses to determine their carbon footprints and identify areas for improvement.
Register today to discover how AI is transforming the manufacturing industry.
