Artificial Intelligence in Manufacturing: Real World Success Stories and Lessons Learned

Eric W. T. Ngai is a Professor in Information and Operations Management at the Department of Management and Marketing, The Hong Kong Polytechnic University. His current research interests are in the areas of e-commerce, supply chain management, decision support systems and AI in business intelligence applications. He is simultaneously responsible for maintaining robust cash flow, simplifying financial processes and leveraging cutting-edge technologies. Because he knows the routes, understands the importance of a steady pace and uses the latest tools to gain an edge, his team takes the lead in his company’s “month-end marathon” each month.

ai implementation in industries

By reducing bottlenecks in approval workflows, AI smartly directs invoices to the correct approvers using predefined rules and past data. The experts of Forbes Technology Council are always looking ahead to the latest trends in cutting-edge technology. Below, 16 of them share the industries they believe have the most to gain from implementing AI as well as how the technology will be specifically applied in 2022 and beyond.

Determine how ChatGPT technology will be integrated into your tech stack.

Of course, a lot of the hype and doom scrolling is just part of our world, where everything is debatable. However, we know AI has power, and business leaders and teams understand it’s a game-changer. So, let’s go beyond ai implementation the hype and talk about the real-world implications and what leaders need to consider. EY said in September it had invested $1.4 billion in AI — on technology it uses with its clients and on tech acquisitions.

A dangerous situation on the road, vehicle in the blind spot, power steering on a slippery surface. All those situations can be supported by artificial intelligence, which will calculate the appropriate driving parameters or correct the way the driver behaves on the road. Instead of making automatic decisions – which are often emotion-imbued or lack experience – brands increasingly hand them over to machines, thus reducing the number of accidents and protecting people’s lives. Our special report on innovation systems will help leaders guide teams that rely on virtual collaboration, explores the potential of new developments, and provides insights on how to manage customer-led innovation.

Artificial intelligence (AI) adoption, risks, and challenges – statistics & facts

From OTT platforms recommending personalized shows to viewers to video games enhancing their visuals and improving the gameplay experience for players, AI empowers entertainment businesses with intelligent capabilities. AI development has touched the industrial food processing sector as well. For instance, a firm named Tomra Systems ASA has developed AI-based food sorting equipment targeting the french fries, peeled potatoes, and the diced and ground meat markets.

ai implementation in industries

Finally, in a world where technology is developing quickly, it’s paramount that everyone on your team—including senior executives—continuously upskill. You have to invest in training programs and a culture that promotes learning. Moreover, those team members who upskill can serve as ambassadors within the company, bringing others along by familiarizing them with the technology.

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By combining intelligent software with appropriate sensors, the manufacturer can fit the car with features that will significantly reduce the number of accidents on the road and discomfort from driving in difficult conditions. AI will not only change the way we use our vehicles, but also how we select, design, and manufacture them. Even now, leading brands avail of this type of technology at every stage of the product life cycle – from production through use, to maintenance and aftermarket. There are vendors who promise a prebuilt predictive maintenance solution and all you do is plug your data in. The solution you need is based on understanding your process and tweaking based on your priorities. People often use the terms AI and machine learning interchangeably, but they’re two very different things.

  • No person can detect patterns through millions of records or transactions, but tech can.
  • Forbes Technology Council offer firsthand insights on tech & business.
  • With the course of time, increasingly sophisticated and effective AI solutions will emerge and continue to evolve at an even faster pace.
  • From self-driving cars to driver assistance systems and traffic prediction to improve safety and reduce traffic congestion, AI has several potential practical applications in the automotive industry.
  • AI can be employed in the real estate industry in the following ways.
  • Our analytics practice is built around the wide range of needs our clients bring to us.

Another important application of AI in the finance sector is fraud detection. For instance, Mastercard uses AI-based decision Intelligence technology to detect fraudulent transactions by analyzing various data points. In this article, we highlight 11 major industries that have reaped substantial benefits from AI and continue to hold immense potential for future growth. However, let’s begin by briefly discussing what artificial intelligence is.

Intelligent Defect Inspection Powered by Computer Vision and Deep Learning

Her publications appear in journals such as Decision Support Systems, Annals of Operations Research and International Journal of Production Economics. The company has a research center called QuantumBlack Labs, which is focused on AI and machine learning; its goal is to support more than 1,300 data scientists in more than 50 locations. Bain & Company in February said it had struck a services agreement with ChatGPT parent OpenAI. Bain said that in the prior year it had added OpenAI technology into its knowledge-management systems, research, and processes in order to increase efficiency. If there is no AI talent available, another possibility is to invest in training programs for employees with backgrounds in statistics and data management.

As part of that 18-month effort, the company said it had created its own large-language model and that it will train all of its 400,000 workers on AI. The number of enterprises implementing artificial intelligence (AI) grew 270 percent in the past four years and tripled in the past year, according to the Gartner, Inc. 2019 CIO Survey. Results showed that organizations across all industries use AI in a variety of applications, but struggle with acute talent shortages. In our 2018 artificial intelligence global executive survey, we found Pioneer organizations to have centralized data strategies.

Process applications for productivity improvement

While it’s tempting to use it for a variety of work tasks, it should not be used for writing legal or financial documents. Lease agreements, tax forms and other important documents should always be drafted and reviewed by your legal and financial teams. Forbes Technology Council offer firsthand insights on tech & business. Carbon offset markets are rapidly growing year over year, with exponential growth projected over the next decade as more companies turn to this marketplace to meet their net-zero commitments.

ai implementation in industries

AI-controlled co-bots move materials, perform tests, and package products making production much more effective. With any new technology rollout, it makes sense to start with a pilot such as piloting AI on one production line. You create an iteration, work through any issues that come up, and then extend the pilot to different machines or different lines. By scaling the technology incrementally, it can be very cost effective, so it doesn’t break the bank for smaller manufacturers. Don’t expect to build the foundation for implementing AI and see an immediate return. Given AI talent shortages, replacing existing workers with AI-ready talent is no silver bullet to fix AI skills gaps.

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At one extreme, AI adopters in Canada are 6.2 times more likely to favor replacing over retraining. Executives revealed a strong inclination to bring in new talent to plug the gap (figure 6). In fact, leaders are 3.1 times more likely to prefer replacing employees with new AI-ready talent, versus keeping and retraining their existing workforce. AI algorithms can analyze images and identify specific patterns, colors, or designs, enabling automated product categorization, tagging, and cataloging. This streamlines inventory management and improves searchability on e-commerce platforms.

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