Manufacturers be prepared: AI will be regulated
By Lori Witzel, Director of Research for Analytics and Data Management at TIBCO. Manufacturers are benefiting significantly from artificial intelligence (AI), which allows for better and quicker analysis of products and processes in addition to automation. The use of AI in manufacturing is now common. Research by the Harris Poll and Google Cloud found that 64% of manufacturers using AI every day and 25% were spending 50% of their IT budget on AI-related projects. Why? AI delivers significant benefits to manufacturers in asset management, predictive maintenance, and anomaly detection, among many use cases, while broadly improving decision-making and providing greater flexibility and agility. As a result, leading manufacturers worldwide are deploying AI, but there are complexities to come. As AI adoption grows, regulation follows. If manufacturers are to continue reaping AI benefits, they must track emerging regulations and align their practices with those in regulatory focus. As you’ll learn, it’s worth the effort. Bringing AI into your manufacturing processes can help you outperform competitors. AI delivers measurable benefits McKinsey & Company undertook an in-depth study of detailed study of manufacturing operations, comparing different organisations’ uses of AI against performance. It found that leading adopters achieved three or four times the impact of average players. In Australia, the metal engineering and fabrication company Sevaan Group is already seeing benefits in the workplace and is realising AI’s enormous potential for metal fabrication and machining, enabling outstanding accuracy and quality for both prototyping and production. For example, AI-enhanced predictive maintenance has reduced machine downtime and improved tracking and data collection for better production planning. Predictive and preventative maintenance is done by analysing large volumes of data gathered from multiple sensors on machinery and factory systems, monitoring temperature, noise, vibration, and other parameters to detect any changes that could be indicative of wear, degraded […]