Manufacturing Innovation Conclave 2021 has been saved
Manufacturing Innovation Conclave 2021
AI/ML: New way of modern digitisation
AI is bringing radical disruptions in the manufacturing sector. Today we see intelligent machines enabling high-level cognitive processes, such as thinking, understanding, learning, problem solving, and decision-making. This, coupled with advances in data collection and aggregation, analytics, and computer processing power, has prepared the white space to complement and supplement human intelligence and enrich the way people live and work. AI applications are rapidly increasing, covering the entire value chain from consumers to producers and delivering significant value. With the massive accumulation of data, manufacturing has turned into a blue ocean for AI adoption. AI can locate and solve pain points in manufacturing. It will have perceivable effects on the industry over the next 5−10 years. According to a Deloitte survey, manufacturing companies’ key pain points in operations and production are rising operational costs, inflexible design of production lines, high variation in the quality of input materials, and lower yields. AI has the power to help producers elevate process automation, analyse forecasts of market trends, schedule production, and improve the efficiency of inspections.