Core Goals of Manufacturing Firms
At the core of every manufacturing firm, there are two key goals: optimize efficiency and maximize stakeholders’ value. To maximize output and ultimately profit, manufacturers aim to boost their operational efficiency. To minimize manufacturing costs, it is essential to reduce wastage and avoid errors. Leveraging AI is the perfect tool for them to achieve these goals.
Transitioning to the Digital Era with AI
It is essential to recognize the challenges current monitoring solutions pose and why computer vision is the best solution for manufacturers.
In order to successfully achieve these goals and remain relevant in the next hundred years, manufacturers will need to transition their business into the new digital era by leveraging AI technology. The implementation of AI will enable manufacturers to shorten their production times, overcome high revenue volatility, avoid the need for increased inspections and regulations, drive productivity, and save costs. Artificial Intelligence will be such a force multiplier that businesses able to wield the technology successfully will be able to dominate their competitors.
The Importance of an AI Strategy Roadmap
As such, top management at manufacturing firms should prioritize creating an AI strategy roadmap with quantifiable milestones and the goal of deploying AI into their business in production use. Goals must be specific, measurable and aligned with the overall objectives of the company.
Key Questions for Developing an AI Strategy
Important questions to ask when creating an AI strategy:
What are the top challenges we are facing in the coming decades?
Manufacturers can list down the top challenges they foresee for their company and the industry as a whole.
What are the top opportunities we have in the coming decades?
Similarly, manufacturers can list down the top challenges they foresee for their company and the industry as a whole.
What is the cost of continuing with the status quo and adopting AI?
Companies should do a cost-benefit analysis on how much they stand to lose if they continue the way things are and do not adopt AI.
What is our organization’s culture and attitude when it comes to adopting new technologies?
Companies should also do an internal study on how ready it is to adopt new technologies.
Who are the people within our organization that can successfully implement AI?
A list of potential champions/proponents of AI should be made so they can spearhead any potential adoption of AI.
What kind of training do our people need to be skilled at applying AI?
Learning new skills can be challenging, so companies should list down the skills needed for the adoption of AI and prepare training material for the team.
How are we going to get buy-in from all levels of our organization?
Company-wide approval of new tech is essential for its success, so a holistic strategy for the adoption of tech like AI should be formulated.
Once these questions are answered, it is crucial to define the scope of the AI strategy. With end goals such as boosting productivity and error reduction, the AI strategy should lay down the tactical steps that are to be taken to achieve these objectives. It is also important to understand that a one-size-fits all approach does not work here. The strategy makers must consider the existing infrastructure, the overall direction of the organization and the diverse ways in which AI can enhance efficiency and reduce costs to create an effective strategy that will create long-lasting enterprise value, is implementable in real life, and is supported by all levels of the organization. For expert guidance, book a free consultation with i-5O today!