The Rise of AI in Manufacturing
Given the hype of AI in the news media and the explosion in popularity of ChatGpt in recent years, legacy businesses such as manufacturers are now very interested in AI technology.
Historic Resistance to Technology Adoption in Manufacturers
According to MIT Technology Review Insights, 64% of surveyed manufacturers are either currently researching or experimenting with AI. This is both a positive and necessary development for manufacturers. The manufacturing industry in aggregate has historically been resistant to adopting technology because it is a competitive industry that operates on volume and margins. Deploying new technologies has risks and costs involved that could disrupt production and generate financial loss.
Figure 1: Rising Global Manufacturing Costs (i-5O Research Data)
Current Challenges Faced by Manufacturers and how AI can help
With today’s global macroeconomic and demographic trends, challenges negatively impact manufacturers' already thin margins and can jeopardize their very existence. Manufacturers face challenges from rising input costs (raw material, labour, and energy), volatile supply chains, and a shortage of skilled labour. Quite a number of these challenges can be solved with the thoughtful application of AI computer vision in production operations.
AI computer vision is a revolutionary technology that can be a force multiplier for manufacturers seeking to expand their production capabilities without increasing resource consumption. Despite the urgent existential need for manufacturers to adopt AI, manufacturers on average have been slow and ineffective in this endeavour due to a shortage of AI talent.
“64% of surveyed manufacturers are either currently researching or experimenting with AI”
MIT Technology Review Insights
The Role of i-5O in Revolutionizing Manufacturing with AI
Boiled down to its core, AI, or Artificial Intelligence, is simply advanced statistics run on high-performance computing platforms processing large volumes of data. Machine learning , (ML) is a branch of artificial intelligence that focuses on creating and analyzing statistical algorithms capable of learning from data and applying this knowledge to new, unseen data, enabling task performance without specific instructions. Machine learning uses algorithms trained on data sets to create models that allow computer systems to perform tasks like giving movie recommendations, or translating text from one language to another. ChatGPT and Google Translate are some of the most common examples of AI in use.
Within AI, Computer Vision (CV) is a field that allows computers to interpret and analyze objects and other visual data. If AI enables computers to think, computer vision equips them to see and understand. With a vision to create a future where man and machine work together in harmony, i-5O is a leading computer vision provider adding unmatched real-time visibility and traceability into manufacturing operations. Imagine an AI co-pilot that not only predicts and guides future actions but also provides valuable hindsight. This unique blend of foresight and insight empowers smarter production planning and unparalleled operational efficiency.