The aim of using data in industrial operations is not new; in fact, the World Economic Forum (WEF) stated that companies have spent more than $2.4T on digital investments since 2016. These companies are now generating the right data on their operations floor, where they can start to derive real value from their digital investments.
Artificial Intelligence (AI) can deliver real impact for companies as soon as they embark on the AI journey - from increasing profitability and workforce productivity to reducing unplanned downtime and carbon emissions. For example, analyst firm Accenture estimates that AI’s impact on manufacturing will boost profitability by 39% by 2035. Workforce productivity is another key metric in manufacturing. Analyst firm Gartner suggests that AI augmentation will create USD 2.9 million of business value and 6.2 billion hours of worker productivity.
AI can help with predictive maintenance, thus increasing uptime by as much as 9% according to a recent PwC report, in addition to reducing costs by 12%, reducing safety, health, environmental, and quality risks by 14%, and extending the lifetime of aging assets by 20%. In addition, implementing AI can help industrial companies optimize assets and processes to reduce energy and material wastage, eliminating industry’s role in ~25% of global carbon emissions.
However, as discussed in our previous blog Why 85% of Machine Learning Projects Fail, one of the key reasons that is standing in the way of industrial companies achieving the touted benefits of AI has been the use case in which AI is being applied.
To help you identify AI use cases that will derive impact – we’ve put together the Top 10 Use Cases for Industrial Operations eBook. From optimizing raw materials, cycle time to optimizing energy usage, the eBook provides some real-world examples of how industrial companies are achieving high-impact results with AI.
If any of these use cases fire up your interest in AI, checkout our blogs, How Do I Get Started with AI? and our Five Criteria to Selecting a Successful AI Use Case to help you identify and prioritize the right AI use case for you.