AI in Manufacturing-Importance in a Post-COVID-19 World
The manufacturing sector is about to witness a tremendous paradigm shift. While manufacturing industries have adopted digitalization and implemented the latest technologies for efficient manufacturing, adoption of disruptive technology—Artificial Intelligence—will become a crucial strategy for the manufacturing companies in a post-COVID-19 world.
Manufacturing companies are sure to experience significant benefits in the realm of Artificial Intelligence; we have listed some of them below:
Benefits of AI in Manufacturing in a Post COVID-19 World
1. Secure Production Capacity
Workforce crunch is the biggest impact as a result of this unprecedented time; lack of workforce means slow production capacity. Ensuring the presence of a limited number of workers only will be the new normal. Manufacturers will adopt AI to monitor and automate laborious manufacturing processes. The production capacity will not be affected despite the workforce scarcity. Also, if you wonder about AI replacing human jobs altogether, you may read our blog on Myths and Facts about AI in Manufacturing to know more.
2. Improved Supply Chain
The world is locked down; customer demands are constant whereas the supply is slow-moving; the pandemic has disturbed the global supply chain, significantly. AI’s predictive function gives insights on the vulnerabilities and potential disruptions in the supply chain, providing the supply chain personnel with actionable information. Communication with customers, suppliers, and stakeholders will become easy and convenient. AI will streamline the overall supply chain network for better efficiency by making it less chaotic and more visible.
3. Product Quality Assurance
Despite the unavailability of the workforce for manual inspection of the product for quality check, manufacturers adopting AI vision system will be confident about the product quality. AI vision system surpasses the machine vision in surface defect detection. AI vision system captures microscopic defects on full speed conveyor belt and presents the manufacturer with meaningful findings, enabling him to take corrective measures to enhance the product quality.
4. Adaption to Changing Market Trends
The post-COVID-19 market is going to be drastically different. Customer demands, consumer behaviour, supply chain patterns, business strategies will have a new meaning. AI will predict the changing and emerging market trends and enable the manufacturers to optimize their resources and adapt to the market trends for profits and sustainability.
The Future of AI and Smart Manufacturing
Post COVID-19, the Global Smart Manufacturing (Condition Monitoring, Artificial Intelligence, IIoT, Digital Twin, Industrial 3D Printing) Market is expected to be worth USD 181.3 billion by 2020 and USD 220.4 billion by 2025, growing at a CAGR of 4%. The estimation for 2020 is down by approximately 16% as compared to pre-COVID-19 evaluations.
Know More about Manufacturing Trends in Post-COVID-19 world
Lincode in association with SMAARC conducted a webinar on How Manufacturing Companies are Preparing for a Post-COVID-19 world.
The panel was graced by Rahul Rekhi, Partner, KPMG, Supeedta V, Director, Deloitte, Jayant R, Business Head, DuPont, B. Thej Kumar, AVP, Toyoda Gosei South India Pvt Ltd, Chelsea Ramm, Consultant, Sum Savvy, and Dr Binoy S, HOD and IMA SC Chairman, medical college, Trivandrum.
To get insights and advice about the steps manufacturing companies may take in a post-COVID-19 world, watch the webinar here.
*source: https://bit.ly/2zVWlyJ https://bwnews.pr/3g5S7FA