10 Ways Machine Learning Is Revolutionizing Manufacturing In 2019
- AI has the potential to create $1.4T to $2.6T of value in marketing and sales across the world’s businesses, and $1.2T to $2 in supply-chain management and manufacturing.
- By 2021, 20% of leading manufacturers will rely on embedded intelligence, using AI, IoT, and blockchain applications to automate processes and increase execution times by up to 25% according to IDC.
- Machine learning improves product quality up to 35% in discrete manufacturing industries, according to Deloitte.
- 50% of companies that embrace AI over the next five to seven years have the potential to double their cash flow with manufacturing leading all industries due to its heavy reliance on data according to McKinsey.
- By 2020, 60% of leading manufacturers will depend on digital platforms to support as much as 30% of their overall revenue.
- 48% of Japanese manufacturers are seeing greater opportunities to integrate machine learning and digital manufacturing techniques into their operations than initially believed according to McKinsey’s landmark study, Digital Manufacturing – escaping pilot purgatory.
Bottom Line: The leading growth strategy for manufacturers in 2019 is improving shop floor productivity by investing in machine learning platforms that deliver the insights needed to improve product quality and production yields.
Using machine learning to streamline every phase of production, starting with inbound supplier quality through manufacturing scheduling to fulfillment is now a priority in manufacturing. According to a recent survey by Deloitte, machine learning is reducing unplanned machinery downtime between 15 – 30%, increasing production throughput by 20%, reducing maintenance costs 30% and delivering up to a 35% increase in quality.
The following are ten ways machines learning is revolutionizing manufacturing in 2019:
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