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What is AI?

Artificial intelligence is defined as the ability of a machine to perform cognitive functions associated with human minds, such as learning and problem solving, to solve business problems. AI adoption can advance current technologies to new heights.

 

The talk about artificial intelligence integrating into industries has been at an all-time high. But is AI adoption really progressing in the business world? Many experts are saying companies who do not adopt new technology will not be able to compete with other businesses over time. However, in recent times, AI adoption seems to be moving slowly in the manufacturing sector. The slow adoption of AI can be a result of legacy equipment, a focus on ROI, budgets and many other roadblocks. While the current investment wave of AI is significantly high, AI adoption still remains fairly low. Still, those who adopt AI can transform core parts of their business. AI is constantly creating brand new opportunities for workers in every sector.

 

Benefits of AI in Manufacturing and Industrial Settings

According to Accenture Research, by 2022, the collaboration between human and machines can increase productivity and revenue by 38%. In addition, at least 61% of business leaders agree that this collaboration will also help them achieve their strategic priorities faster and more efficiently.

 

4 Ways AI is Transforming Business Processes:
  1. Flexibility: Smart individualized production is made possible, following real-time customer choices
  2. Speed and Scale: AI can monitor millions of transactions every day to detect problems, speed and accuracy of processes is improved
  3. Decision Making: Machine learning and AI provides a huge amount of data, bringing invaluable information that helps workers solve problems quickly and prevent problems before they occur
  4. Personalization: AI uses data to personalize everything, AI provides individual tailoring, on-demand brand experiences

 

How We Can Help

The number one driver for AI adoption in business is due to competitive advantage. NRX AssetHub can help you get a head start. We help our customers become top performers in their industries through achieving maintenance optimization and operational excellence. Additionally, we offer a cloud-based solution that helps asset-intensive companies to cleanse, optimize and migrate their data.

 

Sources:

https://interestingengineering.com/human-machine-collaboration-work-in-the-age-of-artificial-intelligence

https://www.mckinsey.com/featured-insights/artificial-intelligence/ai-adoption-advances-but-foundational-barriers-remain

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