The manufacturing industry is currently undergoing one of the biggest transformations ever. The 4th Industrial revolution is bringing transformative technologies such as artificial intelligence, the Industrial Internet of Things (IIoT), 5G and edge computing, and predictive maintenance to the industry.
According to a survey conducted by Fictiv and Dimensional Research, almost everyone surveyed said the pandemic has had long-term effects on their business (95%), voiced concerns about their current supply chains (94%), and increased their investments in digital transformation (91%).
They acknowledge the manufacturing industry will never go back to the way things were before the pandemic, but their hope is for faster, greener, and more resilient supply chains in the future.
The current state of manufacturing
The manufacturing industry encompasses various stages, from research and development to procurement of raw materials and the use of different manufacturing processes to create finished products.
This industry has a significant impact on job creation, economic growth, and trade, and it plays a crucial role in meeting consumer demands and driving innovation.
The industry is responsible for producing physical goods on a large scale. It contributes to economic growth, job creation, and trade, while also driving innovation. Through various stages of production, from design to assembly, it uses technological advancements to improve efficiency and productivity. The industry is increasingly focusing on sustainable practices to minimize environmental impact.
Technological advancements have transformed manufacturing, leading to increased efficiency and productivity. Efforts towards sustainability and eco-friendly practices are also gaining importance in the industry. However, there are several challenges faced by manufacturers today.
Some of the common challenges include forecasting demand for products, controlling inventory, improving efficiency at manufacturing plants, increasing ROI, skilled labour shortage, managing sales leads and coping with new technological advances.
Manufacturers must also continually build their brand equity and be more responsive to shareholders while being ruthless in their efforts to cut costs and increase margins. There’s very little forgiveness for even one quarter’s earnings that don’t meet expectations.
What will AI bring to manufacturing?
AI is bringing a lot of changes to the manufacturing industry. It doesn’t replace people in the manufacturing industry but allows robots and personnel to collaborate to accomplish tasks. As machines become smarter, they will be able to take on more and more repetitive tasks.
This will free their human counterparts to spend more time solving other problems. Speed, precision, and quality control in manufacturing will improve as AI systems are implemented.
Here are some ways in which AI can impact manufacturing:
- Automation and Robotics
AI can enable advanced automation and robotics systems in manufacturing processes. It can enhance the efficiency and accuracy of repetitive tasks, such as assembly line operations or quality control inspections. AI-powered robots can work alongside human workers or autonomously, improving productivity, reducing errors, and increasing overall production speed.
- Predictive Maintenance
AI can analyse vast amounts of data collected from sensors and machines to predict and prevent equipment failures. By utilizing machine learning algorithms, AI can detect patterns and anomalies in real-time, enabling proactive maintenance activities. This approach helps minimize downtime, reduces costs associated with unplanned repairs, and maximizes the lifespan of machinery.
- Quality Control and Defect Detection
AI can be used to enhance quality control processes by analysing product data and images in real-time. Machine learning algorithms can identify defects, inconsistencies, or deviations from desired specifications, allowing for immediate corrective actions. This not only improves product quality but also reduces waste and optimizes production efficiency.
- Supply Chain Optimization
AI can optimize supply chain operations by analysing data from various sources, including demand forecasts, inventory levels, and transportation routes. AI algorithms can provide valuable insights for inventory management, demand forecasting, and logistics planning, enabling manufacturers to streamline their operations, reduce costs, and improve customer satisfaction.
- Product Design and Optimization
AI can assist in product design by utilizing generative design algorithms. These algorithms can explore numerous design possibilities, considering parameters such as material strength, weight, and manufacturing constraints. AI-powered simulations can also evaluate and optimize product performance before physical prototyping, reducing development time and costs.
How Renoir helps organisations prepare for the future
Big data, advanced analytics, and AI are uniquely valuable assets that can offer manufacturers tremendous opportunities to accelerate growth and increase efficiencies. Renoir is uniquely suited to help manufacturers companies in the following ways:
- Centre of Data Excellence
We have established Centres of Excellence worldwide with in-house Data Engineers, Data Analysts, Data Scientists, Solution Architects, Digital Programme and Project Managers. We utilise the best-in-class data analytics and visualization solutions that best fits the needs of your operations.
- Beyond mere implementation
We will analyse what value your business needs to deliver from its data, and how to best adopt to the changes required. We then help you to deliver the technical implementation and adoption of it.
- Experts in adoption
As part of the engagement, Renoir has more than 25 years’ experience in taking projects to full adoption using our behavioural and cultural change methodologies. This guarantees that we leave the organisation and your people with the ability to continue to grow value long after the project is delivered.
Renoir begins every project with a thorough evaluation to determine root causes, then designs the optimum strategy to bring the highest returns before helping businesses implement it.
You can talk to one of consultants today to see how our solutions can help your organisation address the unique challenges efficiently and sustainably.