In most of the manufacturing environments there is little preventive or real-time decision making, a significant number of decisions are taken after the fact.
Companies are losing money by not using their scarce resources effectively. Moreover, the impact of unscheduled equipment downtime or non-prevented machine and human failures can be extremely destructive or cause security issues.
Top 3 AI Use Cases in Manufacturing
Demand forecasting is a complex process involving analysis of data and massive work of the accountants and specialists. Moreover, it appears to have strong relations with inventory management. A simple fact may explain this interrelation – demand forecasting uses the data of the supply chain.
Preventive maintenance is usually applied to the piece of equipment that is still working to lessen the likelihood of its failing. There are 2 major types of preventive maintenance: time-based and usage-based. The biggest strength of preventive maintenance is planning. Use AI to predict when a machine is likely to fail and integrate with backend ERP systems to send out work orders to replace parts before they need them.
Manufacturing and selling the product involves taking into account numerous factors and criteria influencing the product price. All the elements starting with the initial price of the raw material and up to the distribution costs contribute in the final product price. And what happens when the customer finds this price too high or too low?