Artificial intelligence development is changing how industry works
By StevenH – Many industries are going to benefit from artificial intelligence development. It’s hard to say which ones in the long term will find the highest level of success, but we can already see significant benefits in a host of industries.
At its core, artificial intelligence is a tool that can acquire, organize and analyze vast amounts of data to create and parameterize models to recognize patterns and make predictions. AI is delivering many benefits and its continued use is the key to making a business more competitive. By automating some of the repetitive, basic tasks, a company can increase productivity, reduce mistakes and enable quicker, better decisions. In insurance, for example, companies are using AI to automate claims processing. The entertainment industry uses AI to optimize streaming services and suggest content based on an individual’s previous choices and comparing it to the choices of others.
If you’re a business or a company wondering about what to do about AI, whether to use it or even when to use it, then the answer is, Yes. Businesses must think about using AI. Artificial intelligence is a practical tool, and just like banks use it to prevent fraud or healthcare uses its algorithms to scan X rays, companies should look to solve problems and challenges with AI.
In engineering and manufacturing, artificial intelligence is already enhancing the scheduling in a factory by improving downtime and conducting predictive maintenance scheduling. Artificial intelligence saves companies money by reducing costs, for example by collecting data from running machines in the factory and feed it into training for predictive maintenance AI models.
Manufacturers can use these models to detect signs that maintenance is needed, such as changes in vibration signals which might indicate there is a developing problem. They can then schedule a maintenance session at the downtime of their choosing, perhaps overnight on a Saturday where there could be minimal or no loss of production. Naturally, it’s more economical to perform maintenance at the company’s discretion than having an expensive machine offline for several days, while possibly waiting for delivery of replacement parts from somewhere on the other side of the world. more>