Owners and leaders of small to midsize businesses frequently find it challenging to spend enough time working ON their businesses because they too often find themselves working IN the business. Until now, few tools were available to help managers find the time to strategize and pursue business improvements. Artificial Intelligence (AI) can give the gift of time to manufacturing teams everywhere and make running a business easier. Learn about four key AI applications in manufacturing below:
- Machine Monitoring/Upkeep
Overview: Many manufacturers have machines that can shut down manufacturing operations in the event of mechanical failure. The tens of thousands of dollars required to repair such machines, plus the loss of productivity during a breakdown, can hamper a company’s ability to meet customers’ expectations. Even if they have a standing agreement with another company to provide the process step as an outside service, the transportation and additional costs can affect the company’s bottom line.
Impact: AI-powered predictive maintenance relies on sensors and machine learning algorithms to analyze data from machinery. Additionally, AI provides superior analytical capability to determine machine conditions and tirelessly examine data to recognize changing performance. This data-driven approach minimizes unplanned downtimes, significantly reduces maintenance costs, and improves overall operational efficiency. According to industry reports, implementing a real-time predictive maintenance program can reduce maintenance costs by up to 30% and cut downtime by 50%.
Availability: With the increasing affordability of IoT devices and the growing availability of machine data, real-time machine monitoring is a “now” proposition. Its ability to integrate with existing systems and provide real-time insights makes it an essential tool for manufacturers seeking to stay competitive. The important thing for company leadership is to understand which machines are critical enough to require investment. Where redundancies and additional capacity exists the return on investment may depend solely on reducing repair costs or spare parts inventory dollars.
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Michigan Manufacturing Technology Center
