Artificial intelligence and machine learning are transforming the manufacturing industry. According to a report released late last year by the World Economic Forum, the combination of artificial intelligence, advanced robots, additive manufacturing and the internet of things (IoT) will combine to usher in the fourth industrial revolution.
The majority of manufacturing companies, 80 percent, expect to see positive effects of AI initiatives, with a predicted increase in revenue of 22.6 percent, and a 17.6 percent reduction in costs.
In fact, manufacturers are already using artificial intelligence and machine learning technologies to reduce equipment downtime, spot production defects, improve the supply chain, and shorten design times. However, the lack of skilled personnel, data, and standards is keeping many companies from forging ahead.
General Electric leads the charge
One of the companies at the forefront of this new wave of industrial transformation is General Electric, which has been motivated to explore the use of AI due to declining productivity in its sector.