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ARTIFICIAL INTELLIGENCE

ARTIFICIAL INTELLIGENCE

AI may be feared as the next great job killer, but many of the AI tools and services currently available focus on improving business productivity rather than replacing employees. In fact, nearly two thirds of employees in a recent UK survey conducted by software company ABBYY said they’d be happy to hand over tasks like taking meeting notes and reviewing long documents to a machine.

Sales professionals already leverage AI tools in services such as Salesforce and Microsoft Dynamics that offer better sales forecasts and help them target prospects and close deals, but AI is useful for more general business work too. From coaching managers to interact more efficiently, to suggesting the right time to send email messages, to getting value out of information that might otherwise languish on whiteboards, AI-powered tools are boosting business productivity across a variety of industries. You don’t need to set up your own machine learning team — but you may want to think about how you can get your business ready to make the most of them.

Thanks to recent innovations in cloud computing and big data storage and analysis, artificial intelligence is making great strides in improving efficiency in manufacturing environments, leading to better performance. AI also provides critical information to help managers make more informed business decisions.

The AI market is expected to grow at a compound annual growth rate (CAGR) of 52% from 2017 to 2025,according to a recent report from Research and Markets.

Machine automation produces quality products faster and more efficiently, while providing critical information to help managers make more informed business decisions. There are still some hurdles, however: Many companies are reluctant to share sensitive production and process data. There is also the challenge of integrating vast amounts of data, from both the shop floor and the back office, to create real time insights. To make a smart factory work as a unified system, some companies use a middleware platform—”a layer of software that connects client and back-end systems and 'glues' programs together.”

More accurate demand forecasting Using AI and machine learning, systems can test hundreds of mathematical models of production and outcome possibilities, and be more precise in their analysis while adapting to new information such as new product introductions, supply chain disruptions or sudden changes in demand. According to consulting firm McKinsey, due to machine learning, overall inventory reductions of 20% to 50% are possible. AI can also introduce efficiencies with something as simple as taking physical inventory. A task that takes employees one month to complete at Wal-Mart can be completed in 24 hours using sophisticated drones that fly through the warehouse, scan items, and check for misplaced items.

By the end of the year, it is expected that there will be a number of machine types powered by AI engines running machine learning algorithms capable of autonomously improving the efficiency of manufacturing processes. AI systems will monitor quantities used, cycle times, temperatures, lead times, errors, and down time to optimize production runs.

The first step in AI’s deployment will be an “operator assist” mode, where AI will run in the background and suggest answers to the operator. AI systems will use the operators’ final decisions to learn how the human mind performs so they can be deployed in an “operator replace” mode.

In the future, AI will enable us to transform data into intelligence in a vendor-agnostic environment where all machines speak the same language, increasing production efficiency from machine to machine across the shop floor.

Automated material procurement Analytics combined with machine learning will record and critique everything, including the beginning stages of quoting and establishing the supply chain. McKinsey predicts machine learning will reduce supply chain forecast.

Why AI is the future for discrete manufacturers

AI helps discrete manufacturers unlock trapped value in their core businesses. Machine-based neural networks can understand a billion pieces of data in seconds, placing the perfect solution at a decision maker’s fingertips. Your data is constantly being updated, which means your machine learning models will be updated, too. Your company will always have access to the latest information, including breaking insights, which can be applied to rapidly changing business environments. Three important AI benefits are:

Make decisions faster and with more confidence. How do you know what to fix first at your manufacturing plant? AI can automate and prioritize routine decision-making processes so your maintenance team can decide what to fix first with confidence.Access immediate, actionable insights from Big Data. One of the most exciting opportunities with AI is its ability to identify and understand patterns in Big Data that humans currently cannot. AI can predict future opportunities and recommend concrete actions your manufacturing company can take today to capitalize on these opportunities.Protect sensitive data. AI helps to eliminate human error, which improves output quality and strengthens cybersecurity. Strong cybersecurity is important for protecting sensitive, proprietary data in manufacturing and ensuring your competitive edge.

Here are 4 reasons why you should consider using artificial intelligence in your workplace:

1. Chatbots

When people have a question or concern about your business, the most important factor is whether they receive a prompt, efficient response. Showing your customers that you value their time will make them more likely to choose your business in the future.

Millennials, in particular, have increasinglyshort attention spans. They’re expecting your business to give them instant service the moment they need it.

This is why chatbots are an excellent way to implement AI. These bots carry out many different tasks, from answering customer queries and scheduling meetings to providing product information and processing purchases. That means your employees are more productive in other areas of your business.

1.4 billion people interacted with a chatbot at least once in 2015, and that number is forecast to keep rising. Chatbots are the way of the future and a great way to engage with your customers.

2. Analytics

Using big data and data analytics is a great way to enable smarter, faster, and better decision-making in your business. It also helps you with insight generation and process optimization.

Businesses have more data available to them than ever before. But the biggest challenge is understanding which data is actionable, important, and relevant.

AI in the workplace allows you to analyze all the data from every part of your business. This gives you valuable insight into your customers’ behaviors, demographics, and buying patterns.

3. Process Automation

One of the ways technology helps humans is by automating our work. First, tractors and home appliances hit the market as labor-saving machines. Before we knew it we had industrial machines and basic systems. Now, robots are working alongside people in businesses around the world.

Artificial intelligence can automate routine processes. Much of the work that junior lawyers would traditionally do is now being replaced by algorithms. This doesn’t mean that people are necessarily made redundant. Instead, they’re given new, more helpful tasks, increasing productivity and efficiency within the business.

4. Security

Cybercriminals continue to find new ways to compromise corporate computers and systems. And these hackers now belong to full-fledged organizations- sometimes funded by governments.

Businesses that once had to rely on humans to search through security and system log file for problems and evidence of security breaches now have another option.

AI is able to protect your business while you sleep, using machine learning and analytics to identify and fix threats while analyzing any issues with performance. This keeps your data safe, giving you peace of mind and reducing the amount of work your security and IT teams need to do each day.

Ways You Can Use Artificial Intelligence For Explosive Business Growth

the last few years, Artificial Intelligence (AI) has gained momentum in every industry. Healthcare, transportation, manufacturing, logistics, retail, and more have started to use AI-based applications to improve productivity and performance.

According to PwC, Artificial Intelligence will contribute $15.7 trillion to the global economy by 2030. So businesses can reap huge benefits from investing in AI. The MIT Sloan Management Review’s 2017 Artificial Intelligence Global Executive Study and Research Project found that 85% of executives believe that AI will help their businesses gain or sustain competitive advantage.

The best way to evaluate any emerging technology is to figure out its practical use in your business. So here are some uses of AI applications that can lead you to a path of growth and success.

1. Use AI-based Analytics to Make Better Business Decisions

The improvements in network and storage technology have brought about the age of big data. But the collected data is useless without analysis. Due to the large size, it’s impossible to analyze the data using human intelligence. It’s an area that machine learning and deep learning algorithms can help.

HANA, SAP’s in-memory data platform that uses machine learning to analyze and find patterns in big data, is helping Walmart with their data analytics. Walmart has more than 245 million customers visiting their stores and websites all over the world. So there is an enormous amount of data. HANA’s machine learning algorithms are bringing the important data to the forefront, so Walmart employees can make more data-driven decisions.

2. Add Automation to Make Your Marketing and Sales Soar

AI based applications can start handling routine tasks. They can customize marketing and sales information for consumers. AI-based Chatbots can go further and help with responding to customer service requests to improve customer satisfaction and create recommendations for upselling.

Machine learning can also help with price-optimization for various markets. RapidMiner, a data science platform, leverages data about competitors, suppliers, consumer preferences, and risks to create pricing models for individual market segments automatically. This AI-based approach helps businesses optimize profit margins.

3. Make Inventory and Supply Chain Management a Breeze with AI

Machine learning algorithms can help retail and other businesses better manage their inventory. It can automate refilling requests and optimize supply chains. You can hand over your inventory management and supply chain decisions to AI-based applications.

4. Major AI players like IBM Watson are heavily investing in supply chain management. IBM’s supply chain products help you automate your order management and fulfillment. Another company TransVoyant is combining machine learning and Internet of things (IoT) to create applications that predict supply chain movements.

Improve the Maintenance and Safety of Your Equipment

Artificial Intelligence can help the manufacturing and transportation sectors improve their maintenance schedules. For example, the airline industry tries to predict the wear and tear on their fleet’s mechanical parts to prevent downtimes. AI-based predictive analysis can improve this process dramatically. It can help the airline industry create more optimized maintenance schedules to avoid unwanted delays.

The manufacturing industry has been already using AI for maintenance and safety. General Electric (GE) has developed the Predix platform that uses Artificial Intelligence to optimize and scale industrial applications.

5. Get Better at Hiring and Find the Top Candidates

Finding the right candidates for a job is a time-consuming process. There are new AI-based facial recognition applications that can interview candidates and evaluate their performance using emotional cues. It can help businesses streamline their recruitment process.

Companies like Unilever, IBM, Dunkin Donuts are already using Artificial Intelligence the last few years, Artificial Intelligence (AI) has gained momentum in every industry. Healthcare, transportation, manufacturing, logistics, retail, and more have started to use AI-based applications to improve productivity and performance.

According to PwC, Artificial Intelligence will contribute $15.7 trillion to the global economy by 2030. So businesses can reap huge benefits from investing in AI. The MIT Sloan Management Review’s 2017 Artificial Intelligence Global Executive Study and Research Project found that 85% of executives believe that AI will help their businesses gain or sustain competitive advantage.

The best way to evaluate any emerging technology is to figure out its practical use in your business. So here are some uses of AI applications that can lead you to a path of growth and success.

1. Use AI-based Analytics to Make Better Business Decisions

The improvements in network and storage technology have brought about the age of big data. But the collected data is useless without analysis. Due to the large size, it’s impossible to analyze the data using human intelligence. It’s an area that machine learning and deep learning algorithms can help.

HANA, SAP’s in-memory data platform that uses machine learning to analyze and find patterns in big data, is helping Walmart with their data analytics. Walmart has more than 245 million customers visiting their stores and websites all over the world. So there is an enormous amount of data. HANA’s machine learning algorithms are bringing the important data to the forefront, so Walmart employees can make more data-driven decisions.

2. Add Automation to Make Your Marketing and Sales Soar

AI based applications can start handling routine tasks. They can customize marketing and sales information for consumers. AI-based Chatbots can go further and help with responding to customer service requests to improve customer satisfaction and create recommendations for upselling.

Machine learning can also help with price-optimization for various markets. RapidMiner, a data science platform, leverages data about competitors, suppliers, consumer preferences, and risks to create pricing models for individual market segments automatically. This AI-based approach helps businesses optimize profit margins.

3. Make Inventory and Supply Chain Management a Breeze with AI

Machine learning algorithms can help retail and other businesses better manage their inventory. It can automate refilling requests and optimize supply chains. You can hand over your inventory management and supply chain decisions to AI-based applications.

4. Major AI players like IBM Watson are heavily investing in supply chain management. IBM’s supply chain products help you automate your order management and fulfillment. Another company TransVoyant is combining machine learning and Internet of things (IoT) to create applications that predict supply chain movements.

Improve the Maintenance and Safety of Your Equipment

Artificial Intelligence can help the manufacturing and transportation sectors improve their maintenance schedules. For example, the airline industry tries to predict the wear and tear on their fleet’s mechanical parts to prevent downtimes. AI-based predictive analysis can improve this process dramatically. It can help the airline industry create more optimized maintenance schedules to avoid unwanted delays.

The manufacturing industry has been already using AI for maintenance and safety. General Electric (GE) has developed the Predix platform that uses Artificial Intelligence to optimize and scale industrial applications.

5. Get Better at Hiring and Find the Top Candidates

Finding the right candidates for a job is a time-consuming process. There are new AI-based facial recognition applications that can interview candidates and evaluate their performance using emotional cues. It can help businesses streamline their recruitment process.

Companies like Unilever, IBM, Dunkin Donuts are already using Artificial Intelligence to Fight Fraud and 6. Prevent Cybercrimes

Businesses spend enormous time trying to detect fraudulent transactions. But fraud detection depends a lot on pattern recognition. So machine learning tools can pick these tasks up. Similarly, cyber security threats are also a matter of detecting pattern anomalies. So AI-based applications can help in this area too.

The company deepsense.ai is using machine learning techniques to develop solutions that can help companies better detect fraud. With rule-based systems, there are a lot of false positives. Machine learning algorithms can decrease these false alarms.

7. Expand Your Business With Self-Driving Technologies

Advances in self-driving cars are dependent on Artificial Intelligence. Businesses that depend heavily on transporting products can use self-driving trucks to lower costs and improve reliability. Manufacturing and other sectors can use autonomous cars to improve their operational efficiency.

Waymo has announced in the 2018 Google I/O conference that it will start self-driving taxis in Arizona by the end of 2018. GM is preparing to release self-driving cars next year. Starsky Roboticshas tested a fully unmanned truck in Florida and will start hauling commercial freight with unmanned trucks this year. These vehicles will open up new opportunities for businesses to improve current processes and create new business revenues.

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