Artificial Intelligence and IoT are gaining more and more significance in the manufacturing market. As AI technologies are getting better and smarter day by day, it is also expected to revolutionize the manufacturing job market through:
- Cost optimization: It is one of the major benefits AI and IoT offers, starting from organizing machines to fewer human hours required to complete the work. AI with the help of predictive analytics helps to forecast the amount of resource required to according to the sales expected. AI combined with IoT helps to keep track of the manufacturing process, as well as identifying and preventing probable bottlenecks.
- Predictive maintenance: It is another way of how AI’s predictive analysis impacts manufacturing. With complex machine learning algorithms, AI helps to predict the possible breakdown of the machines or their parts. This not only reduces costs by preventing large failure but also lessen the impact caused due to unexpected losses. That in turn increases the efficiency of repairs and maintenance teams as they focus more on preventive maintenance.
- Production optimization: Machine learning algorithms that learn from the operators and sensors establish relations and identify production improvements that provide real-time insights to operators to enhance the production process.
- Robots: Collaborative robots or cobots works along with humans or replace them in repetitive tasks. They are more flexible, adaptable, and can be reprogrammed easily. They are usually a great choice in replacing humans, preventing injuries, and increase the speed in the production process.
- Machine vision: With machine vision, AI helps to handle quality control, spot the defects, and keep the track of production. This also helps in multiple ways from automating warehouse inventory, helping operators to use the right parts, and guide them through the process.
Thus Artificial Intelligence and IoT are slowly and systematically replacing humans and this trend is likely to go up. According to a recent study by McKinsey & Co, 45% of the work done today by humans could be done by machines. Also, a survey conducted at Oxford found that close to 20 million jobs will be lost to robots in the next ten years.