Manufacturing companies and Machine Learning: a ‘match made in heaven’. Nevertheless, too few manufacturing companies today capitalize on the gigantic advantage that Machine Learning holds in store for them.
What exactly is Machine Learning? It is the juncture of Data Science, Artificial Intelligence and Process Engineering. Data Science is an interdisciplinary field for mining, processing and analysing large volumes of data. Artificial Intelligence relies heavily on Data Science. AI software do not just execute tasks passively – they learn from the data. Process Engineering in turn makes rewarding use of Data Science and Artificial Intelligence, namely when it comes to designing, optimizing and innovating industrial processes, production machines and machine tools, so as to make them smarter, more effective, more cost-efficient, and more flexible.
So, manufacturing companies: make sure you have a Machine Learning playbook if you do not have one already. CEOs: you must work together with data scientists to innovate your business model and processes by integrating Machine Learning. Become data-driven. And last but far from least, you must endeavour for a support base and a broad consensus about the benefits of Machine Learning – on the commercial, operational and human front – in your companies. Because those benefits are there. And they are colossal.
Do you as a company want to reap the benefits of the Machine Learning revolution? Studies show productivity gains of – are you ready for it? — about 30%. One piece of advice: do it before other players and start-ups get ahead of you. Agoria is there to support you!