Tag Archives: Advanced analytics

4 Reasons Not to Be Afraid of Artificial Intelligence

AI is creating sea change in the manufacturing and healthcare industries and there are multiple positives for businesses and individuals.

artificial intelligence

Anytime you have two well-known entrepreneurs, Mark Zuckerberg and Bill Gates, at odds about a topic you know it’s something transcendent. Some common perceptions about artificial intelligence include job loss, conspiracy theories, and even world dominance. At this moment, however, we cannot ignore the extremely positive outcomes AI affords. What AI is, according to Forbes, is a concept of machines’ ability to carry out tasks in a way that people consider “smart.” Many applications fall under the AI umbrella such as machine learning, deep learning, predictive analytics, and others.

Here are four solid reasons not to be afraid of AI:

  1. It saves lives: Early cancer detection and treatment, recognition of brain disorders, and new drug discoveries and treatments are just a few ways in which AI is changing medicine as we know it. Machine learning also helps advance the collection and digitization of electronic health records, thereby improving the quality of the doctor/patient relationship.
  2. It creates possibilities: Ultrasound has been an essential tool in critical moments for monitoring and diagnosing patients for almost a century. A new break-through technology packs the power of ultrasound into a lightweight, cost-effective silicon chip with built-in deep learning. These chips could potentially give access to many healthcare professionals around the world who wouldn’t otherwise.
  3. It entertains: Alexa’s presence in the patient’s room, doctors and nurses can access the records without troubling the patients or logging into computers. Alexa can be a great companion providing stories and music for patients with disabilities. Alexa can also give reminders when it’s time to take/administer medication or serve/eat food.
  4. It skyrockets efficiency: From faster production to optimizing worker schedules leading manufacturers are already experiencing the benefits of AI in their smart factories. Manufacturers can foresee trends and be more innovative by making better, faster business decisions. All of the data from IoT sources presents endless possibilities for manufacturers.

AI

Since AI is still rather young, there are much more applications to which we can look forward. According to Forrester, the evolution of AI will likely see the most success in three – five years.

References:
www.dataversity.net/artificial-intelligence-use-cases-overview/
www.macadamian.com/2016/06/29/amazons-alexa-voice-service-in-healthcare/



The Power of Advanced Analytics in Manufacturing

Hitesh Soni and Vanessa Saulsberry contributed to this article

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12.3 Million. That’s how many workers the U.S. manufacturing industry employs, according to the Bureau of Labor Statistics, accounting for almost 1/10th of the workforce. That’s a lot of jobs supporting growing families and businesses. Clearly, with the industry representing over 12 percent of the United States’ total GDP[i], manufacturing companies are a critical component to building a stronger economy.

Manufacturing leaders are facing some tough challenges and immense competition. The only way to stay competitive in this environment is through good old-fashioned innovation. Despite outspending global counterparts in R&D[ii], there are untapped opportunities hidden in the vast amounts of data manufacturers collect.

These opportunities are wide ranging and include:

  • Improving the customer experience
  • Retaining top talent and increasing employee engagement
  • Margin recovery
  • Enhanced product quality and safety
  • Boosting supplier and vendor relations
  • Improved efficiency on the plant floor

The possibilities and potential applications are endless. Indeed, IDC predicts that by 2020 the global Big Data and business analytics market will increase by $73 Billion[iii].

Over the last decade the complexities often associated with gathering and analyzing large volumes of data, including Big Data, IoT, and now IIoT, have dissipated. Modern data science and business intelligence tools go one step further, allowing department heads to serve up highly-visual, ad-hoc reports on their own, eliminating much of the heavy lifting by IT.

Manufacturing companies that embed predictive analytics can pry open new doors for additional insights regarding future outcomes. Suddenly, business leaders have transformed legacy systems into something far more valuable, unlocking greater ROI and influencing positive business impact.

For a deeper dive into this topic read the white paper: Leveraging Modern Data Science, Predictive Analytics, and BI for Competitive Advantage.



[i] Bureau of Economic Analysis, real value added by industry (accessed January 13, 2017) – https://fas.org/sgp/crs/misc/R42135.pdf.
[ii] U.S. Manufacturing in International Perspective Marc Levinson Section Research Manager January 18, 2017
[iii] http://www.idc.com/getdoc.jsp?containerId=IDC_P33195