From Hype to Happening: Exploring The Realities of Machine Learning & Artificial Intelligence

Why leaders must adopt cutting-edge technologies to achieve a competitive advantage

While this white paper examines the reasons for investing in and implementing ML and AI across the enterprise, it also breaks down the myths surrounding these technologies. Leaders shouldn’t worry that ML and AI will usher in the end of their workforce, for these tools open new doors that will inevitably advance business processes and reduce maintenance costs to improve growth.

The Power of Advanced Analytics in Manufacturing

 

manufacturing industry

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] https://www.idc.com/getdoc.jsp?containerId=IDC_P33195