Empowering Industry 4.0 with AI
DataQuest|April 2020
Empowering Industry 4.0 with AI
Industry 4.0 has the potential to be a powerful driver of economic growth, predicted to add between $500 billion-$1.5 trillion in value to the global economy between 2018 and 2022
Asheesh Mehra

As AI emerges from reel-life to real-life to become the frontier of world-changing technologies, there is an urgent need for systematic development and implementation of AI to see its real impact in the next generation of industrial systems, namely Industry 4.0.

This broadly refers to the next step in industrial technology, with robotics, computers and equipment becoming connected to the Internet of Things (IoT) and enhanced by machine learning algorithms.

AI is a significant Part of Industry 4.0

AI is one of the emerging technologies already being utilized by manufacturers to improve product quality, efficiency and for cutting down on operating costs. We are starting to see a working relationship between humans and robots, an area which is benefiting from the use of AI in the manufacturing plants.

The smart factory which is made up of hyperconnected production processes comprises of various machines that all communicate with one another, relying on AI automation platforms to collect and analyze all types of data including images, standardized code text and categorized fixed field text. Essentially, AI as a component is automating processes across various industry verticals, bringing that added efficiency and precision in all facets.

A recent IDC survey of global organisations that are already using AI solutions found that only 25% have only developed an enterprise wide AI strategy. Many organizations are applying artificial intelligence (AI) to increase their efficiency. However, there are immense quantities of data that have not even been digitised or organised in a way that enables AI to use them. Furthermore, numerous organizations lack the right people, such as data scientists, to analyse whatever data they have. BFSI, healthcare, logistics which are manual labour-intensive industries deals with a lot of data requires AI solutions to produce effective results.

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April 2020