With the influx of technology that can think for itself – a simpler way of explaining Machine learning – we can now safely assume that manufacturing would definitely feel a lot taken off its shoulders.
A survey conducted in 2017 found that around half of all companies in the world are already using Machine learning.
6 Ways Machine Learning Makes Manufacturing Easier
1. It Revamps Quality Control
Up until now, quality control was done manually. And as it is with everything manual, there always remains an evitable scope of error. Throughout the 70s, quality control was a big issue for GM.
Eventually, they opted for the Toyota Manufacturing technique, and since that day, there’s been no turning back for GM.
According to a study done by Forbes, machine learning is to have increased defect detection rates by up to 90%.
2. It can Minimise Equipment Failures
In manufacturing, equipment failure is common. There’s only so much a machine can take. When that happens, a machine is taken down for repairs and the factory experiences downtime, which eventually hurt business.
Apparently, unplanned downtime costs companies $50 billion annually. With the help of Machine learning, better equipment maintenance can be implemented.
3. Predictive maintenance
Manufacturing units have known to benefit from a simple shift: proactive approach instead of the reactive approach. When we leave machines to check up on a machine’s health, the results are far more accurate.
According to a recent study by Deloitte, poor maintenance of machines, impact production by 5-20%. This in terms of overall production, is a huge margin.
4. Optimizes Supply Chains
Supply chains can get intricate, and if not dealt with right, it could lead to losses. Machine learning seems to be cut out for just this purpose. It helps optimize each element of your supply chain.
This means you can calculate precisely how much extra time to give a shipment, or deciding where to ship products from based on weather patterns.
5. Smarter inventories
When you hold unsold undelivered products, you end up paying for storage. At the outset, it may seem to be a minor issue, but its effect on the overall cash flow is massive.
Machine learning can help you estimate when it makes sense to hold onto or sell inventory. Or even when to reduce production. This will eventually cut costs and if not earn you a profit would at least not earn you a loss.
6. Electricity efficiency
Electricity is one of the greatest inputs for any manufacturing unit. With machine learning, it is possible to implement more energy efficient practices to use. There obviously are a lot of factors into play while making such decisions.
However, with machine learning you get an understanding of which equipments consume more energy and then you can at least venture into looking to optimize consumption.
Machine learning is the future of manufacturing. There will soon be a time where survival of a manufacturing unit would solely depend on how well it is integrated with machine learning.