Machine learning models can enhance nearly every aspect of a business, from marketing to sales to maintenance.
The manufacturing industry collects petabytes of data daily, and with the help of machine learning algorithms, manufacturers are completely revolutionizing business models by monitoring the quality of their assembly process, while also optimizing operations.
Machine learning algorithms, applications, and platforms are helping manufacturers find new business models, fine-tune product quality, and optimize manufacturing operations. PwC estimated that manufacturer’s adoption of machine learning and analytics will increase 38% in the next five years.
In manufacturing, the rise of IoT, has sparked numerous opportunities to utilize machine learning .LotusLabs helps innovative manufacturers face the challenges of finding opportunities within the data collected to increase efficiency and quality.
The manufacturing industry has a multitude of AI and machine learning applications it can use to improve the products quality, reduce costs, and streamline operations.
Machine learning is adopted for product inspection and quality control. ML-based computer vision algorithms can learn from a set of samples to distinguish the “good” from the flawed. In particular, semi-supervised anomaly detection algorithms only require “good” samples in their training set, making a library of possible defects unnecessary. Alternatively, a solution can be developed that compares samples to typical cases of defects.
Machine learning enables predictive monitoring, with machine learning algorithms forecasting equipment breakdowns before they occur and scheduling timely maintenance. By using historical data our algorithms can give insights that enhance maintenance operations. These insights improve effectiveness while reducing overall maintenance costs.
Accurate demand forecasting makes production plans more efficient. An accurate demand forecast has a strong impact throughout your organization because it affects customer satisfaction, production schedules, inventory stock, product prices, shipping, sales and strategies. LotusLabs can help your company forecasting demand for your products by incorporating market, product and sales data to machine learning.
With IoT, almost every device now connects to the Internet, constantly updating and providing value-added services. IoT platforms are increasing. IDC data shows that manufacturers spending on IoT platforms will rise from $745 billion annually in 2019 to over $1 trillion in 2022.
Implementing machine learning algorithms, manufacturers now have the ability to collect, store, and analyze huge amounts of data in real time to turn it into actionable information. Use this information to enhance your operations, remedy equipment issues proactively, improve plant availability, and meet countless other goals that drive toward better margins for the business.
Optimized supply chain
Machine learning plays an essential role in maximizing a company’s value by improving its logistical solutions, including asset management, supply chain management and inventory management processes. We can help you craft the successful combination of machine learning and IoT, which is necessary for a modern company to ensure its supply chain is operating at the highest level.
LotusLabs can help you in your AI journey
You want to see AI drive value in every corner of your business. But how do you get started? By building together an AI system with reliable day-to-day operations. At LotusLabs we are experts in Machine Learning and AI infrastructure. Our people work with your people, at all levels. Our methods help you find ways to put AI to work. Transform your business into an AI-driven enterprise.