Artificial Intelligence
Article

Mitigating Market Disruptions Using AI in Manufacturing

by
Industry Reports
March 22, 2022
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Summary

AI isn't just being used to improve inspection systems and identify waste. Manufacturers are using AI to optimize pricing and discover better business models for the customers. For example, insights have encouraged some manufacturers to lease equipment as a service instead of selling equipment. AI enables customers and manufacturers to have more accurate and quicker quoting.

Mitigating Market Disruptions Using AI in Manufacturing

Nick Boyer, Director of Strategic Consulting at PROS, explains how using AI in manufacturing can mitigate market disruptions

Over the last couple of years, the manufacturing industry has had to face a myriad of challenges and disruptions, from Brexit to a global pandemic, supply chain issues and now inflation. These periods of volatility have triggered a substantial investment in digital transformation within the sector, in order for manufacturers to remain agile and survive.

Manufacturing is data-rich, it is more and more critical to use this data as an intelligent resource to guide decision-making in order to optimise cost, revenue and margin. Which is where artificial intelligence (AI) steps in. Profound and far-reaching digital transformation can only occur when manufacturers embrace the power of AI to drive decision-making. Without this, the effectiveness, profitability, and long-term success of digital transformation is compromised.

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Industry Reports
Industry Reports

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