Machine learning is revolutionizing the manufacturing industry. Why? Because its primary function allows business leaders to develop, grow and enact a sense of planning that has, quite literally, never been seen before. However, because the mere concept of machine learning is not only of vital importance to our industry, but also of considerable technicality, it’s an especially dense topic to objectively dive into.
The phrase machine learning was coined in 1959 by Arthur Samuel, an early pioneer in what is now called artificial intelligence. At its core, machine learning is a blanket term used to describe certain technologies and their ability to learn. This learning is typically done without prior programming, which makes it fairly impressive, too. In that way, its function aligns pretty well with your business’ goal: efficiency.
It’s also what facilitates the continuous improvement of our industry. But little is widely known of what it has done thus far. To help you understand the technology, here are five ways machine learning is improving manufacturing.
Machine learning increases productivity.
Broadly, machine learning enables you and your business to achieve successful outcomes with ease. And it does both tangibly and intangibly. In this way, it not only affects the daily processes of your production level, but also your plant.
It’s no surprise, then, that in 2016, researchers at General Electric collected data that suggests machine learning increased productivity by, on average 20 percent. The most effective way it does this? By creating customer profiles that influence both your current and future production rates.
But what is productivity, really? In this context, it’s the ability of you and your business to efficiently create product that maximizes the rate of output per unit of input. So, in other words, it’s the driving force of your business. Frankly, that’s the key in maintaining the most efficient and effective business outcomes.
It provides data analytics.
Machine learning can perform a great deal of work for you. And the outcome of it will almost always provide you with references and insights into the standing of your business. You can even target the customer your business needs to continue its growth.
In other words, it can provide concrete data analytics that will, in fact, change your business for the better. That’s why over 40 percent of businesses are currently using machine learning to increase their market share. It’s also why, with the data machine learning provides, manufacturing business owners can then decipher their market. When this is done consistently, they eventually develop a habit for achieving successful outcomes.
In that regard, it’s an easy decision to commit machine learning capabilities to your business strategy. Especially as it pertains to your targeted customer segments. And, therefore, the economic growth you and your business expect.
It refines maintenance management.
Machine learning, in a weird way, shares our industry’s concern for our business’ maintenance management. And whether it comes down to stocking concerns or employee payment, machine learning delivers analyses of maintenance management that stem beyond pure data. That’s important when deciding the next steps of your business development.
Much like it’s ability to provide data, though, machine learning can supply us with the necessary insight to develop strategies that sustain economic growth. However, it’s important to keep in mind that, for as intelligent as our machines can be, you need to have a knowledgeable baseline that ensures the maximization of their capabilities. It’s a crucial fact to come to terms with.
Frankly, machine learning allows us, as business leaders, to continuously improve. And, to reiterate, that’s the goal of our industry. In fact, the rapid growth machine learning undergoes on a consistent basis mirrors manufacturing as a whole. That relationship implies the significance of machine learning in the context of modern manufacturing.
Machine learning enables scaling
The benefits of efficient machine learning facilitate a sense of longevity. So much so, that business leaders can rework their business model to fit growing trends and changing times. That showcases an important piece of information machine learning provides business owners with: potential sunken costs.
But when those become clear, scaling becomes a necessary reality. Your business always needs improvement, but the insights provided by machine learning makes that need resoundingly clear. Not only does this apply to the internal aspect of the manufacturing industry, but also the external.
It’s about reducing waste while improving quality. And when applied correctly to your business, customer relationships will improve beyond your expectations.
It optimizes supply chains.
Machine learning, through the combination of all previously stated improvements, allows business owners to optimize their manufacturing business’ supply chains. And with reduced costs and updated performance levels, it makes sense too. Especially in regards to production and distribution.
With over 70% of manufacturing business outsourcing their products, the notion of accuracy is of vitality. However, that’s often overlooked. To be accurate is to showcase a specific skillset that isn’t necessarily streamlined. But that’s where machine learning comes in. And also where it excels.
Not only does machine learning provide you and your business with analysis that ensures optimization, it provides a lasting structure for growth and development. It’s well worth your while to invest in technology with the capability to improve your business, and in turn, behave as a consultant of sorts. If you’re in this industry for the long haul, that’s a bit of a no-brainer.
The future of machine learning.
Does your business utilize machine learning? What have you learned about the technology? We’d like to hear about it. Let us know by tweeting us at @AppleRubber.