Heavy industries such as Steelmaking are ramping up digital transformation initiatives to improve throughput, efficiency, safety, and reliability of their operations. Metals, mining, and machine tool building companies are embarking on multi-year journeys to digitize operations by adding connectivity, automation, and advanced analytics. According to McKinsey, most heavy-industry sectors are at the middle stages of digital maturity (Digital 2.0) relying on rule-based automation and distributed control systems. Some have made progress in digital maturity (Digital 3.0) and are using collaborative robots and advanced process control systems. However, a few digital pioneers are leveraging AI Automation and applying Machine Learning (ML) to operational data (Digital 4). These digital leaders offer powerful lessons that others can emulate and follow to successfully deploy ML at scale. Drowning in Sensor Data With the ubiquitous sensor network and pervasive connectivity in industrial manufacturing, data from production machines has continued to grow at an unprecedented scale. …
According to a recent Adweek survey, two-thirds of business executives say COVID-19 hasn’t slowed AI projects. Some 40% said that the pandemic even accelerated their efforts. While the economic activity and business sentiment has deteriorated over the past couple of months, the scope of AI has expanded, the biggest impetus being decreasing costs, improving performance, and increasing efficiencies. So which industry verticals are embracing AI and what are the top applications? In the previous post of this two-part blog series, we discussed how AI is transforming industries, enhancing performance across a wide range of applications in Banking, Fintech, Healthcare, and Industry 4.0. In this final part, we look at the remaining industry verticals along with top enterprise applications:Insurance: Mckinsey’s latest research report on the Insurance industry noted that in the wake of the global pandemic, the insurers should invest in digital and analytics capabilities to make them more customer-centric, simple,…
We often hear about AI in consumer applications such as Alexa voice service (Natural Language Processing), Netflix recommendation engine (Machine Learning), and Facebook Facial Recognition (Deep Learning). However, we don’t hear enough about enterprise AI applications. Mckinsey Global Institute had predicted in 2018 that AI will transform the enterprise world. Today AI is generating tremendous cost savings and improving business operations across several industries. AI’s significance and impact will get even more dramatic in the future. In this two-part blog series, we look at the top industries where enterprise AI applications are being deployed and how AI is adding value. Let’s start with the top four industries and enterprise applications where AI has moved from PoC to production at scale: Banking: Banks are constantly facing pressure from competitors, growing governance, and regulatory requirements. The banking industry must manage financial and operational risk, prevent fraud, reduce customer defaults while keeping costs…
