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How Content Intelligence is Enabling 3 Innovative Applications in Manufacturing In 2021
Content Intelligence powered by Artificial Intelligence (AI) is no longer a buzzword in the manufacturing industry, it is a reality taking the world of manufacturing by storm. It is accelerating and transforming conventional manufacturing.
A study by KPMG showed that 93% of manufacturing industry practitioners are either moderately or fully implementing artificial intelligence into their business models. This might come as a surprise to you if you are on the fence concerning AI in manufacturing.
Manufacturers are eager to make their operations “disruption-proof” and Content Intelligence powered by AI could be the answer. There are various ways AI-powered Content Intelligence can be integrated into manufacturing processes to make them more efficient and effective.
In this blog, we are going to look at three applications being reimagined in manufacturing with AI-powered Content Intelligence.
1. Demand Prediction
Demand prediction, also known as, demand forecasting is a common term among manufacturers. It is a concept of predictive analytics, and its core use is to forecast customer demand through the analysis of historical data. If you have had a misalignment of your supply and demand at some point in your business, then thankfully, AI-enabled tools for demand prediction in manufacturing got you covered.
Data by Mckinsey shows that errors can be alleviated by 30-50% in business models through the adoption of AI in demand forecasting. Traditional demand forecasting models do not leverage historical data to analyze patterns or provide insights into business decisions. They are static and rigid.
AI-powered Content Intelligence takes this to the next level. It allows for enhanced forecasts based on real-time data by using both internal and external data sources. Data such as raw material prices, weather disruptions, supplier issues, social media, and online reviews will provide comprehensive forecasts.
It will ensure that you understand your product’s ranking in the market and bridge gaps to make more sales. You will see overall efficiency, improved manpower planning as well as greater customer satisfaction with such innovative use of AI application in your manufacturing business. It will become simpler to understand demand insights and make decisions based on the market demand.
2. Supply Chain Management (SCM)
Supply chain management is a concept that entails the linking of several functions: logistics, production, marketing, procurement and sales. Its goal is to meet customer demands and enhance responsiveness among several stakeholders. Recently, supply chains have become difficult to manage due to constant network expansion and distribution.
Visibility of the whole supply chain, as well as the availability of information at specific levels of the chain, is a major problem for SCM. Supply chains are riddled with siloed and unstructured data.
Does this sound like a problem you are also experiencing in your supply chain management? Worry not, it gets better. Supply Chain Analytics and AI incorporated with supply chain management is the answer to the agony that comes with conventional supply chain management solutions.
Through the adoption of Analytics and AI in SCM, you are can:
- Mitigate supplier risk,
- to improve your logistic costs,
- Improve supplier discovery, analysis, contract negotiation and overall management, as well as
- automate physical flows.
Research by Mckinsey shows that early adopters of AI-enabled supply chain management have seen significant improvement in their logistics costs, inventory levels and service levels by 15%, 35% and 65 % respectively.
With these stats in mind, you sure should be well on your way to embracing the full gear concerning Analytics and AI innovative uses in manufacturing.
Tapping into Content Intelligence AI-powered SCM solutions will enable you to make smarter planning decisions, cut costs, increase flexibility in the chain, and have great visibility into your operations.
The ability of Content Intelligence to harness and analyze data in supply chain management gives procurement and supply chain leaders the power to pinpoint opportunities for growth and implement initiatives that improve operations.
3. Inventory Management
Do you ever think to yourself, ‘if only there was a better way to manage products in my warehouse?’ The good news is, there is. AI-powered Content Intelligence can be leveraged in inventory management. Conventional inventory management entails manually ordering, storing, delivering, and keeping track of finished products. Reliance on such systems is time-consuming and does not guarantee an accurate measure of items in your warehouse.
The cost of storing unsold or undelivered items is massive. Wasp Barcode asserts that holding unsold or undelivered items in a warehouse can accrue a storing space charge of 20-30% of the price of a product.
This is a huge dent in any organization’s cash flow. How convenient would it be if you were aware of the economic sense in retaining or selling inventory? The impact that would come with knowing when and why you should either decrease or increase the production of items is invaluable. Think of all the business decisions you could make with such information.
An AI-powered Content Intelligence platform allows you to gain insights into your business on account of historical data gathered through the system. You will be able to see patterns in your inventory management and very easily replenish items that are soon to be out of stock.
To top this off, with artificial intelligence classification and extraction, you will be able to have real-time monitoring of your inventory as well as online demand signals.
Conclusion
AI in manufacturing may seem like an ambitious undertaking for you. Imagine AI as a potential game-changer in the manufacturing industry. Since it can analyze a lot of data and understand patterns, it can provide innumerate visibility and insights into your operations. At this point you realize, for a scalable manufacturing business, you should encompass innovative AI applications in your business model. So, if you are ready to move from assumptions, gut feeling and guesswork, try one or all three of the innovative AI-enabled applications in manufacturing that we have discussed in this article and be your own judge.
About Adlib Software
Our purpose is to create intelligent data that amplify human potential and maximizes business performance. Adlib Software offers content intelligence and automation solutions that make it easy to discover, standardize, classify, extract, and leverage clean structured data from complex unstructured documents. In doing so, our global customers reduce risk, simplify compliance, automate processes, and enter a whole new level of performance.
Harper Harrison is a reporter for The Hear UP. Harper got an internship at the NPR and worked as a reporter and producer. harper has also worked as a reporter for the Medium. Harper covers health and science for The Hear UP.
