DUBAI, UAE — Despite many manufacturers integrating AI into their operations, a significant number of them face challenges in meeting their AI-related goals, highlights a recent white paper published by the World Economic Forum in collaboration with Boston Consulting Group.
“This is primarily due to inadequate organizational and technological foundations,” adds the paper titled “Harnessing the AI Revolution in Industrial Operations: A Guidebook” that offers a comprehensive roadmap for industries to leverage AI’s capabilities effectively.
Traditional methods of enhancing productivity in manufacturing are reaching their limits. However, the rise of AI and advanced manufacturing technologies presents new opportunities to improve production efficiency, flexibility, sustainability, and workforce empowerment, the paper points out.
A global BCG study from 2023 revealed that AI technologies could enhance productivity by over 20 percent. While 90 percent of companies across various industries aim to incorporate AI, only one in six have met their AI-related objectives. The primary reasons for this gap include a lack of foundational prerequisites, both organizationally and technologically, it said.
Recent advancements in generative AI offer transformative applications in manufacturing, from increasing labor efficiency to enhancing productivity and reducing costs. Examples include workforce question-and-answer platforms, machine programming co-pilots, and maintenance co-pilots that provide step-by-step instructions for equipment repairs.
The latest guidebook, which provides a structured approach for organizations to navigate their AI transformation journey, is divided into five sections.
• Articulating long-term AI objectives and transformation principles.
• A step-by-step approach from assessing the current status to designing, implementing, and scaling AI applications.
• Periodic AI reviews to continuously identify and integrate AI innovations.
• Pinpointing AI-based applications that address inefficiencies and operational opportunities.
• Defining the AI-related organizational and technological foundations for large-scale implementation.
“The World Economic Forum’s Centre for Advanced Manufacturing and Supply Chains will continue to support the journey towards AI-powered industrial operations by incubating innovative AI pilots and addressing common quality gaps observed during AI system implementation,” the white paper says.
The white paper emphasizes that the AI journey is not a one-time effort. “As AI continues to evolve, industries must adapt rapidly to harness its full potential and drive the next wave of innovation in industrial operations,” it adds.
Manufacturers struggle to meet AI-related goals, says new white paper
- A global Boston Consulting Group study from 2023 revealed that AI technologies could enhance productivity by over 20 percent.
- While 90 percent of companies across various industries aim to incorporate AI, only one in six have met their AI-related objectives.
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