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CEOs: How to Thrive in the Fourth Industrial Revolution

Umar Ali

08 July 2022

The only thing better than a well-oiled machine is an automated one.

What is Industry 4.0?

 

So, what is this thing called Industry 4.0? It’s nothing short of revolutionary! The world has been changing exponentially, and if you don’t know about it yet, your company will be left in the dust when all these innovations come around. With the introduction and implementation of Industry 4.0, which has been called a revolution in technology for its ability to improve efficiency across all industries by upgrading machinery via computer programming that can be accessed remotely anywhere in the globe from smartphones or tablets alike!

One of the powerful technologies that have been utilized hand in glove with Industry 4.0 is machine learning and automation; it’s a perfect fit for industries looking to improve efficiency through Business process reformulation, cost reduction, or risk assessment. This means companies should consider investing time into automating specific tasks so they can focus more on higher value-added work.

 

Where Can Machine Learning and Automation Help?

 

The only thing better than a well-oiled machine is an automated one. With machine learning, you can take your processes from mundane and menial to mind-blowing! From predictive maintenance that will keep the ol’ engine running smoothly with minimal downtime for repairs or upgrades; to quality control over goods before they hit shelves – even forecast inventory needs, so no runs happen at crucial times when there’s low supply available–it all becomes effortless if we use artificial intelligence-powered by neural networks in this modern world of ours today.

The benefits of machine learning are not limited to large corporations. You might be thinking, I am just a mid-sized electronics manufacturing plant with hundreds or thousands of employees—is this too much for me? The answer is no! This technology can help your small business grow and become more efficient by using algorithms specializing in understanding what makes you successful as an organization, so they know how best to improve themselves based on those findings alone. McKinsey’s research has shown that over 50% of companies that will embrace AI and Machine learning in the next five to seven years will potentially double their cash flow, with manufacturing leading all industries due to its heavy reliance on data.

 

Benefits of Using Machine Learning

 

As I stated before, Machine learning is a hot topic these days, with many people talking about its potential benefits. But what are the actual advantages machine-learning technologies like artificial intelligence offer? To find out more, I had an opportunity this week to attend The American Manufacturing Summit in Chicago, where there were several areas ripe for automation using ML strategies!

Predictive Maintenance 

The most significant area where I saw the need for every manufacturer to use machine learning was predictive maintenance. This would enable manufacturers to predict equipment failures before they occur, reducing downtime and scheduling timely maintenance. For example, one company uses machine learning algorithms for predictive maintenance on forklifts so that they can be preventive rather than corrective in nature! The results have been impressive, too; by using these techniques, downtime has decreased from 8% down to 2%. In addition, one of the speakers at the conference mentioned that deploying machine learning to their predictive analysis led to an overall efficiency increase from an industry average of 65% to 85%.

Analyzing Large Volume Datasets

One area where I saw potential was with automated tasks that rely heavily on analyzing large volumes of data sets – think sensors monitoring factory floors 24/7 without human intervention required! This would allow businesses to take advantage not only of economies of scale by producing more output per hour than ever before (and less expensively) yet also increase productivity because workers don’t need to spend time manually inputting info into spreadsheets.

Real-Time Error Detection

I noticed that many companies were experiencing product errors more than they would have liked. With the advancement of Industry 4.0, many shop floors have smart devices equipped. The use of machine learning eliminates the errors from production. This can be done by integrating it with devices that are already present on shop floors, such as automatic machines or sensors for human-crafted products like shoes and clothes. Wholesale companies could benefit significantly from this because they would no longer need humans to inspect every item before sending them off to stores; instead, all work needs only one person, who saves time and opens bandwidth for workers to explore another task on hand.

Ok, I’m In, But Where Do I Go From Here? 

An essential thing in any industry is data. Manufacturing has a ton of it and if you feel overwhelmed by the task or don’t have an internal team that can do this work for your business, then reach out to professionals currently working with these types of information systems every day!

Pomerol Partners is a company that applies machine learning and automation to help manufacturers become more efficient. With our vast team of data scientists and consultants, we have helped many businesses develop innovative strategies in order for them not only to see insights but also be able to thrive with the world around us being so advanced, thanks primarily due to its use of artificial intelligence technologies like ML/AI.

Complete Pomerol’s strategy quiz, to help us understand your businesses opportunities & growth potential through the powerful use of technologies.

 

Umar is a Data Consultant at Pomerol Partners out of the Chicago offices. His day-to-day tasks include performing data analysis and assisting with machine learning projects.

Umar Graduated from Loyola University Chicago with a B.A in Economics, where he took part in national scaled case study competitions. He also contributed to research around the Hope IV Act and how high-rise towers can correlate to crime rates. After graduating college, he started his professional career in banking at J.P Morgan as part of the syndicated finance teams. Once moving on from working in banking, Umar decided to try consulting out. He fell in love with the field and began working as an Economic Consultant. Once he gained the experience, he needed, Umar transitioned to start his own consulting firm that focused on energy markets and forecasting. After finding out he is expecting his first child with his wife he looked for the closest opportunity where his entrepreneurial mind would be a good fit. This brings him to his current role at Pomerol Partners where he continues to grow his data analytics, and machine learning skills.

 


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