How AI, Robotics And Data Are Revolutionizing The Industry

Advancements in robotics, artificial intelligence (AI) and the Internet of Things (IoT) are moving us toward more integrated, intelligent and automated manufacturing solutions. The promise is enhanced efficiency, reduced costs and improved product quality.

Deloitte’s 2024 Manufacturing Industry Outlook attributes the significant growth the manufacturing industry saw in 2023 to three major legislative acts: the Infrastructure Investment and Jobs Act (IIJA), the Creating Helpful Incentives to Produce Semiconductors (CHIPS) and Science Act, and the Inflation Reduction Act (IRA).

Since the enactment of these laws, construction spending has seen a substantial increase, reaching $201 billion in mid-2023—a 70% increase from the previous year—and stimulating demand for more products. Despite this surge, the combined challenges of geopolitical uncertainty, skilled labour shortages, supply chain disruptions and the need to achieve net-zero emissions goals demand strategic adaptations.

Collaborative robots (cobots) are becoming increasingly popular, working alongside humans to enhance productivity without replacing jobs. As they are designed to be user-friendly and safe for close human interaction, they are ideal for applications like welding, assembly and product inspection. A reduction in lost time injury rates is a beneficial corollary. They are also now more affordable and flexible, making it easier for SMEs to adopt automation technologies they previously could not afford.

Source Article: https://www.forbes.com/councils/forbesbusinesscouncil/2024/08/09/the-future-of-manufacturing-how-ai-robotics-and-data-are-revolutionizing-the-industry/