The Finance sector has always been one of the most dynamic, rapidly evolving industries, and this shows no signs of changing any time soon. But while shifts in the landscape may well open new opportunities, they will also come with new challenges, and it is the organisations who are ready and able to face these head-on who will continue to thrive in the years ahead.
Cyber professionals say that companies involved in the manufacturing industry are more exposed to cyber-attacks. This was revealed by a number of studies produced by the Manufacturers Alliance for Productivity and Innovation (MAPI). According to MAPI; 40% of manufacturing firms experienced a cyber-attack within the last year. Of those attacked, 38% of them suffered over $1 million in damages.
The past few years have been challenging for the global Manufacturing sector, with both Brexit and COVID-19 creating a wide range of operational disruptions whose impact is still being felt. Indeed, as recently as January 2023, we saw UK manufacturing shrinking for the sixth consecutive month1.
Manufacturing workflows are evolving at an unprecedented rate, and the trend shows no signs of slowing down. The increasing effectiveness and affordability of 'smart' technologies and the Internet of Things means IT and OT are increasingly interconnected, with increasing volumes of data flowing between sites and devices on an ongoing basis.
However, the increasing sophistication of artificial intelligence (AI) and 'smart' technologies offers a rich vein of opportunities here, allowing routine processes to be automated, where possible and appropriate. Not only will this significantly improve the overall efficiency of manufacturing processes, if successfully executed, it will lead to long-term cost savings and free staff to focus their attention on activities that will lead to fresh innovations and sustainable business growth.
With that in mind, let's consider where AI-powered automation can be of most use across manufacturing workflows…
Streamlined, proactive maintenance processes
The rollout of interconnected sensors at manufacturing sites ensures any faults can be automatically tracked, identified, and escalated to the appropriate team, ensuring the resulting downtime can be kept to the absolute minimum. Beyond ensuring a swift response to any unexpected faults, collating the data generated by these sensors and applying machine learning technologies will allow any trends to be identified and routine maintenance processes adapted accordingly, helping to resolve potential faults before they occur and ensuring costly downtime can be avoided altogether.
And, as a bonus, this will help reduce machines' energy consumption in the long term, further reducing costs and bringing manufacturers another step closer to achieving their environmental goals!
Stress-free quality control
Maximum control and visibility of global supply chains
Developing safer factory floors
Finally, amidst all the excitement about the possibilities offered by AI, let's not forget the people who continue to drive effective manufacturing operations! The smart sensors deployed across factory floors can be complemented with wearable sensors for employees. This will ensure the risk of injury from machinery is minimised, while simultaneously supporting wider health & safety initiatives, and thus helping maintain a safer working environment. For example, in environments where employees may be required to lift heavy objects, the data generated by the wearable sensors can be used to avoid injuries by ensuring correct procedures are followed when doing so.
This is all just scratching the surface of what AI-powered automation can potentially offer manufacturers. Leaders across the industry are already exploring the full potential of these technologies, with the support of trusted technology partners, so new opportunities and innovations are sure to keep revealing themselves in the months and years ahead. As we're already seeing in our own ongoing work with manufacturers across the UK, the rise of AI shows no signs of slowing down, so don't hesitate to contact us if you'd like to discuss how it can transform your own operations. It's an exciting time for the entire sector, and we look forward to exploring it with you!
