Altix Consulting, based in Cincinnati and premium member of the EACC, wrote an article about 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐀𝐈 (𝐀𝐫𝐭𝐢𝐟𝐢𝐜𝐢𝐚𝐥 𝐈𝐧𝐭𝐞𝐥𝐥𝐢𝐠𝐞𝐧𝐜𝐞) – 𝐁𝐮𝐳𝐳 𝐨𝐫 𝐑𝐞𝐚𝐥𝐢𝐭𝐲?
Although it has been exactly 30 years this month since I started my career in the industrial world, and specifically in the industrial automation and digitalization world, November 1994 seems like yesterday! I have since seen industry evolve dramatically and for the best, but lately I have witnessed an incredible acceleration in technological development and technology adoption – nothing quite compares to the pace of adoption of artificial intelligence.
In 1942, Joseph Schumpeter coined the term “creative destruction,” which explains the theory behind the acceleration of innovation cycles as shown in this chart. All those innovations have helped industry to address new challenges, develop better products, solve more technical problems, gain force, speed, power, but also permanently reduce costs and manufacturing and development cycles, while reducing lead-times and time-to-market.
The current iteration of industrial revolution – Industry 4.0 – which is about automation, digitalization and ultra-connected world (Internet of Things), autonomous cyber-physical systems and industrial AI, is estimated to take only between 15 and 20 years for a broad adoption in industry. This is, of course, not the final cycle, with the next one already in preparation and expected to be much shorter than Industry 4.0.
So, a few key questions stressing out manufacturing leaders are:
Does it matter to our company or is this all hype around Chat GTP?
Chat GTP has seen an explosive adoption rate, and if you’re reading this article, the chances are high you have tested it and that your employees are using it extensively. Big tech – Amazon, Nvidia, Apple, Microsoft, Facebook, TESLA, etc. – are all investing massively in AI, and for very good reasons (by the way, mainstream companies like Walmart, Coca-Cola, GE, 3M and P&G do the same). It is about disruption and competitive advantages. Not only for their own businesses, but more importantly for their customers, who are in the race for adopting the best technology to create and sustain competitive advantages.
But what could industrial AI do for us if we are in manufacturing or supply chain?