The Manufacturers Alliance Foundation reports that 93% of U.S. manufacturers are incorporating AI tools in their operations to tackle issues like labor shortages and production bottlenecks. This year, factory spending on AI is projected to reach $7 billion, with a significant increase of 40% anticipated by 2030. In Minnesota, companies leverage AI to identify wasteful practices and enhance factory and supply chain efficiency. AI-driven data extraction from machines allows manufacturers to automate tasks, leading to substantial cost savings. According to Vivek Saxena, CEO of FactoryTwin, AI can boost profits by 10-20% and cash flow by up to 50%. FactoryTwin, established with National Science Foundation support, helps small manufacturers implement AI solutions, now facing a three-month backlog due to rising demand. This cutting-edge technology can be tailored for factories of various sizes, making it accessible even to smaller firms lacking extensive engineering resources.
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