AI Can Facilitate Sustainability, Profitability in
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Posted On: 04/22/2024 5:09:16 PM
AI Can Facilitate Sustainability, Profitability in Manufacturing
Artificial intelligence (“AI”) technology has the potential to facilitate sustainability and boost profitability in the manufacturing space, an industry expert says. James Newman, head of product and portfolio marketing at technology company Augury, notes that AI can be instrumental in launching and running sustainability initiatives that allow manufacturers to position themselves as enviable employers for the incoming generation of new talent.
Newman adds that the novel but incredibly advanced technology can also help employers in the manufacturing space upgrade the skills of their current cadre of employees. Augury develops purpose-built Internet of Things (“IoT”) and artificial intelligence-based solutions to monitor machine and process health for manufacturers.
With climate-change mitigation efforts becoming more urgent by the day, there has been increased scrutiny on energy-intensive sectors such as manufacturing that contribute to global pollution. These industries play a critical role in the global and national economies, but they are also responsible for a large portion of the world’s greenhouse-gas emissions, making them prime targets for sustainability efforts.
Newman notes that artificial intelligence could be the missing piece manufacturing companies need to balance sustainability with their production and profitability goals, allowing them to put more effort into achieving sustainability without negatively impacting their bottom lines.
According to the industry expert, manufacturers could achieve both sustainability and profitability if they “adopt the right playbook.” He says production health strategies powered by artificial intelligence could help businesses align their KPIs with corporate sustainability targets. Furthermore, these AI-powered solutions could help manufacturers boost their return on interest (“ROI”) by nearly a dozen times, Newman adds.
However, despite the potential benefits of leveraging AI as a tool for boosting both profitability and sustainability in manufacturing, Newman cautions industry leaders against adopting AI-based sustainability solutions without first understanding the relationship between the two and seeing their demands as complementary instead of competing.
AI could provide manufacturers with plenty of ways to boost sustainability, but Newman says most of the industry still isn’t wise to how AI can boost both sustainability and profitability. Research shows that around 71% of executives in the manufacturing space believe sustainability targets hurt business or don’t have a positive effect on production goals, indicating that most of the manufacturing space still hasn’t figured out how to use AI to meet their profitability sustainability goals.
Artificial intelligence technology could help manufacturers conduct cleaner and healthier production prices; attract fresh talent; optimize production machines for safety, capacity, uptime, and efficiency; and reduce material and energy wastage.
These benefits of artificial intelligence in manufacturing can also be enjoyed by players such as Reflex Advanced Materials Corp. (CSE: RFLX) (OTCQB: RFLXF) in the mining industry, as well as actors in many other industries and sectors.
NOTE TO INVESTORS: The latest news and updates relating to Reflex Advanced Materials Corp. (CSE: RFLX) (OTCQB: RFLXF) are available in the company’s newsroom at https://ibn.fm/RFLXF
Please see full terms of use and disclaimers on the ESGWireNews website applicable to all content provided by ESG, wherever published or re-published: https://www.ESGWireNews.com/Disclaimer
Artificial intelligence (“AI”) technology has the potential to facilitate sustainability and boost profitability in the manufacturing space, an industry expert says. James Newman, head of product and portfolio marketing at technology company Augury, notes that AI can be instrumental in launching and running sustainability initiatives that allow manufacturers to position themselves as enviable employers for the incoming generation of new talent.
Newman adds that the novel but incredibly advanced technology can also help employers in the manufacturing space upgrade the skills of their current cadre of employees. Augury develops purpose-built Internet of Things (“IoT”) and artificial intelligence-based solutions to monitor machine and process health for manufacturers.
With climate-change mitigation efforts becoming more urgent by the day, there has been increased scrutiny on energy-intensive sectors such as manufacturing that contribute to global pollution. These industries play a critical role in the global and national economies, but they are also responsible for a large portion of the world’s greenhouse-gas emissions, making them prime targets for sustainability efforts.
Newman notes that artificial intelligence could be the missing piece manufacturing companies need to balance sustainability with their production and profitability goals, allowing them to put more effort into achieving sustainability without negatively impacting their bottom lines.
According to the industry expert, manufacturers could achieve both sustainability and profitability if they “adopt the right playbook.” He says production health strategies powered by artificial intelligence could help businesses align their KPIs with corporate sustainability targets. Furthermore, these AI-powered solutions could help manufacturers boost their return on interest (“ROI”) by nearly a dozen times, Newman adds.
However, despite the potential benefits of leveraging AI as a tool for boosting both profitability and sustainability in manufacturing, Newman cautions industry leaders against adopting AI-based sustainability solutions without first understanding the relationship between the two and seeing their demands as complementary instead of competing.
AI could provide manufacturers with plenty of ways to boost sustainability, but Newman says most of the industry still isn’t wise to how AI can boost both sustainability and profitability. Research shows that around 71% of executives in the manufacturing space believe sustainability targets hurt business or don’t have a positive effect on production goals, indicating that most of the manufacturing space still hasn’t figured out how to use AI to meet their profitability sustainability goals.
Artificial intelligence technology could help manufacturers conduct cleaner and healthier production prices; attract fresh talent; optimize production machines for safety, capacity, uptime, and efficiency; and reduce material and energy wastage.
These benefits of artificial intelligence in manufacturing can also be enjoyed by players such as Reflex Advanced Materials Corp. (CSE: RFLX) (OTCQB: RFLXF) in the mining industry, as well as actors in many other industries and sectors.
NOTE TO INVESTORS: The latest news and updates relating to Reflex Advanced Materials Corp. (CSE: RFLX) (OTCQB: RFLXF) are available in the company’s newsroom at https://ibn.fm/RFLXF
Please see full terms of use and disclaimers on the ESGWireNews website applicable to all content provided by ESG, wherever published or re-published: https://www.ESGWireNews.com/Disclaimer
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