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AI revolutionises industrial and manufacturing sectors

2023-08-09

After the Covid-19 pandemic, it has been observed that Indian enterprises have commenced the incorporation of advanced analytics and data-driven decision-making into their operations. According to a report by PwC, the industrial products and manufacturing sector has exhibited the highest level of acceptance of Artificial Intelligence and Machine Learning (AI/ML) over the preceding two years.

The report, titled "Towards a smarter tomorrow: Impact of AI in the post-Covid era," points out that the industrial products and manufacturing sector has witnessed the most substantial surge, reaching up to 20%, in the adoption and implementation of AI/ML solutions from mid-2020 to 2022-23. During the period spanning 12 to 18 months subsequent to the pandemic outbreak, these sectors derived the utmost advantages from AI across three key business functions: manufacturing and operations, supply chain and logistics, and IT and cybersecurity.

In the early stages, around 64 percent of the organizations surveyed within the Industrial Products and Manufacturing sector have expressed that they are presently positioned at the initial phase of their AI-driven transformation journey. This illustrates the potential for further investments and expansion driven by AI/ML solutions within this sector, as per the details provided in the report. While there has been a noteworthy surge in the assimilation of AI, yielding significant outcomes, trends suggest that the travel and hospitality sector has achieved a saturation point. On the other hand, domains like technology, media, telecom, healthcare, and pharmaceuticals have shown consistent advancement. Nevertheless, they are encountering specific challenges in evaluating the returns on investments, particularly when considering the periods before and after the Covid-19 outbreak.

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