Artificial Intelligence & Optimization
Optimization and Predictive Maintenance
Headlines about AI and machine learning may focus on consumer applications such as home helpers and self-driving cars, but the technology impacts the industrial world to a greater extent. Legacy business models in the utilities, oil and gas, and aerospace sectors no longer stand up to rapidly evolving markets driven by changing consumer expectations, increased digitization, predictive maintenance, and next-generation analytics. And as recent history has shown us, companies that are late to embrace these digital trends face imminent disruption.
To mitigate these market risks, industrial companies must leverage AI and machine learning to capitalize on emerging opportunities and pursue new revenue streams and profitability. In this regard, a 2018 report from McKinsey & Company found that 80% of extensive AI practitioners have better financial performance than their peers, while Accenture research shows that AI will drive profitability gains of up to 39% by 2035.
This improved financial position is key to maintaining technological leadership, competitive advantages and stability in dynamic market conditions.